Turn-key free-market townhouse with cash flow from day one! 1991 Madison Avenue is an extraordinary find in today's market: a beautiful corner multi-family in prime Harlem which maximizes income-producing space. Renovated and meticulously well-maintained and well-operated, this four-unit townhouse has three exposures (north, east and west) and is overflowing with windows that flood all apartments with light and a fresh cross breeze. Its exceptional bones combined with great location and access to transportation make this property perfect for any of three uses: 1) PRIMARY RESIDENCE: Call this property home, live in one of the four units and rent out the other three units to cover your monthly expenses and produce excess income. 2) INVESTMENT: Rent out all four units and enjoy high cash flow and long-term capital gains. 3) CONDO CONVERSION: Maximize the buildable SF and number of units and create a boutique condominium that capitalizes on the property's dormant value and produces an outsized return on investment. Building highlights: -All units free market -Low taxes + 2A protected tax class -5.5% cap rate (with all units rented) before value added. -Nearly 20 ft. wide building -Triple exposure + three units with BOTH corner bedrooms AND corner living rooms -Light-filled spaces with scores of large windows everywhere -Four stories + a full height basement -Building SF ~ 5,000SF (not including basement) -Extra high ceilings -Hardwood floors -Two potential outdoor spaces -Laundry in the building -Renovated -New roofs Apartments & sizes: 1 - "L" shape Studio (Jr. 1BR) ~ 550SF 2 - Duplex 3BR, 2 Bath ~ 2,130SF 3 - Oversized 1BR with E.I.K. ~ 1,100SF 4 - Oversized 1BR ~1,050SF This location is ideal for commuters with the express and local subway lines 2, 3, 4, 5, 6 and Metro North only blocks away and LaGuardia airport just a 20-minute drive across the nearby RFK Bridge. 1991 Madison is also situated between Marcus Garvey and Harlem River Parks for outdoor lovers and within a short distance of some of the best restaurants, museums, and stores in Upper Manhattan. To schedule a private showing of this outstanding property please call us today!
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.
