DESCRIPTION

This charming and well-maintained pre-war building offers a rare investment opportunity in one of new york city's most vibrant neighborhoods.  Situated in east harlem, 1672 park avenue is a solid 12-unit, four-story red-brick walk-up building that is fully occupied with no rent-controlled or rent-stabilized units.  The building features a diverse mix of apartments, including 4 mini lofts studios, 4 one-bedroom units, 2 two-bedroom/one-bath apartments, and 2 two-bedroom/two-bath apartments.  Apartment sizes range from 350 to 900 square feet, providing a variety of options for tenants.  With all 12 units currently below market rent and 10 expired leases, this property offers immediate significant upside potential investor through rent increases to market rate.  The building generates an annual income of $289,884.  00 with a projected annual income of $385,800 once rents are adjusted.  Additionally, the ground-floor apartment (1b) offers flexibility, as it is zoned for both commercial/retail and residential use, providing potential for future value-added opportunities.  This approximately 900-square-foot space can be delivered vacant, making it an attractive prospect for either commercial or residential conversion.  Located walking distance of multiple parks, including marcus garvey park, dana discovery center, and thomas jefferson park, this building is ideally situated to capitalize on the area's growing demand.  The property is also a short distance from the bustling shopping and entertainment district on 125th street.  Notably, this property has historical significance, having been featured in the 1993 film carlito’s way starring al pacino.  East harlem continues to emerge as one of new york city's hottest neighborhoods, making this a prime investment opportunity.  Subway access: 6 at lexington ave & 116th st 0.  15 miles, 4-minute.  4, 5, 6 at lexington ave & 125th st 0.  36 miles, 6-minute.  2, 3 at lenox ave & 116th st 0.  37 miles, 7-minute.  Recent improvements: new water heater – few months boiler 8-years old new roof layer 4-year old brick repointed 4-year old windows re-caulked 4-year old property is currently 90% occupied offering investors a cash flowing turnkey asset currently yield 6.  4% cap rate.  Financial overview: income: $289,884(annual) operating expenses: $138,460 (annual) net operating income: $151,424 (annual)


Data is provided by The Real Estate Board of New York, Inc..