2299 Adam Clayton Powell Jr Blvd, New York, NY 10030

1 bed-- baths9,300 sqft

For Sale
$4,650,000
Zestimate®: $4,008,332
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My Notes

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The subject property, located at the corner of West 135th Street, sits on a 25 by 75 foot lot and is built 25 by 71 feet and totals 9,300 square feet. 2299 Adam C. Powell Boulevard is a five story, mixed-use, walk-up building containing 23 single room occupancy (SRO) units and four retail stores. The building is zoned C1-4/R7-2 and is under tax class 2.
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.
HIGHLIGHTS
* 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
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Facts

  • Multi Family
  • Built in 1926
  • 64 days on Zillow
  • Views: 646 all time views
  • 2 shoppers saved this home
  • Price/sqft: $500

Features

  • Flooring: Hardwood

      Additional Features

      • Stainless steel appliances

      Appliances Included

      • Microwave
      • Range / Oven
      • Refrigerator

      Construction

      • Unit count: 11

      Other

      • Floor size: 9,300 sqft
      • Zillow Home ID: 2109039695

      Zestimate Details

      Zestimate
      A Zestimate home valuation is Zillow's estimated market value. It is not an appraisal. Use it as a starting point to determine a home's value. Learn more

      The Value Range is the high and low estimate market value for which Zillow values a home. The more information, the smaller the range, and the more accurate the Zestimate. See data coverage and accuracy table

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      $4,008,332
      +$51,568 Last 30 days
      $3.21M
      $4.93M
      Zestimate range
      Rent Zestimate A Rent Zestimate is Zillow's estimated monthly rental price, computed using a proprietary formula. It is a starting point in determining the monthly rental price for a specific property. Learn more

      The Rent Range is the high and low estimate for which an apartment or home could rent. The more information we have, the smaller the range, and the more accurate the Rent Zestimate. See data coverage and accuracy table
      $5,020/mo
      +$0 Last 30 days
      $3.7K
      $10K
      Zestimate range

      Comparable Homes

      Homes like this sold for $3.75M.

      $3.3M
      $4.2M

      Popularity on Zillow

      Trending! This home is one of the top 10% most visited in the neighborhood this week.
      465 views since listing
      646 all-time (chart)
      2 shoppers saved
      this home to their list of favorites

      Mortgages

      Neighborhood: Harlem

      Zillow predicts 10030 home values will increase 3.5% next year, compared to a 2% rise for New York as a whole. Among New York homes, this home is 805.6% more expensive than the midpoint (median) home, and is priced 25.3% more per square foot.

      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.
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        Nearby Schools in New York

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