For Sale
$2,200,000

116Th St New York, NY 10029

Prime East Harlem location, high potential.

Overview

Added:
Dec 11, 2024
Days on market:
137
This exceptional mixed-use property at 175 East 116th Street in New York, NY 10029, presents a compelling value-add investment opportunity. The four-story brick building encompasses 3,825 square feet on a 1,741 square foot lot and features four units: one street-level retail space currently occupied by H&R Block, one first-floor commercial unit, and two free-market residential units. The property boasts a 25% occupancy rate and a pro-forma cap rate of 6.80%, offering significant upside potential. Its strategic location in East Harlem places it within a vibrant retail corridor, surrounded by established businesses such as Chase Bank, Burger King, Chipotle, Taco Bell, T-Mobile, Dunkin', and Popular Bank. The property benefits from a favorable Tax Class 2A assessment, resulting in annual taxes of $5,418. Furthermore, an impressive 3,482 square feet of air rights are available, presenting substantial opportunities for expansion and increased value. This property is ideal for investors seeking to capitalize on a strong retail location and add value through increased occupancy and potential development. The asking price is $2,200,000.

Highlights

  • $2,200,000 asking price for a mixed-use (office and retail) value-add investment property.
  • Tax Class 2A with annual taxes of $5,418.
  • H&R Block is the current retail tenant.
  • 100% free-market lease.
  • Excellent retail location near Chase Bank, Burger King, Chipotle, Taco Bell, T-Mobile, Dunkin', and Popular Bank.
  • 3,482 square feet of available air rights.

Property Details for 0 116Th St

Property type
Retail properties, Office properties
Square Feet
3,825 SF
Units
4

Location Insight

City
New York
County
New York
State
New York
Latitude
40.798235828889
Longitude
-73.940718678405

FAQs

What type of property is this?
Retail property - Prime East Harlem location, high potential.
Where is the retail property located?
The property is located at 116Th St New York, NY.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: $2,200,000 asking price for a mixed-use (office and retail) value-add investment property.; Tax Class 2A with annual taxes of $5,418.; H&R Block is the current retail tenant.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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0 116Th St
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