311 W 139th St 11 Unit Apartment Building $2,100,000 ($190,909/Unit) 8.02% Cap Rate New York, NY 10030

Besen Partners, as exclusive agent for Ownership, is pleased to offer for sale 311 West 139th Street, New York, NY 10030 (the “Property”) located on the north side if West 139th Street between Edgecombe Avenue and Frederick Douglass Boulevard in the Harlem neighborhood of Manhattan.
The subject property is a 3-story 3,400± SF multifamily building built on a 1,699± SF lot. Zoned R7-2 with 11 residential units. 2 blocks from 135th Street [A, B, C] subway station.
INVESTMENT HIGHLIGHTS
100% occupied providing stable cash-flow
9-out-of-11 studio units (82%) are averaging $1,967/month (FHEPS Program)
Recent renovations of ~$500,000 include new roof, new boiler, new floors & appliances
Well-maintained property requiring minimal near-term capital and low maintenance costs. Minimal violations.
Tax Class 2B preserves a low and stable expense ratio, as well as capping increases in assessed values
Quiet tree-lined street located 1-block from St. Nicholas Park
Four blocks from the 135th Street [C,B] Subway Station
CAPITAL IMPROVEMENTS & LOW EXPENSES:
2020-2024 building-wide improvements include a new boiler, new hot water heater, painted hallways, and new flooring and appliances, requiring minimal capital improvements and low maintenance costs. Tax Class 2B preserves a low and stable expense ratio, as well as capping increases in assessed values.
CONVENIENT TRANSPORTATION ACCESS:
The residents are well served by public transportation, with the A,B,C,D subway stations at 145th Street and the A,B,C subway station at 135th Street within five blocks of the Property. There is also a network of bus lines available throughout the neighborhood, including the north/south M10 bus stop, which is directly around the corner of the property, and the M3 which runs along St. Nicholas Avenue, providing access to the east and west sides of Manhattan.