172 E 112TH ST , Manhattan, New York, United States
Property Type : Single Family Home
Property Style : N/A
Build Size : N/A
Land Size : N/A
Bedroom : 18
Bathroom : 18
Half Bathroom : 0
MLS#: 23699612
Property Description
Asking Price: $5,250,000
This well-maintained 5-story mixed-use walk-up is located at 172 East 112th Street in East Harlem. The property sits on an approximately 25 ft 100.92 ft lot ( 2,523 sq ft) and has a total building area of approximately 8,610 sq ft. The building consists of 20 total units, including 18 one-bedroom apartments and 2 street-level retail stores.
Property Details:
- 18 residential units: all one-bedroom apartments
- 17 rent-stabilized, 1 rent-controlled apartment (Unit 2D), currently occupied but not paying, offering immediate upside
- 2 retail stores, one currently vacant with projected rent of $2,900/month
- Utilities: most apartments have separate electric meters; retail tenants pay their own electric
- Building systems: boiler replaced approximately 2-3 years ago
- Lot size: approx. 25 ft 100.92 ft ( 2,523 sq ft)
- Building square footage: approx. 8,610 sq ft
Financial Highlights:
- Current gross income (collected): $391,200/year
- Current NOI: $229,000
- Stabilized NOI: $288,000 (including lease-up of the vacant rent-controlled apartment and vacant store)
- Asking price reflects a 5.5% cap rate on stabilized income
Investment Summary:
An excellent opportunity to acquire a Manhattan mixed-use asset with strong existing cash flow and clear upside through lease-up. Immediate upside is available by leasing the vacant rent-controlled apartment and the vacant retail store. Ideal for investors seeking a stable income-producing property with long-term value in a high-demand East Harlem location.