$2,549,000 $2,700,000
Updated 3 days ago

241 East 123rd Street

East Harlem, Manhattan | Third Ave & Second Ave

31 Rooms7 Beds7 Baths3,600 Square FeetIncome Property

$2,549,000 $2,700,000
floors / apts4 / 7
Building TypeLow-Rise
RE Taxes$11,871
Price Per SF
$708

Outdoor space and views

  • Backyard

Building Amenities

  • Voice Intercom
  • Garden

Property Description for 241 East 123rd Street

PRICE IMPROVEMENT – NOW OFFERED AT $2,549,000. 241 East 123rd Street presents the opportunity to acquire a 7-unit multifamily building in the heart of East Harlem at a 5.4% in-place cap rate with projected returns approaching 6.5%. The property features a balanced mix of 4 free-market and 3 rent-stabilized units, providing stable cash flow today with a clear path to future income growth. The asset currently generates approximately $136K in NOI and offers multiple opportunities to increase revenue through unit turnover, rent optimization, and operational improvements. Unit 6 is currently owner occupied and Unit 2 is occupied without a formal lease, creating additional avenues for future value creation. The unit mix includes a desirable garden-level 2-bedroom apartment with full ceiling height and private outdoor space, supporting strong rental demand. Located within an R7B zoning district, the property benefits from additional buildable FAR (buyer to verify), Opportunity Zone designation, and potential assumable financing (subject to lender approval). Conveniently located near the 4, 5, and 6 subway lines, Metro-North, East River Plaza, and major transportation corridors, the property is well-positioned to benefit from continued neighborhood growth and strong tenant demand. An attractive value-add investment opportunity offering immediate income, long-term appreciation potential, and multiple paths to future NOI growth.

Listing History for 241 East 123rd Street

Now
06/11/2026
$2,549,000 [-$151,000] [5.6%]
Price Drop by Liam Killie
Daniel Gale Sotheby's International Realty
05/01/2026
$2,700,000
Initial Price by
Daniel Gale Sotheby's International Realty

Building Details for 241 East 123rd Street

OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1910
Floors/Apts4/7
Learn More About the Building

Transit and Citi Bike

Subway

125 St
0.15 miles
116 St
0.38 miles

Railroad

Harlem-125 StMetro-North Railroad
0.26 miles

Citi Bike

E 123 St & Lexington Ave
0.11 miles
2 Ave & E 122 St
0.13 miles

Contact Agent

Contact Agent

Liam Killie
Daniel Gale Sotheby's International Realty
View this property on the company's website

East Harlem | Manhattan

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. 

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All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 106015TH