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241 E 123rd St 7 Unit Apartment Building $3,666,600 CAD ($523,800 CAD/Unit) 5.04% Cap Rate New York, NY 10035
Executive Summary
241 East 123rd Street offers a 7-unit multifamily investment opportunity in East Harlem with stable in-place income and defined upside.
The property generates approximately $178,680 in gross income with ~$41,917 in operating expenses, resulting in ~$136,763 NOI. Investors have the opportunity to increase NOI to approximately $165K+ through unit turnover and rent alignment.
The building consists of 4 free market units and 3 rent-stabilized units, providing a balance of immediate cash flow and long-term growth. A garden-level 2-bedroom unit with full ceiling height and private outdoor space enhances rental positioning and supports above-average rent potential.
Zoned R7B, the property offers additional buildable FAR (buyer to verify), creating long-term development optionality. The asset is also located within an Opportunity Zone, providing potential tax advantages.
Located near the 4, 5, and 6 subway lines, Metro-North, and key access points including the RFK and Willis Avenue Bridges, the property offers strong connectivity across Manhattan and the outer boroughs. Nearby East River Plaza and surrounding retail further support consistent tenant demand.
This is a growth-oriented investment opportunity, well-suited for investors seeking income today with the ability to unlock value over time.
The property generates approximately $178,680 in gross income with ~$41,917 in operating expenses, resulting in ~$136,763 NOI. Investors have the opportunity to increase NOI to approximately $165K+ through unit turnover and rent alignment.
The building consists of 4 free market units and 3 rent-stabilized units, providing a balance of immediate cash flow and long-term growth. A garden-level 2-bedroom unit with full ceiling height and private outdoor space enhances rental positioning and supports above-average rent potential.
Zoned R7B, the property offers additional buildable FAR (buyer to verify), creating long-term development optionality. The asset is also located within an Opportunity Zone, providing potential tax advantages.
Located near the 4, 5, and 6 subway lines, Metro-North, and key access points including the RFK and Willis Avenue Bridges, the property offers strong connectivity across Manhattan and the outer boroughs. Nearby East River Plaza and surrounding retail further support consistent tenant demand.
This is a growth-oriented investment opportunity, well-suited for investors seeking income today with the ability to unlock value over time.
Property Facts
| Price | $3,666,600 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $523,800 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.05 AC |
| Cap Rate | 5.04% | Building Size | 3,600 SF |
| No. Units | 7 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1910/1987 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R7B - High Density Residential district | ||
| Price | $3,666,600 CAD |
| Price Per Unit | $523,800 CAD |
| Sale Type | Investment |
| Cap Rate | 5.04% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 3,600 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1910/1987 |
| Opportunity Zone |
Yes |
| Zoning | R7B - High Density Residential district |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | 437 |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 1788-0017 | Improvements Assessment | $50,731 CAD |
| Land Assessment | $79,721 CAD | Total Assessment | $130,453 CAD |
Property Taxes
Parcel Number
1788-0017
Land Assessment
$79,721 CAD
Improvements Assessment
$50,731 CAD
Total Assessment
$130,453 CAD
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241 E 123rd St
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