2268 Adam Clayton Powell Jr. Boulevard
Multifamily | 9 Units | $204,000/unit
Marketing description
The New York Multifamily team at Marcus & Millichap is pleased to offer 2268 Adam Clayton Powell Jr. Boulevard, located in the lively neighborhood of West Harlem. Spanning 6,355 square feet, this 9-unit mixed-use property is ideally situated between West 133rd and West 134th Street.
2268 Adam Clayton benefits from a highly visible ground floor retail space leased to Harlem Hops, a popular neighborhood brewery. Future investors can also capitalize on the 33% free market value add component.
Additionally, this tax class protected (2B) asset has been meticulously maintained and professionally managed by the same ownership for 8 years. The building is conveniently located near the 135th Street Subway Station, St. Nicholas Park, and Public School 92.
Investment highlights
- The Metrics: 7.97% Cap Rate | 8.6x GRM
- Established Retail: 2268 Adam Clayton Powell Blvd benefits from a prominent ground-floor retail space occupied by Harlem Hops, an established brewery. The tenant currently pays $6,450 per month.
- Renovation: 5 of the apartments have been fully renovated, and upgrades to the common areas have been recently completed.
- Tax Class 2B: The Building benefits the protected tax class 2B designation which limited your tax increases to 8% per year of 30% over 5 years.
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