Investment Overview: Marcus & Millichap is pleased to offer 348 & 350 Lenox Avenue in Harlem (Block: 1725 Lot: 71, 72). The subject properties are each built 25 by 83 feet, totaling 19,370 square feet. 348 & 350 Lenox Avenue have a total of 18 residential units and two commercial spaces. The assets are zoned C2-4/R7-2 and are held in tax class 2 & 2B respectively. 348 & 350 Lenox are being offered $11,000,000 or $568 per square foot. The opportunity offers an investor immediate rental upside as 6 units will be delivered vacant at closing, 3 of which are rent stabilized. 348 & 350 Lenox offer long term upside in that 11 of the 18 residential units are rent regulated. Investment Highlights: * 11 of the 18 Units Are Rent Regulated--3 Delivered Vacant At Closing * 6 Rent Regulated Units With Preferential Rents * Total of 6 Units Vacant At Closing * 50 Feet of Retail Frontage On Lenox Avenue * National Retail Tenant In Place--Subway * Two Blocks from the 2 & 3 Express Trains * 22 Minute Trip To Midtown Manhattan
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