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213 E 120th St 4 Unit Apartment Building $1,890,000 ($472,500/Unit) 5.80% Cap Rate New York, NY 10035
INVESTMENT HIGHLIGHTS
- Delivered Vacant: Immediate ability to begin renovations and implement a repositioning plan without tenant buyouts or delays.
- Tax Class 2A: Provides protection against volatile tax increases, allowing for more predictable expense management.
- Value-Add Upside: Potential to increase income through full interior modernization, improved layouts, and strategic leasing.
- 3 Residential + 1 Retail Studio: Versatile layout with a semi finished basement and outdoor access ideal for retail, creative office, or owner-user.
- Prime East Harlem Location: Just off Lexington Avenue and within walking distance of the 4/5/6 subway, Metro-North, and East River Plaza.
- Zoning (R7A/C1-5): Offers long-term optionality for redevelopment or expansion (subject to DOB/zoning review).
EXECUTIVE SUMMARY
213 E 120th Street presents a compelling value-add investment opportunity located in the rapidly evolving East Harlem sub-market. The property will be delivered fully vacant, offering immediate execution potential with untapped upside through renovation, repositioning, and improved operational efficiency. Each residential unit is pre-plumbed for an in-unit washer and dryer, enhancing tenant appeal, and the ground-floor retail/studio unit enjoys its own private outdoor patio access—ideal for café seating or creative workspace. This is a rare opportunity for an investor or developer to maximize returns on a boutique mixed-use asset in a high-growth corridor.
To support the value-add strategy, an architectural proposal has been included to expedite the addition of mezzanine space on Floor One, with the intent to convert the ground-level unit into a full 2-bedroom, 1-bath residence. This configuration would increase the usable square footage, enhance the unit mix, and unlock additional rental revenue—strengthening both the short-term cash flow and long-term valuation of the asset.
To support the value-add strategy, an architectural proposal has been included to expedite the addition of mezzanine space on Floor One, with the intent to convert the ground-level unit into a full 2-bedroom, 1-bath residence. This configuration would increase the usable square footage, enhance the unit mix, and unlock additional rental revenue—strengthening both the short-term cash flow and long-term valuation of the asset.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $1,890,000 | Apartment Style | Low-Rise |
| Price Per Unit | $472,500 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.05 AC |
| Cap Rate | 5.80% | Building Size | 4,311 SF |
| No. Units | 4 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1899 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R7A - R7A is a medium density residential zoning district in New York City. | ||
| Price | $1,890,000 |
| Price Per Unit | $472,500 |
| Sale Type | Investment |
| Cap Rate | 5.80% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.05 AC |
| Building Size | 4,311 SF |
| No. Stories | 3 |
| Year Built | 1899 |
| Opportunity Zone |
Yes |
| Zoning | R7A - R7A is a medium density residential zoning district in New York City. |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Tub/Shower
SITE AMENITIES
- Courtyard
- Fenced Lot
- Storage Space
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
1 1
Walk Score®
Walker's Paradise (98)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (83)
PROPERTY TAXES
| Parcel Number | 1785-0007 | Improvements Assessment | $17,372 |
| Land Assessment | $2,930 | Total Assessment | $20,302 |
PROPERTY TAXES
Parcel Number
1785-0007
Land Assessment
$2,930
Improvements Assessment
$17,372
Total Assessment
$20,302
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213 E 120th St
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