172 E 112th St, New York, NY 10029

Property Description

172 East 112th Street presents a 20-unit mixed-use investment opportunity in East Harlem, Manhattan, offered at $3,240,000. The property consists of 18 rent-stabilized residential apartments and two ground-floor retail spaces. The property currently generates approximately $406,450 in annual gross operating revenue and $228,230 in actual NOI, representing a 7.04% current capitalization rate. Apartments 2D and 3B are currently vacant, with no income from either unit included in the current NOI. Apartment 2D is currently undergoing renovation, with ownership projecting approximately $2,500 per month upon completion, while Apartment 3B is projected at approximately $2,100 per month. Together, the two units represent approximately $55,200 in potential additional annual gross income, resulting in a projected 8.75% pro forma capitalization rate. Both ground-floor retail spaces are occupied under long-term leases, providing an established commercial income stream. Asking Price: $3,240,000 Current Cap: 7.04% Pro Forma Cap: 8.75% $162,000 Per Unit