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Multifamily

2033 2nd Ave

2033 2nd Ave, New York, NY 10029

Listing Price: $4,000,000

Cap Rate
6.10%
Number of Units
14
Price/Unit
$285,714
Price/Gross SF
$375.23
Gross SF
10,660

Investment Overview

Marcus & Millichap is pleased to offer the following opportunity: 2033 Second Avenue. The property is located between 104th and 105th Streets just north of Carnegie Hill. The building sits on a 26 x 100 lot spanning 10,660 square feet with 8,992 square feet of available air rights. The building is comprised of 16 units and 1 retail storefront which consists of 11 one-bedroom apartments and 5 two-bedroom apartments - 5% of which are free market. Located in the historical East Harlem, an extension of the Upper East Side & just half a mile east of Central Park North, Mount Sinai Hospital, and more. Strong influx of new tenants have been flocking North of the Upper East Side as they are becoming priced out.

Investment Highlights

  • 17-unit building in East Harlem with Zero deferred maintenance located on the Second Avenue retail corridor
  • 6.1% Cap Rate or 8.51x GRM allowing investors to capitalize on a strong cashflow day one
  • Strong component to increase rents 15%-20% as the current average rent of $1,791 sits well below market rate
  • 50 or 8 of the units are statutorily 'Free Market' prior to the HSTPA act of 2019. With the remainder of units rent stabilized, there are $23,040 in preferential rents allowing for strong increases upon unit turnover
  • Conveniently located in close proximity to school, public transportation, shopping and medical centers

Exclusively Listed By

Multifamily

2033 2nd Ave

Listing Price: $4,000,000

Cap Rate
6.10%
Number of Units
14
Price/Unit
$285,714
Price/Gross SF
$375.23
Gross SF
10,660

Investment Highlights

  • 17-unit building in East Harlem with Zero deferred maintenance located on the Second Avenue retail corridor
  • 6.1% Cap Rate or 8.51x GRM allowing investors to capitalize on a strong cashflow day one
  • Strong component to increase rents 15%-20% as the current average rent of $1,791 sits well below market rate
  • 50 or 8 of the units are statutorily 'Free Market' prior to the HSTPA act of 2019. With the remainder of units rent stabilized, there are $23,040 in preferential rents allowing for strong increases upon unit turnover
  • Conveniently located in close proximity to school, public transportation, shopping and medical centers

Investment Overview

Marcus & Millichap is pleased to offer the following opportunity: 2033 Second Avenue. The property is located between 104th and 105th Streets just north of Carnegie Hill. The building sits on a 26 x 100 lot spanning 10,660 square feet with 8,992 square feet of available air rights. The building is comprised of 16 units and 1 retail storefront which consists of 11 one-bedroom apartments and 5 two-bedroom apartments - 5% of which are free market. Located in the historical East Harlem, an extension of the Upper East Side & just half a mile east of Central Park North, Mount Sinai Hospital, and more. Strong influx of new tenants have been flocking North of the Upper East Side as they are becoming priced out.

Exclusively Listed By

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