217 115Th StNew York, NY 10029

Property Details for 217 115Th St

Year built

1910

Lot size

0.04 AC

Property size (Sq ft)

4,639 SF

Zone code

R7A

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

01665-0009

APU

16650009

Description

This 8-unit apartment building, located at 217 E 115th St in New York, NY 10029, presents a compelling investment opportunity. The property, built in 1910, comprises a three-story, 4,639 square foot building situated on a 1,817 square foot lot. It features a mix of one studio and seven one-bedroom apartments, currently generating an average monthly rent of $2,749 per unit. The building benefits from recent renovations and upgrades to major systems, minimizing deferred maintenance. The property is zoned R7A and enjoys a protected Tax Class 2B designation, limiting annual assessed value increases to a maximum of 8% or 30% over five years. Its prime location in East Harlem offers convenient access to Central Park, Mount Sinai Hospital, and the 4/6 train at 116th Street. The asking price is $3,250,000, representing a price per unit of $406,250 and a price per square foot of $700.58. The current Net Operating Income (NOI) is $243,750, yielding a 7.5% cap rate. Pro forma projections indicate an 8.89% cash-on-cash return. This fully free-market walk-up building offers investors the potential for significant appreciation through market rent increases upon vacancy. The building's updated facade and high-quality finishes in each unit further enhance its appeal.

• CAP approach

  CAP return

  Valuation

  6%

  $951,037

  6.5%

  $877,880

  7%

  $815,174

• Comparable approach

  Method

  Valuation

  Relative Method

  $939,504

  Geo Method

  $939,504

• Alternative Use

  Use

  Valuation

  Residential

  $877,880

  Hospitality

  $804,134

  Educational

  $669,030

  Medical

  $692,039

  Retail

  $1,040,713

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7971

Longitude

-73.9395

CBSA code

35620

CBSA name

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

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

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.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].