0 116Th StNew York, NY 10029

Property Details for 0 116Th St

Property size (Sq ft)

3,825 SF

Property type

Retail properties

Property subtype

Office properties

Description

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.

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7982

Longitude

-73.9407

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