2127 3Rd AveNew York, NY 10035

Property Details for 2127 3Rd Ave

Year built

1910

Lot size

0.04 AC

Property size (Sq ft)

6,900 SF

Zone code

C4-6

Property type

Retail residential properties

APN

01666-0002

APU

16660002

Description

This exceptional mixed-use property at 2127 3rd Avenue in New York City's vibrant East Harlem presents a compelling investment opportunity. The five-story, 6,908 square foot building sits on a 0.039-acre lot and boasts eleven units: seven one-bedroom/one-bathroom apartments, one studio apartment, two ground-floor retail spaces, and one office suite. Currently housing ten tenants, the property offers a strong 7.23% cap rate and a substantial net operating income (NOI) of $151,865. The asking price is $2,100,000, translating to $304 per square foot and $190,909 per unit. Built in 1867, the building is zoned C4-6, allowing for potential future development and expansion. The property benefits from significant air rights (approximately 9,982 square feet), adding considerable value. Its prime location offers convenient access to public transportation (including subway lines and bus routes), major roadways (FDR Drive, Interstates 278 and 95), and bridges. Nearby amenities include Central Park, Marcus Garvey Park, Thomas Jefferson Park, numerous restaurants, shops, and businesses. The strong demographics of the area, with high household incomes and a large workforce within a one-mile radius, further enhance the investment potential. The property also benefits from its proximity to several area schools and major universities. Rent bumps are permitted, providing additional income growth opportunities. This well-maintained asset represents a rare chance to acquire a high-performing mixed-use property in a rapidly developing and desirable Manhattan neighborhood. The fee-simple ownership provides complete control and flexibility for the new owner.

• CAP approach

  CAP return

  Valuation

  6%

  $1,414,562

  6.5%

  $1,305,750

  7%

  $1,212,482

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,397,409

  Geo Method

  $1,397,409

• Alternative Use

  Use

  Valuation

  Residential

  $1,305,750

  Hospitality

  $1,196,060

  Educational

  $995,108

  Medical

  $1,029,331

  Retail

  $1,547,945

Location Insight

City

New York

County

New York

State

New York

Latitude

40.798

Longitude

-73.9396

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].