118 West 114th Street
• A 5-story, 10-unit building spanning 9,965 SF
• Class 2B tax classification caps assessment increases at 8% annually and 30% over five years, providing long-term expense predictability
• Meaningful Free-Market Component: 8 of 10 units are free market, giving ownership direct exposure to market-rate rents in a high demand submarket
• Near Term Mark-to-market opportunity with 8 free market leases coming due between April and July 2027. Recent leases have been signed for $3,800 while the average rents in the building are at $3,600.
• Large apartment layouts averaging approximately 1,000 Sq. Ft. per unit, including 3-bedroom apartments
• Excellent transit access via the 2 & 3 trains at 116th Street and Lenox Avenue and the B & C trains at 116th Street and Frederick Douglass Boulevard
• Located blocks from the northern end of Central Park, the Frederick Douglass Boulevard restaurant corridor, and the 125th Street retail district
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Highest & best offer |
| Property Types: | Apartment Buildings |
| Price: | $4,000,000 |
| No. of Units: | 10 |
| Cap Rate: | 7% |
| Opportunity Zone: | No |
| Price per unit: | $400,000 |
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