Unique multi-family opportunity in prime Washington Heights in the center of a continually evolving neighborhood! This 2880 SF three-story building including the lower floor, is comprised of eleven units and one community facility (which could also be converted into two more studios, as desired) with just one apartment currently vacant. Available FAR of 6873 SF, with 3936 SF as yet unused. Annual costs include real estate taxes of $16,362, insurance of $4700, super fee of $15,000, and $1200 in utilities, totaling approximately $37,000.The property, built in 1900 and renovated/upgraded multiple times since 2000, has been very well-maintained, with a new heating and hot water system in each studio and new roof in 2020, plus all new plumbing throughout the building. Each unit has their own hot water tank and heating system paid by the tenant. Additionally, there is new electric wiring throughout the property and each studio, including the community facility space, has their own independent electric meter, so all tenants pay their own heat and hot water. The lot is 20' 100' with the build 20' 50' and a back garden of approximately 1000 SF. All studios in this building are approximately the same size, under 300 SF, with kitchenettes and recently renovated bathrooms. Rent roll totals over $300,000 so the gross income is approximately $260,000.
More details and appointments to view available upon request by serious buyers only. Conveniently located within a couple of short blocks from the 181st Street 1 and A subways and other major transportation facilities, Yeshiva University and other local elementary and junior high schools, as well as local supermarkets, fine restaurants and all variety of shops. Note that rents are currently paid timely each month by NYCHA. This is rare indeed to find a building in this excellent condition with the potential for a cap rate of over 5% in Manhattan plus substantial sustainable income while maintaining very low expenses! Also available as a triple-net lease of $10,000 per month, $120,000 annually.
Courtesy of Douglas Elliman Real Estate
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