2299 Adam C. Powell Boulevard is being offered for $186,000 per unit or a 4.9% cap rate. The entire ground floor consists of four commercial tenants, one of which is vacant. All units on floors two and five have under gone complete gut renovations. Hallways, bathrooms and common areas have all been fully upgraded on these floors. Current ownership rents these units at market rate to students and young professionals in the neighborhood. The sellers have provided a foundation for a buyer to purchase the property and realize the remaining upside on floors three and four.
The retail boasts significant frontage, and steady income on a bustling boulevard in a gentrifying neighborhood in Upper Manhattan. An investor will also realize cash flow through the cellular antennas on the roof. Conveniently located near the B, C, 2 & 3 subway lines and walking distance from the Harlem Hospital Center, 2299 Adam C. Powell Boulevard will provide new ownership the opportunity to redevelop a prime, well-situated, mixed-use building in Central Harlem.
* Corner Mixed Use Building With Half The Units Significantly Below Market
* Average Rent For Non-Renovated Units On Floors 3 & 4: $493; 63% Below Market
* Average Rent For Renovated Units On Floors 2 & 5; $1,278; Provides Immediate Cash Flow
* Two And One Half Bathrooms Per Floor
* Conveniently Located To All Major Transportation
- Multi Family
- Built in 1926
- 64 days on Zillow
- Views: 646 all time views
- 2 shoppers saved this home
- Price/sqft: $500
- Flooring: Hardwood
- Stainless steel appliances
- Range / Oven
- Unit count: 11
- Floor size: 9,300 sqft
- Zillow Home ID: 2109039695
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Homes like this sold for $3.75M.
Popularity on Zillow
Foreclosures will be a factor impacting home values in the next several years. In 10030, the number of foreclosures waiting to be sold is 50% greater than in New York, and 88.6% less than the national average. This higher local number may prevent 10030 home values from rising as quickly as other regions in New York.
Learn more about forecast calculations or 10030 home values.
Nearby Schools in New York
GreatSchools ratings give an overview of a school's test results. The ratings are based on a comparison of test results for all schools in the state.
Disclaimer: School attendance zone boundaries are supplied by Maponics and are subject to change. Check with the applicable school district prior to making a decision based on these boundaries.
High School Math Science and Engineerin...9-120.5 mi
Data by GreatSchools.org
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