410 115Th StNew York, NY 10029

Property Details for 410 115Th St

Lot size

0.09 AC

Zone code

R7B

Property type

Retail properties

Property subtype

Auto shops

APN

01708-0043

APU

17080043

Description

This exceptional East Harlem development site, located at 410 East 115th Street, New York, NY 10029, presents a unique investment opportunity. The 3,785 square foot lot is zoned R7B (with a small portion zoned R7-X/C1-5), allowing for the construction of a 21-unit residential building. Approved architectural plans are in place for a 20,813 buildable square foot condominium development, encompassing 12,343 square feet on the primary lot and an additional 11,859 square feet transferred from an adjacent lot. The property's prime location offers convenient access to public transportation, with the 4, 5, and 6 subway lines within a short walk. Residents will enjoy proximity to numerous amenities, including Jefferson Park, the East River Plaza shopping mall (featuring Costco and Aldi), and vibrant retail corridors along 1st and 2nd Avenues. This development site offers a compelling blend of location, approved plans, and zoning potential, making it an ideal investment for experienced developers seeking a high-return project in a rapidly growing neighborhood. The asking price for this remarkable opportunity is $3,500,000.

• CAP approach

  CAP return

  Valuation

  6%

  $919,887

  6.5%

  $849,127

  7%

  $788,475

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,246,261

  Geo Method

  $1,246,261

• Alternative Use

  Use

  Valuation

  Residential

  $716,270

  Hospitality

  $656,100

  Educational

  $545,867

  Medical

  $564,640

  Retail

  $849,127

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7949

Longitude

-73.9355

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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