Listed by RM Friedland
$6,100,000
2655 & 2657 Frederick Douglass Blvd
Details
APN 2043-17 & 18
Property Type Retail, Multifamily
Sub Type Apartment Building, Commercial
Square Footage 21,508
Units 30
Cap Rate 9.20%
NOI $560,517
Price per SqFt $284
Buildings 2
Stories 5
Lot Size (SqFt) 4,992
Zoning R7-2 Wide, C1-4 Zone
Retail | 9.20% CAP | 21,508 SqFt
Marketing description
2655 & 2657 Frederick Douglass Boulevard, Harlem – Presenting this two-building mixed-use package located in Harlem, Manhattan. The five-story, walk-up properties were constructed in 1910 and 1925 and together comprise 26 residential apartments and four commercial storefronts across an estimated 21,508 gross square feet.
Both properties feature modern steel and glass entrances, intercom systems, and extensive security camera coverage. Common areas are improved with LED lighting and steel staircases.
Mechanical systems include in-unit breakers or fuses, electric and gas meters in the basement, and dual-fuel boilers. At 2655, the gas boiler is in service. At 2657, a dualfuel boiler conversion to gas is pending, with two hot water heaters currently supplying domestic hot water and a 1,500-gallon above-ground #2 oil tank encased with weep holes also in place. The roofs are a silver-coated rubber membranes.
Several apartments are currently vacant and in rent-ready condition, featuring stainless steel appliances, updated finishes, and in one case direct egress to outdoor space.
The ground floors include a long-standing hair braiding salon and a convenience store/deli, both with their own gas and electric meters. The remaining two retail spaces are vacant. All retail units are submetered for utilities and provide steady income alongside the residential tenancy.
Located steps from City College on Frederick Douglass Boulevard at West 142nd Street, the properties are well positioned within a thriving Harlem corridor. The area offers residents convenient access to multiple public transportation options, including the A, B, C, and D subway lines at 145th Street and numerous MTA bus routes. Everyday conveniences such as supermarkets, pharmacies, and local cafes are nearby, along with a wide range of dining options. St. Nicholas Park and Jackie Robinson Park are within walking distance, and Harlem Hospital Center provides accessible healthcare services.
Investment highlights
- 6.6 X Rent
- Four Multifamily and Mixed-use Buildings in Manhattan & the Bronx Spanning Approximately 58,000 Sf.
- 2655 & 2657 Frederick Douglass Blvd:
- 2-building Mixed-use 5-story, 26-unit Residential Building
- 21,508 Total Sf, 34'x 90' Parcel
- 30 Total Units
- 26 Residential Apartments
- 4 Commercial Units
- 2 Buildings, 5 each, 1925 & 1910
- Walk-up Apartment - Over Six
- Families with Stores (C7)
- 50 ft frontage
- 21,508 Gross SF
- 5,091 Commercial SF
- Avg. Apartment Size = 556 SF
- Est. 12% Common Area
- 4,992 Square Feet
- 49.92 ft x 100 ft
- R7-2 Wide, C1-4 Zone
- Max FAR: 4.00 - 6.50 (CF)
- Residential Rents: $2,373 /U, $539 /RM
- 13.8% - 16.8% C/C Return
Listing Contacts
Listed by RM Friedland
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$560,517.00
$46,709.75/mo
Valuation Metrics
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DSCR
9.19%
Cap Rate
9.19%
ROI
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