Listed by RM Friedland
$6,995,000
281 Edgecombe Avenue
Details
APN 1020530014,1020240036
Property Type Multifamily
Square Footage 58,596
Units 49
Cap Rate 8.00%
NOI $558,405
Price per SqFt $119
Year Built 1920
Buildings 1
Stories 6
Lot Size (SqFt) 12,911
Zoning R8A
Multifamily | 8.00% CAP | 49 Units
Marketing description
281 Edgecombe Avenue | Harlem, New York - Team Lala of RM Friedland is pleased to exclusively present the opportunity to acquire this elevatored, prewar multifamily property consisting of forty-nine residential apartments located along Edgecombe Avenue in the Harlem section of Manhattan.
This six-story, semi-fireproof building totals approximately 58,600 square feet on a 12,900-square-foot R8A-zoned parcel and showcases the enduring quality of early 20thcentury construction paired with modernized mechanical systems.
The property features an arched steel and glass entrance leading into a tiled lobby and entranceway with original marble and steel staircases that reflect its classic prewar character.
The façade and parapet walls have been repointed and restored within the past two years, including a rebuilt eastside parapet with new stucco and flashing. The roof is a silver-coated rubber membrane in good condition. Mechanical highlights include a 1986 dual-fuel boiler operating primarily on natural gas with a 3,500-gallon above-ground #2 oil tank and computerized heat-timer controls. The building has circuit breaker electrical panels throughout, gas meters located in the basement, and a heat management computer system.
The apartments are generously proportioned, averaging over 1,050 square feet per unit (estimated), and several have been fully gut renovated with modern finishes while maintaining prewar layouts conducive to long-term family tenancy. A laundry room is available for resident use, supporting convenience and tenant retention. The property is situated within the vibrant Sugar Hill area of Harlem that offers convenient access to public transportation, neighborhood shopping, dining, and recreational amenities.
The combination of large unit layouts, sound management, and recent physical upgrades underscores the property’s enduring stability and appeal.
Investment highlights
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Listed by RM Friedland
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$558,405.00
$46,533.75/mo
Valuation Metrics
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DSCR
7.98%
Cap Rate
7.98%
ROI
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