241 E 123rd St 7 Unit Apartment Building $2,549,000 ($364,143/Unit) 5.34% Cap Rate New York, NY 10035

PRICE IMPROVEMENT – NOW OFFERED AT $2,549,000.
241 East 123rd Street presents a rare opportunity to acquire a 7-unit multifamily asset in East Harlem at a 5.4% in-place cap rate with projected returns approaching 6.5%. The property generates approximately $136,763 in current NOI with a clear path to future income growth through unit turnover, rent optimization, and operational improvements.
The building consists of 4 free-market units and 3 rent-stabilized units, providing stable cash flow today with long-term upside potential. Unit 6 is currently owner occupied and Unit 2 is occupied without a formal lease, creating additional opportunities for future revenue enhancement. A garden-level 2-bedroom apartment with private outdoor space further supports strong rental positioning and above-market rent potential.
Investment highlights include Opportunity Zone designation, potential assumable financing (subject to lender approval), and additional buildable FAR (buyer to verify). Projected NOI of approximately $165,000 positions the asset for a projected cap rate of approximately 6.5%.
Conveniently located near the 4, 5, and 6 subway lines, Metro-North, East River Plaza, and major transportation corridors, the property benefits from strong rental demand and continued neighborhood investment.
An attractive value-add opportunity offering immediate income, multiple avenues for NOI growth, and long-term appreciation potential in one of Upper Manhattan’s most active rental markets.