Opportunity - Vacant Central Park Gem The property at 115 West 111th Street offers any value-add investor an opportunity to convert an existing 10-unit SRO into a 5-Family apartment building with attractive returns. The current owner has already obtained certificates of non-harassment, as well as vacated and gutted the building. Plans for residential conversion have been approved. Within 15 months, any investor can bring this solid-brick, 5-story, park side structure to Class A apartment status. The renovation would convert each story into a thru-floor apartment yielding (2) 4-bedrooms, (2) 3-bedroom and (1) Studio. Returns show high 20s on a 5 year hold and a yield on cost of almost 7%. Own one of the few available buildings in Central Harlem near both major transit lines and Central Park.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
