East Harlem Multifamily Property at 241 East 123rd Street

241 East 123rd Street | East Harlem Multifamily Investment Opportunity

An exceptional opportunity to acquire a well-maintained 7-unit multifamily building in the heart of East Harlem, one of Manhattan’s most active and evolving investment markets.

Offered at $2,549,000, the property features an attractive mix of 4 free-market apartments and 3 rent-stabilized units, providing immediate, stable cash flow while offering meaningful upside through future lease-up and rent optimization.

Located within an Opportunity Zone, the property also benefits from R7B zoning, presenting additional long-term value potential (buyers should perform their own due diligence regarding future development potential).

The building has been well cared for by ownership, with recent electrical and plumbing upgrades and well-maintained building systems, allowing investors to focus on executing a value-add strategy rather than deferred maintenance.

Additional highlights include:

• 7 residential units
• 4 free-market / 3 rent-stabilized
• Opportunity Zone location
• Approximate 5.3% in-place cap rate
• Significant upside through rental repositioning
• Potential assumable financing of approximately $900,000 at an interest rate of roughly 4%, subject to lender approval
• Excellent access to the 4, 5 and 6 subway lines, Metro-North, the RFK Bridge, and FDR Drive

Situated in a neighborhood experiencing continued investment and redevelopment, 241 East 123rd Street presents an attractive opportunity for private investors, owner-operators, family offices, and 1031 exchange buyers seeking stable income with clear value-add potential in Manhattan.

For additional financial information or to arrange a private property tour, please contact the listing broker.241 East 123rd Street | East Harlem