This three-family townhouse in Central Harlem offers an excellent investment opportunity at 4% Cap rate or the potential for conversion into a single-family home. Currently fully leased and 100% free-market.
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Gross interior square footage is 3,552, including an 888 sq. ft. finished basement below the stoop entry and a half bathroom. The building features gloriously high ceilings and spacious rooms with central AC control for each unit.
This townhouse is located on a charming tree-lined street in Central Harlem. It presents an excellent investment opportunity or could be transformed into a stunning single-family home.
Located on a beautiful tree-lined street, the property is near the 2/3, A/B/C trains, and several bus routes, M1, M2, M7, and M102 providing easy access to Midtown. Positioned in a rapidly appreciating market, it offers great future value potential.
Upon arrival, you'll be welcomed by an elegant 1910 facade and an inviting front stoop.
The triplex includes three spacious bedrooms, two bathrooms, and an open kitchen. You'll find a bright and sunny dining room on the first floor. The living room flows effortlessly into the outdoor garden, making it ideal for entertaining or enjoying peaceful relaxation. Additionally, there is a full-sized washer and dryer, along with plenty of storage throughout the unit.
A newly finished basement with a bathroom is currently used as an art studio, but it can be converted into an office with ample storage or a recreation room. A basement window provides some natural light and fresh ventilation. Updated mechanicals, including a boiler tank, are in an adjoining utility room.
This home offers excellent value as properties continue to appreciate in this very desirable market. Around the block is the internationally celebrated Schomburg Center of the New York Public Library, a major hospital, local supermarkets, convenience stores, and Harlem's famous restaurant row. The neighborhood is known for its vibrant arts scene, including nearby theaters and galleries showcasing emerging and established artists. Residents can enjoy community events and festivals celebrating Harlem's rich history and diversity.
A diverse culinary scene also enriches the West 136th Street community experience. Residents can indulge in renowned eateries like Red Rooster, which is celebrated for its comfort food that honors the rich heritage of American cuisine, and Renaissance Harlem, which is known for its modern American dishes. Other notable restaurants include Ponty Bistro and Maison Harlem, offering delightful French cuisine, and Lido, which serves exquisite Italian fare.
Rent Roll
Status
Beds
Baths
Monthly
Annual
Duplex
FM
3
2
4,500
54,000
Triplex
FM
3
1
6,000
72,000
3F
FM
1
1
2,500
30,000
4F
FM
1
1
2,400
28,800
Total
5
5
15,400
112,800
Total with Triplex
130,800
Expenses
Annual
Real Estate Taxes
Actual
5,941
Insurance
Actual
5,157
Gas
Tenants pay
Water & Swer
2,500
Common Electric
Actual
35
420
Super
Actual
300
3,600
Total
17,618
Financial Summary
Net Operating Income
95,182
Projected Net Operating Income
113,182
Italic - projected
