512 East 119th Street is a turnkey FOUR-FAMILY building that is fully occupied by wonderful tenants, with leases in place through the summer of 2023 or the summer of 2024 - each paying market rate for rent. The cap rate of the building is at an incredible 5.5%! In addition, the owner enjoys nominal maintenance expenses given the significant investment of over one million dollars in renovations placed into the building over the past 15 years. If you are in the market for a low maintenance and highly recurring strong cashflow investment, this building is a rare find. The building itself boasts an on-site laundry room, as well as three storage spaces available for rent by tenants. There is a wonderful longtime Super in place, who cares for the building multiple days per week. All four floor through apartments are incredibly spacious and could be converted into two or even three bedrooms, given their large footprints. All units include an open, renovated kitchen with full size appliances, a dishwasher, gas range, and plenty of counter space. Each unit has recessed lighting that can be dimmed, high ceilings measured at 9 foot 3 inches, hardwood floors and multiple closets. All units boast central A/C and have dual North & South exposure which allows for wonderful natural light throughout the day. The entire building has been renovated and upgraded recently, and features a new roof and façade, new energy efficient windows, new front door, a fire safety system, and a new remote access security camera system. The East River Plaza, with Target, Planet Fitness, Starbucks and Costco, is just two blocks away. For food lovers, Patsy's Pizzeria is just down the block, and there are plenty of hot spots nearby such as Santiago Beer Garden, Love Café and Rao's. The 116th Street crosstown bus is very convenient for transportation and the 4,5,6 subway station is located at 116th and Lexington Ave. Here are details for each apartment in the building: Apartment #1 is a spacious 1,172 square foot duplex with private outdoor space. The main floor features three bedrooms, an open-concept kitchen and living room with room for a dining table, and a full bathroom. The beautifully renovated backyard can be reached through the sliding glass doors off the living room. The lower level has a large rec room and houses the in-unit washer dryer and a half bathroom along with plenty of closet space. Apartment #2 is just one flight up and is currently configured as a large one-bedroom plus home office with one bathroom. The space is approximately 914 SF and features an open-concept kitchen and living area. There is plenty of space for a dining table or additional desk as well. Kindly note that the photos shown for this apartment are actually of Unit #3. They are very similar in detail and have the same kitchen and bathroom finishes. Apartment #3 is two flights up and is currently configured as a two-bedroom plus home office with one bathroom. This unit is approximately 923 SF and like the other units, it features an open-concept kitchen and living area. This unit is bright and light and feels very open and spacious. Apartment #4 is three flights up and the top floor unit. It is configured as an airy one-bedroom plus home office with one bathroom - this unit is approximately 925 SF. The primary bedroom in this unit is incredibly spacious and easily fits a king size bed. Please request a Set Up Sheet complete with rental income and expenses for the property, Matterport Tours of each home, and happy to help with any further questions that you may have.
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.
