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2049 2nd Ave
New York, NY 10029
Multifamily Property For Sale
·
12 Units
Executive Summary
Mixed-Use Investment Opportunity in Prime East Harlem Location
on the Northwest corner of E 105th St & 2nd Ave
Type: Mixed-Use Free-Market Building
Units: 12 Residential + 1 Commercial
Commercial Tenant:
Ground-floor retail space currently leased to a popular Mexican restaurant
Annual income exceeds $130,000 (includes base rent, tax contributions, and utility reimbursements)
Residential Layouts:
12 apartments in total, with 3 unique layouts (4 units each):
Studio alcove
One-bedroom
One-bedroom with home office
Key Highlights:
Live-in Super and well-maintained property
Recent Capital Improvements (within last 4 years):
Boiler upgrades
Roof replacement & waterproofing
Renovated lobby & hallways (new tile, repainted stairs, doors, ceilings, and walls)
Upgraded lighting
Select units feature new kitchens, bathrooms, and refinished oak floors
New EIFS/stucco and waterproofing system on side and rear façades
Brick repointing and power washing
Development Potential:
In 2022, the building underwent an Alteration Type I Permit to remove lot line windows—preparing for a 25,000 SF buildable adjacent lot (also for sale by the same owner)
Package deal available for both the building and adjacent lot at 2047 2nd Ave
Financials:
Net Operating Income (NOI): Over $260,000
Cap Rate: Approx. 7%
Turnkey investment with strong upside potential
Location Advantage:
Situated in a rapidly evolving neighborhood
Future 2nd Avenue Subway extension to 125th Street expected to significantly boost property value and area growth
Additional Info:
Full setup sheet available upon request (includes rent roll, expenses, and income)
Inquire for details on the adjacent development site and package pricing
on the Northwest corner of E 105th St & 2nd Ave
Type: Mixed-Use Free-Market Building
Units: 12 Residential + 1 Commercial
Commercial Tenant:
Ground-floor retail space currently leased to a popular Mexican restaurant
Annual income exceeds $130,000 (includes base rent, tax contributions, and utility reimbursements)
Residential Layouts:
12 apartments in total, with 3 unique layouts (4 units each):
Studio alcove
One-bedroom
One-bedroom with home office
Key Highlights:
Live-in Super and well-maintained property
Recent Capital Improvements (within last 4 years):
Boiler upgrades
Roof replacement & waterproofing
Renovated lobby & hallways (new tile, repainted stairs, doors, ceilings, and walls)
Upgraded lighting
Select units feature new kitchens, bathrooms, and refinished oak floors
New EIFS/stucco and waterproofing system on side and rear façades
Brick repointing and power washing
Development Potential:
In 2022, the building underwent an Alteration Type I Permit to remove lot line windows—preparing for a 25,000 SF buildable adjacent lot (also for sale by the same owner)
Package deal available for both the building and adjacent lot at 2047 2nd Ave
Financials:
Net Operating Income (NOI): Over $260,000
Cap Rate: Approx. 7%
Turnkey investment with strong upside potential
Location Advantage:
Situated in a rapidly evolving neighborhood
Future 2nd Avenue Subway extension to 125th Street expected to significantly boost property value and area growth
Additional Info:
Full setup sheet available upon request (includes rent roll, expenses, and income)
Inquire for details on the adjacent development site and package pricing
Property Facts Under Contract
| Price Per Unit | $312,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.12 AC |
| Cap Rate | 7.04% | Building Size | 8,530 SF |
| No. Units | 12 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 5 |
| Property Subtype | Apartment | Year Built/Renovated | 1900/2022 |
| Apartment Style | Mid-Rise | ||
| Zoning | R8A - high-density residential zoning district that falls under the contextual zoning category | ||
| Price Per Unit | $312,500 |
| Sale Type | Investment |
| Cap Rate | 7.04% |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 8,530 SF |
| Average Occupancy | 100% |
| No. Stories | 5 |
| Year Built/Renovated | 1900/2022 |
| Zoning | R8A - high-density residential zoning district that falls under the contextual zoning category |
Property Taxes
| Parcel Number | 1655-0022 | Improvements Assessment | $726,210 |
| Land Assessment | $51,333 | Total Assessment | $777,543 |
Property Taxes
Parcel Number
1655-0022
Land Assessment
$51,333
Improvements Assessment
$726,210
Total Assessment
$777,543
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