Investment Overview

Marcus & Millichap is pleased to exclusively offer 305-307 East 109th Street for sale, located in Harlem. Located on the North side of 109th Street between First and Second Avenues, these adjacent properties feature a combined 48-units and approximately 25,583 square feet. 305 East 109th Street is built 29’ x 86’ situated on a 29’ x 100.92’ lot. 307 East 109th Street is built 29’ x 86’ situated on a 29’ x 100.92’ lot (Block: 1681 and Lots: 5 & 6). The properties are zoned R7A and are Tax Class 2. THE OPPORTUNITY Opportunity: Two 29’ wide, contiguous walkup buildings spanning 25,500+ Square Feet with 48 Units. Unit Mix: There are 48 one-bedroom apartments. This asset is 100% Rent Regulated, with 46 Rent Stabilized Units and 2 Rent Controlled Units. Value Add Opportunity: With roughly 30% of the property being delivered vacant, there is an immediate opportunity to combine the vacant units to create 2-Bedroom apartments, which will allow any purchaser to set a new first rent. The Metrics: $100,000 Per Unit, 118 Price/SF substantially below replacement cost. Location & Transportation: Located between 1st and 2nd avenue, this opportunity is in immediate proximity to Mount Sinai Hospital, Public school 72, East River Plaza, and Thomas Jefferson Park. These properties are within a short walking distance to the 4, 6, N, & Q Subway Lines. Legislation (S.7235/A.8098): Allows Maximum Rental Assistance Subsidies to Be Collected for Rent Regulated Housing. Owners can sign a regulatory agreement in exchange for receiving maximum section 8 rents - even above DHCR legal limits.