420 East 115th St. TOWNHOUSE

5.27% cap rate. An astounding 25 feet in width on a 25×101 lot, 420 East 115th is an opportunity not to be missed. Currently mid-rehab and available for your personal touch, the property is delivered vacant and taxes are a mere $2,099/year! Perfect for an Owner-User, you can create the ultimate single family home, two duplex units, or as many as one-two units per floor, making this an ideal property for an Investor/Developer, as well. Four working fireplaces, grand ceilings, floor to ceiling windows, exposed brick, and a wine cellar add to the allure! An outstanding 25 feet in width, you can have two legal rooms at either end of this prewar gem. It’s current length is 50 feet, but you can create a legal extension, as there are approximately 2,569 sqft of air rights. The property is situated on an R7-B block. Located between Pleasant and 1st Avenue- a highly sought after enclave- which borders the East River, Thomas Jefferson Park, The FDR, Randall’s Island, and East River Plaza (Target, Costco, Marshall’s, etc.), the area has become an Uptown oasis. The 2nd Avenue subway is slated for 116th and 2nd Ave soon, and in the meantime, the crosstown bus is one block away and the 6 train is just three blocks. Also within walking distance are all of your East Harlem favorites: Tastings, Neapolitan Express, Ricardo’s Steak House, Bosie Tea Parlor (serving Toby’s Estate Coffee), Rise & Grind Coffee, Cascalote Latin Bistro, Amor Cubano, Patsy’s Pizzeria, and more are just steps away. For viewings and additional info, please reach Sarah at 646.763.1158, sworley@pleasantnyc.com.

Projected Rent Roll:
Ground & Cellar: $5,500×12= $66,000
2nd Floor: $3,500×12= $42,000
3rd Floor: $3,500×12= $42,000
4th Floor & Roof Deck= $4,000x 12= $48,000
Total Rent Roll= $198,000

Expenses:
Taxes: $2,099
Common Electric: $300
Common Heat: $800
Water & Sewer: $3,600
Repairs: $2,000
Insurance: $5,000
Heat: Tenant Pays
Total: $13,799/year

Rent Roll- Expenses= $184,201

Cap Rate: $2,995,000 Purchase Price + $500,000 Reno= $3,495,000/$184,201= 5.27% Cap