241 E 123rd St 7 Unit Apartment Building $3,571,302 CAD ($510,186 CAD/Unit) 5.34% Cap Rate New York, NY 10035

7-Unit East Harlem Multifamily | 5.4% In-Place Cap | $985K Assumable Loan at 4.4% | Opportunity Zone | R7B Development Potential
PRICE IMPROVEMENT – NOW OFFERED AT $2,549,000
241 East 123rd Street presents an exceptional opportunity to acquire a well-maintained 7-unit multifamily asset in the heart of East Harlem, offering immediate cash flow, multiple value-add strategies, and long-term appreciation potential. The property currently generates approximately $136,763 in Net Operating Income, representing an in-place 5.4% cap rate, with a clear path to increasing returns through unit turnover, rent optimization, and operational efficiencies.
The building consists of 4 free-market apartments and 3 rent-stabilized units, providing stable existing income while preserving meaningful upside. Unit 6 is currently owner-occupied, and Unit 2 is occupied without a formal lease, creating additional opportunities for future revenue enhancement.
A key differentiator is approximately $985,000 of assumable financing at a 4.4% interest rate (subject to lender approval), allowing investors to capitalize on below-market debt and significantly reduce borrowing costs relative to today’s lending environment. The property is also located within an Opportunity Zone and sits in an R7B zoning district with additional development potential (buyer to verify).
Based on achievable market rents and operational improvements, projected NOI approaches $165,000, resulting in an estimated 6.5% cap rate and providing investors with a clear path to enhanced cash flow.
Conveniently located near the 4, 5, and 6 subway lines, Metro-North, East River Plaza, and major transportation corridors, the property benefits from strong tenant demand, continued neighborhood investment, and one of Manhattan’s most active rental markets.
Whether pursuing stable cash flow, value-add upside, attractive in-place financing, or future development potential, 241 East 123rd Street represents a compelling investment opportunity in one of Upper Manhattan’s fastest-growing neighborhoods.