2350 Adam Clayton Powell Jr Blvd 3 Unit Apartment Building $4,048,168 CAD ($1,349,389 CAD/Unit) 4.20% Cap Rate New York, NY 10030

Historic and cash-producing property for an investor who wants the prestige of a beautiful brick-brownstone property in Strivers Row as well as solid 6% pro-forma cash flows with recent increases in area rents. The building consists of three 2BR/2Bath apartments over a retail/office space, allowing the investor to profit and diversify in both the residential and commercial markets.
The property was gut renovated with all building permits in 2015, done to the most modern specs and made to be low maintenance and cost. Every 20'x50' unit has their own hot water heater in the basement (full basement with 9' ceilings and separate access) and Mitsubishi mini-splits mounted to steel beams on the room - perfect for easy access at any time. Each apartment has a master bedroom with ensuite bathroom facing the avenue, a second nicely-sized bedroom in the rear, a second full bathroom and an open concept kitchen and living room with stone countertops and high-end stainless appliances. The second floor could easily be modified to include a 20'x20' roof deck or garden.
The commercial space is 20' longer than the apartments, measuring 20'x70' in total. Behind the building is an extremely convenient private alley attached to a shared driveway for deliveries. There is access to the basement via front stairs and also privately via the commercial space, giving you the flexibility to partition the basement and give up to 70% of the space to the commercial tenant. The current tenant is exercise/cycle gym "Harlem Cycle" with a lease terminating in 2027.
This property will add a special gem to any portfolio, well situated to profit by the rapidly rising rents of Harlem but also classically beautiful.