PRICED AT $3.75M

 

 

1) This 15 unit property Is a 39’ wide, five (5) story walk-up building located on Saint Nicholas Terrace in Harlem between 127th & St. 

Nicholas Park.

2) The property contains fifteen (15) apartments, and was completely gut-renovated in 2008.

3) The residential units: 

Consist of one (1) one-bedroom and fourteen (14) three-bedroom apartments. Fourteen (14) enjoy free market status and one 

(1) unit is rent stabilized. Additionally, two (2) of the building’s units are duplexes. 

Private seller.

 

Enjoys one of the most commercially convenient and easily accessible Central Harlem locations. The property is steps away from both Morningside and St. Nicholas Parks and is walking distance to notable uptown landmarks like the Apollo Theater, Hotel Theresa, and the Magic Johnson Theater. It is also in close vicinity to the Columbia University ’s upcoming expansion. Easy access to all downtown and outer borough locations is provided by the ABCD trains on 125th Street . As a building of this size, condition and free market status rarely comes to market, this is a great opportunity to operate an immaculate building with great cash flow. 

 

Current Roll Self-Managed

Scheduled Gross Income:  $397,596 

Less Vacancy Rate Reserve (3%):  $11,928 

Gross operating Income:  $385,668

Less expenses:  $123,220 31% % of SGI  $106,764 27% % of SGI 

Net operating Income:  $262,449 6.60% CAP rate / $278,904 7.01% CAP rate 

Block (lot) 1954 / 14 

lot Size 38.58' x 80' 

lot area 3,086 

Building Size 39' x 68' 

Stories 5 

Building area 13,260 

Zoning (FaR) R8 (6.02) 

Air Rights 5,320 

Tax assessment (09/10) $345,804 

Taxes (09/10) $45,138 

Scheduled Income annualized expenses (estimated): 

Water & Sewer $6,630 

Insurance $7,500 

Fuel $19,890 

Electric $7,956 

Cleaning & Maintenance $3,600 

Repairs $8,250 

Super $7,800 

Management $16,456 

Total expenses: $123,220

 

Please note –. Buyer will pay 3 points.