242 Lenox AveNew York, NY 10027

Property Details for 242 Lenox Ave

Year built

1909

Property size (Sq ft)

6,970 SF

Property type

Retail properties

Property subtype

Mixed-use properties

Description

This exceptional investment opportunity presents a five-story, 6,970 square foot mixed-use building located at 242 Lenox Avenue in Harlem, New York. The property boasts a prime location, just three blocks from the vibrant 125th Street corridor, home to numerous national retailers such as Whole Foods, Nike, and Shake Shack. Conveniently situated two blocks from the 2 and 3 subway lines at 125th Street and five blocks from the 125th Street Metro North Station, this building offers unparalleled accessibility. The building comprises fifteen single-room occupancy (SRO) residential units and one commercial space, currently operating at 100% occupancy. With a 2B tax classification, this stabilized investment property features 22 feet of frontage on Lenox Avenue and a strong pro-forma NOI of $139,297, resulting in a 7.96% pro-forma cap rate. Built in 1909, the building sits on a 2,200 square foot lot and is zoned R7-2. The asking price is $1,750,000, translating to $251.08 per square foot. This is a rare chance to acquire a well-positioned, high-performing asset in a rapidly developing area of Manhattan. The building's strong cash flow and prime location make it an ideal investment for discerning buyers seeking stable returns in a dynamic market. The 16 units are spread across five stories in a walk-up building.

Location Insight

City

New York

County

New York

State

New York

Latitude

40.8059

Longitude

-73.9465

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