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2268 Adam C Powell Boulevard - 2268 Adam Clayton Powell Jr Boulevard 9 Unit Apartment Building Offered at $2,550,000 at a 8% Cap Rate New York, NY 10030
Executive Summary
The New York Multifamily team at Marcus & Millichap is pleased to offer 2268 Adam Clayton Powell Jr.? Boulevard, located in the lively neighborhood of West Harlem.? Spanning 6,355 square feet, this 9-unit mixed-use property is ideally situated between West 133rd and West 134th Street.?
2268 Adam Clayton benefits from a highly visible ground-floor retail space leased to Harlem Hops, a popular neighborhood brewery.? Future investors can also capitalize on the 33% free market value-add component.?
Additionally, this tax-class-protected (2B) asset has been meticulously maintained and professionally managed by the same ownership for 8 years.? The building is conveniently located near the 135th Street Subway Station, St.? Nicholas Park, and Public School 92.?
• ?The Metrics: 7.97% Cap Rate | 8.6x GRM
• ?Established Retail: 2268 Adam Clayton Powell Blvd benefits from a prominent ground-floor retail space occupied by Harlem Hops, an established brewery. The tenant currently pays $6,450 per month.
• ?Renovation: 5 of the apartments have been fully renovated, and upgrades to the common areas have been recently completed.
• ?Tax Class 2B: The Building benefits the protected tax class 2B designation which limited your tax increases to 8% per year of 30% over 5 years.
2268 Adam Clayton benefits from a highly visible ground-floor retail space leased to Harlem Hops, a popular neighborhood brewery.? Future investors can also capitalize on the 33% free market value-add component.?
Additionally, this tax-class-protected (2B) asset has been meticulously maintained and professionally managed by the same ownership for 8 years.? The building is conveniently located near the 135th Street Subway Station, St.? Nicholas Park, and Public School 92.?
• ?The Metrics: 7.97% Cap Rate | 8.6x GRM
• ?Established Retail: 2268 Adam Clayton Powell Blvd benefits from a prominent ground-floor retail space occupied by Harlem Hops, an established brewery. The tenant currently pays $6,450 per month.
• ?Renovation: 5 of the apartments have been fully renovated, and upgrades to the common areas have been recently completed.
• ?Tax Class 2B: The Building benefits the protected tax class 2B designation which limited your tax increases to 8% per year of 30% over 5 years.
Property Facts
| Price | $2,550,000 | No. Units | 9 |
| Price Per Unit | $283,333 | Property Type | Multifamily |
| Sale Type | Investment | Building Size | 6,355 SF |
| Cap Rate | 8% | No. Stories | 5 |
| Gross Rent Multiplier | 8.6 | Year Built | 1910 |
| Zoning | R7-2 | ||
| Price | $2,550,000 |
| Price Per Unit | $283,333 |
| Sale Type | Investment |
| Cap Rate | 8% |
| Gross Rent Multiplier | 8.6 |
| No. Units | 9 |
| Property Type | Multifamily |
| Building Size | 6,355 SF |
| No. Stories | 5 |
| Year Built | 1910 |
| Zoning | R7-2 |
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Exceptionally walkable
100/100
Moderately drivable
60/100
Exceptional public transit
100/100
Moderately bikeable
70/100
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