318 East 117th Street, #8UNITS
$4,000,000
($523 per ft2)
| 11 beds, 10 baths | Approx. 7,655 ft2
400 days on Market
Key Details
-
Listed: Oct 18, 2023Days on Market: 400Building Type: RentalNeighborhood: East Harlem (Manhattan)
Est. Monthly Mortgage:
$21,225
Mortgage calculator
Total Est. Monthly Carrying Cost:
$21,225
($2.77/ft2)
Note: the above is based on a down payment of 20% ($800,000),
which is the minimum amount permitted by the building.
Insider Highlights
- Prime Location and High Rental Income: Located at 318 East 117th Street in East Harlem, this fully-occupied rental property generates an annual rental income of $277,164 with a CAP rate above 4%.
- Spacious and Well-Designed Units: The building features two units per floor, including a studio duplex and a 2-bedroom duplex on the first floor, 1-bedroom units with dining alcoves on the second and third floors, and 2-bedroom duplex units with balconies and roof decks on the fourth floor.
- Modern Amenities: All units are equipped with full-sized washer-dryers and high ceilings, enhancing the overall living experience. The apartment also includes a balcony and a garden.
- Potential for Growth: With the property's location in an ever-changing neighborhood and the anticipation of a 3-4% annual growth in rental income, this investment offers potential for significant returns.
- Pre-War Building: This rental property is housed in a pre-war building that was built in 1915, offering a blend of historical charm and modern amenities.
- No Doorman Service: Please note that this building does not offer doorman service.
Description
Welcome to 318 east 117th This FULLY-OCCUPIED rental property located in East Harlem, an ever changing neighborhood.
Building comprises of 8 units, all of which are in the free market category. The construction of this building was finalized in May 2018.
The property generates an annual rental income of $277,164, and we anticipate this figure to grow annually by around 3 -4% annually. CAP rate is above 4% and we expect it to grow yearly as rents grow. The building’s layout is thoughtfully designed, featuring just two units per floor, one at the front and one at the rear, with a centrally located staircase for access. The first floor offers a spacious studio duplex in the front, while the rear unit is a 2-bedroom duplex complete with an expansive backyard. On the second floor, you’ll find two generously-sized 1-bedroom units, each featuring a dining alcove that many tenants utilize as a home office. The third floor mirrors the second floor’s layout but distinguishes itself with the addition of large balconies for each unit. Ascending to the fourth floor, you’ll discover two 2-bedroom duplex units. These units include balconies on the main floor and spacious roof decks on the upper level. Every unit within this property is equipped with full-sized washer-dryers, and the high ceilings throughout enhance the overall living experience. Please reach out for more information. Please note first 5 photos have been virtually staged.
The property generates an annual rental income of $277,164, and we anticipate this figure to grow annually by around 3 -4% annually. CAP rate is above 4% and we expect it to grow yearly as rents grow. The building’s layout is thoughtfully designed, featuring just two units per floor, one at the front and one at the rear, with a centrally located staircase for access. The first floor offers a spacious studio duplex in the front, while the rear unit is a 2-bedroom duplex complete with an expansive backyard. On the second floor, you’ll find two generously-sized 1-bedroom units, each featuring a dining alcove that many tenants utilize as a home office. The third floor mirrors the second floor’s layout but distinguishes itself with the addition of large balconies for each unit. Ascending to the fourth floor, you’ll discover two 2-bedroom duplex units. These units include balconies on the main floor and spacious roof decks on the upper level. Every unit within this property is equipped with full-sized washer-dryers, and the high ceilings throughout enhance the overall living experience. Please reach out for more information. Please note first 5 photos have been virtually staged.
All content above are visible to screen reader users, so you may ignore the show more button below.
Apartment Amenities
- Washer/Dryer in apt.
- Garden
Listing courtesy of
City Sphere
Pricing History
Certain content is available only to members.
There's no obligation.
6sqft delivers the latest on real estate, architecture, and design, straight from New York City.
