For Sale
$2,900,000

2299 Adam Clayton Powell Jr BlvdNew York, NY 10030

23-Unit Building, 7.56% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
117
This exceptional mixed-use property, located at 2299 Adam Clayton Powell Jr. Boulevard in the vibrant heart of Central Harlem, New York, NY 10030, presents a compelling investment opportunity. The five-story building boasts a total of 9,731 square feet, with 7,476 square feet of net rentable space, currently housing 23 units. The asking price is $2,900,000, translating to a price per square foot of $298 and a price per unit of $126,087. The property enjoys a strong 7.56% capitalization rate, generating a net operating income (NOI) of $219,201. Situated on a 1,869 square foot lot zoned R7-1 / C1-4, this well-maintained building benefits from high pedestrian traffic on a corner location, just blocks from the coveted Strivers’ Row. Strong commercial tenants contribute significantly to the income stream, achieving a combined rent of $99 per square foot. Further income is generated by a roof-mounted antenna. The property's prime location offers easy access to The City College of New York, Columbia University, and St. Nicholas Park, along with convenient access to public transportation, including the 2 and 3 trains at the 135th Street station just one block away. This is a rare opportunity to acquire a well-performing mixed-use asset in a rapidly appreciating area of Manhattan.

Highlights

  • 23-unit mixed-use SRO building on a high-traffic corner in Central Harlem.
  • Well-maintained building, blocks from Strivers' Row.
  • Strong commercial tenants with $99/SF combined rent.
  • Rooftop antenna generates supplemental income.
  • Near City College, Columbia University, and St. Nicholas Park.
  • One block from the 135th St. '2' & '3' train station.

Property Details for 2299 Adam Clayton Powell Jr Blvd

Property type
Mixed-use properties
Square Feet
9,731 SF
Stories
5
Units
23

Location Insight

City
New York
County
New York
State
New York
Latitude
40.8150363
Longitude
-73.943492
2299 Adam Clayton Powell Jr Blvd, New York, New York

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2299 Adam Clayton Powell Jr Blvd
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