Description

Welcome to 318 east 117th This FULLY-OCCUPIED rental property located in East Harlem, an ever changing neighborhood. Building comprises of 8 units, all of which are in the free market category. The construction of this building was finalized in May 2018. The property generates an annual rental income of $277,164, and we anticipate this figure to grow annually by around 3 -4% annually. CAP rate is above 4% and we expect it to grow yearly as rents grow. The building's layout is thoughtfully designed, featuring just two units per floor, one at the front and one at the rear, with a centrally located staircase for access. The first floor offers a spacious studio duplex in the front, while the rear unit is a 2-bedroom duplex complete with an expansive backyard. On the second floor, you'll find two generously-sized 1-bedroom units, each featuring a dining alcove that many tenants utilize as a home office. The third floor mirrors the second floor's layout but distinguishes itself with the addition of large balconies for each unit. Ascending to the fourth floor, you'll discover two 2-bedroom duplex units. These units include balconies on the main floor and spacious roof decks on the upper level. Every unit within this property is equipped with full-sized washer-dryers, and the high ceilings throughout enhance the overall living experience. Please reach out for more information. Please note first 5 photos have been virtually staged. ...
More >