303 East 109th Street is a rare 25 wide, 126 deep development site just off of East Harlem s Second Avenue commercial corridor . Though a 4,788 sq. ft. building with tenants currently occupies the site, the property can be delivered vacant. Located within 100 from the avenue, the property boasts R8A/C1 - 5 zoning, and has DOB approved plans for a 17,790 sq. ft residential building . The approved plans consist of twelve 12 one bedroom and 2 two-bed - room units. Nearby residential developments, such as 227 East 111th Street, Magnolia Mansion, and The Ivy have consistently pushed East Harlem sellout values to new heights. The property was renovated in 2008 and features all new plumbing, electric, boiler, and roof. The current rent roll is $10,025 per month with $120.300 yearly income with room to grow. All the units are under-rented (Unit #1 three bedroom $3100, Unit #2 $2275, Unit #3 $2300, Unit #4 2350. Yearly expenses are $17,300 and the building is self managed.
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.
