This Townhouse has private appeal upon entry, with a beautiful front garden entrance. It also has a spacious landscaped backyard paradise; designed with a seating wall, private parking space behind a gated driveway entrance.It's also an incredible investment opportunity! Currently configured as a strong cash flowing property with ALL Free Market Tenants! The first floor and Lower level is occupied with tenants paying full market rent as well as the rental units on the second and third floors generating strong rental income.
This turn-key Townhouse offers the following:1st floor unit- boasts a huge Master Suite (convertible to a two-bedroom) with walk-in closet, recently remodeled to perfection with a full en-suite bath, as well as a guest bath. The kitchen is renovated with two lovely open archways. The kitchen features new stainless steel appliances (including a Frigidaire Gallery refrigerator and range, Kenmore dishwasher and Samsung over-range microwave. This level features hardwood floors throughout, as well as a marble-tiled kitchen and bath, all-new windows and private access to lower level. Current Rent: $2,325 per month.
The lower level is finished and well-appointed with a large family room/game room, utility kitchen, a full bathroom + home office. There is a private entrance connecting 1st floor unit as well as separate entrance to main lobby. Current Rent: $1,865
The 2nd and 3rd floor Rental Units are each three-bedrooms with one bathroom and a laundry room connection, which can be converted to a bath. This level boasts a galley kitchen, wood flooring throughout, and a walk-in closet in the larger bedroom, as well as exterior spiral stairs leading to the backyard. 2nd Floor Rent: $2,760 and 3rd Floor Rent: $2,775.
Expenses are very Minimal:
Taxes: $10,019 per year.
Insurance: $1,836
Handy Man: $1,800
Net Income: $103,092
Cap Rate: 4%
Quick Profile
Take a stroll through East Harlem and you’ll find a vibrant, culturally diverse neighborhood, which is evident no matter which direction you look. East Harlem is also known as Spanish Harlem, El Barrio, and “The Neighborhood,” as it is home to a population that represents Hispanic immigrants, primarily from Puerto Rico, as well as from Mexico, Cuba, and the Dominican Republic. These immigrants brought their cultures with them, in the form of music, dance, art, and food. During the day, you’ll find the neighborhood filled with opportunities to experience Latin culture. Both the salsa dance craze and the graffiti style of art were born right in East Harlem. There are many great places to sample authentic cuisine, from Rao’s (where you cannot get a table unless you inherit one, and any reservations must be booked years in advance) to sidewalk carts, where you can get the best “street meat” to be had in NYC.
In East Harlem you’ll find a number of innovative educational opportunities in the form of specialized and charter schools that are considered top-notch. Many of these have very competitive admissions criteria and offer curricula that focus on creativity and social awareness. Such schools are a draw for young families that want to raise their children in an educational system that goes above and beyond the standard.
The vibe of East Harlem is one of community and neighbors that interact with each other routinely. There are many small, family-owned and -operated businesses and restaurants that have been neighborhood anchors for years. As you stroll through East Harlem, you will be immersed in sights, sounds and flavors that are straight from Latin American or the Caribbean islands, sometimes both at once. You can sample Puerto Rican-inspired plantain mofongo, which is mashed plantains with garlic and pork rinds, from local sidewalk carts. Or if it is a hot summer’s day, you might enjoy a Mexican-inspired licuado, which is a blended drink similar to a smoothie, made with milk, fruit, and ice. Sometimes, spices, citrus juices, and sugar are added. Although you will find an abundance of authentic cuisine and music no matter where you look in East Harlem.
Prefer to cook at home? East River Plaza offers Target, Costco, and Aldi stores, all of which offer fresh food at reasonable prices.
East Harlem housing consists of more affordable walk-ups, low-rise pre-war buildings, brownstones, and is dominated housing complexes. You can find some comparatively large apartments at reasonable price points, and even some rent-stabilized apartments. Luxury co-op and condo units are being built on the southern boundary of East Harlem.