2129-2131 3rd Ave
Mixed Use | 6.70% CAP | 13,790 SqFt
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the investment properties located at 2129 3rd Avenue, and 2131 3rd Avenue in New York, New York (the “Property”). The Properties are in the East Harlem neighborhood of Manhattan and contain a total of twenty (20) units comprised of four (4) commercial units and sixteen (16), 1-Bedroom/1- Bathroom units with 13,790 total square feet on a combined 3,380 square feet of land. Additionally, the Properties have approximately 20,010 square feet of Air Rights. This unique opportunity is ideal for an investor looking to add value to the Properties, or an end-user.
The Properties are situated in an incredible urban infill location in the East Harlem neighborhood of Manhattan. 2129 and 2131 3rd Avenue are positioned on the east side of Third Avenue between East 116th and East 117th streets. The Properties enjoy convenient access to the MTA bus line, several subway stations, FDR Drive, Interstates 278 and 95, and the Third Avenue, Willis Avenue, and RFK Bridges. The Properties are 0.75 miles from Central Park and 0.5 miles from Thomas Jefferson Park and enjoy convenient access to area amenities including countless restaurants, retailers, businesses, and service tenants. The Properties are close to several area schools and are convenient to Columbia University, Hunter College, and Randalls Island, and just a short walk from popular neighborhoods including the Upper East Side and Upper West Side. The Properties offer the rare opportunity to acquire twenty (20) units in one of the country’s best performing real estate markets.
Investment highlights
THE ASSETS
2129 3rd Avenue is a five-story mixed-use building and contains ten (10) total units comprised of two (2) commercial units and eight (8), 1-Bedroom/1- Bathroom units in 6,895 square feet of space on a 1,690 square foot parcel of land. The Property also offers 10,005 square feet of air rights. The building is separately metered for electricity which the tenants pay directly, and the landlord is responsible for gas fired heat and hot water and domestic water and sewer. The Property features five (5) “free market” residential units and three (3) “rent stabilized” units.
2131 3rd Avenue is a five-story mixed-use building and contains ten (10) total units comprised of two (2) commercial units and eight (8), 1-Bedroom/1- Bathroom units in 6,895 square feet of space on a 1,690 square foot parcel of land. The Property also offers 10,005 square feet of air rights. The building is separately metered for electricity which the tenants pay directly, and the landlord is responsible for gas fired heat and hot water and domestic water and sewer. The Property features three (3) “free market” residential units, four (4) “rent stabilized” units, and one (1) “rent controlled” unit.
SUPERIOR LOCATION
The Properties are well-located in densely populated mixed-use (commercial and residential) neighborhoods with many walkable amenities, including public transportation (Subway, Metro North, and Municipal Bus), Central Park, Randall’s Island, Thomas Jefferson Park, and area retailers, restaurants and bars.
The Properties are located in the East Harlem neighborhood of Manhattan and offer convenient access to FDR Drive, Harlem River Drive, The RFK Bridge, and Interstates 87 and 278.
2129 and 2131 3rd Avenue are a short walk from the 6 Train (Green Line) at 116th Street, which is one stop from the 4 and 5 Express Trains (Green Line). The Properties are also convenient to Harlem 125th Street Station along the Metro North Railroad which provides service to Grand Central Station, The Bronx, Westchester, the Hudson Valley and Connecticut. Additionally, the Properties are seconds from the M101, M102, M103, M15 and M116 bus lines.
COMMERCIAL SUITES
2129 & 2131 3rd Avenue have four (4) total commercial units (two retail units at each Property). 2129 3rd Avenue is leased to Cricket Wireless and Don Paco Panaderia (a Bakery), and 2131 3rd Avenue is leased to Terrific Wings and Express Brow. The retail units benefit from strong vehicular and pedestrian foot traffic. The signalized intersection of 3rd Avenue and East 116th Street sees more than 23,000 vehicles per day, and pedestrian traffic is substantial due to the proximity of the 116th Street MTA Station one block to the west.
STABLE INCOME WITH RENT GROWTH
The Property features eight (8) “free market” residential units, seven (7) “rent stabilized” units, and one (1) “rent controlled” unit; the in-place rents for the “free market” units are below market and offer the opportunity to increase the revenue of the Property by raising rents to market rates.
STRONG DEMOGRAPHICS
More than 170,400 people live within 1-mile of the Properties with an average household income of $99,969. More than 673,600 people live within 2-miles of the Properties with an average household income of $168,193. Additionally, there are more than 44,200 employees within 1-mile of the Properties.
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