For $1,199,000.00, we are pleased to present you another Harlem Lofts, Inc. Exclusive Listing opportunity to purchase a VACANT solidly structured, 1,444 s.f., 1-story building with curb cut side-walk access, R7A zoning and at least an additional 4,000 of air rights for a total buildable square feet in excess of 5,400 s.f. situated on a prime street in East Harlem. Some estimates have a total buildable s.f. in excess of 6,300 s.f.For the Investor this is a rare opportunity to buy and renovate a single story property to create a mixed-use rental property or to build condos in a prime up-and-coming neighborhood. For the Business Owner this is a chance to buy a prime site for your business, and to offset your expenses with rents from the apartments above. For the Resident this is a chance to build multiple apartments and live rent free by renting out the commercial space on the ground floor.Currently built at 1,444 s.f. on an 18.75 x 100.92 Lot. The one-story curb warehouse with high ceilings and outdoor space provides for an owner/user investor a prime development opportunity to build a mixed-use property. Property Features: Ground Floor: 1,444 s.f., with 19 feet of frontage on 120th StreetAir Rights: Between 5,400 to 6,300 buildable square feet as-of-right with R7A zoning built to .85 FAR and max FAR of 4. The property will be Delivered Vacant and is in need of Total Renovation!This building is situated in East Harlem, giving you a great location without the higher price tag. The new exclusive doorman rental CL Tower at 203 East 120th demonstrates the opportunity afforded to you. Youre also close to East River Plaza which houses retailers such as Costco, Target and has plans for residential development on the plaza. The FDR is a few blocks away and the 4/5 & 6 Subway are within walking distance as well as all major buses. MTA also plans to begin the second phase of the 2nd Avenue subway in Harlem to make your location even more accessible. As of now, there are currently no gas or water lines running to the property.Market Sale Comps: 206 East 119th Street sold for $2,400,000 4,894 s.f, $171/s.f.2236 3rd Avenue sold for $1,495,000 4,716 s.f., $317/s.f.Market Rate Rentals: to calculate cash flow and/or cap rate are: Studio - $1,300 - $1,500 1-Bedroom - $1,500 - $1,800 2-Bedroom - $2,100 $2,400 3Bedroom -$2,700 $3,000Commercial Space: $3,700 - $4,200 per month.Building Features:Price $1,199,000Lot: 18.75 x 100.92Lot s.f.: 1,594 square feetBuilding: 19 x 76Zoning R7-AAdditional s.f.: Yes, ~ 4,000 s.f can be addedFAR as built ~ .85Max Far ~ 4.00 Year Built circa 1954Landmark: NoSchool District 4 Current Taxes ~ $7,595** All information is gathered from a third-party source and is deemed reliable but not guaranteed. Please verify with your own advisers and consultants.
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.
