241 East 123rd Street
East Harlem, Manhattan
Seven-Unit Multifamily Investment Opportunity
$2,549,000
Key figures at a glance.
All financial figures are approximate and derived from information provided by ownership. Buyers and their professional advisors should independently verify all income, expense, regulatory, and loan information.
- Asking Price
- $2,549,000
- Units
- 7
- Current Gross Income
- ≈ $178,680 / yr
- Current NOI
- ≈ $136,763 / yr
- In-Place Cap Rate
- ≈ 5.4%
- Free-Market Units
- 4
- Rent-Stabilized Units
- 3
- Potential Assumable Financing
- ≈ $985,000 at 4.4%
approximate
approximate
approximate
subject to lender approval
A seven-unit multifamily asset in East Harlem.
241 East 123rd Street presents an opportunity to acquire a seven-unit multifamily building in East Harlem, Manhattan. The property combines four free-market units with three rent-stabilized units, producing an in-place income profile alongside longer-term repositioning potential.
The building includes a garden-level two-bedroom apartment with private outdoor space, providing amenity that is uncommon at this price point in the corridor. Unit 6 is currently owner occupied and Unit 2 is occupied without a formal lease; four existing leases are scheduled to expire in 2027, which frames the near-term rollover schedule for an incoming owner.
Future income growth may be possible through lawful rent optimization, unit turnover, improved operations, and disciplined asset management. Location within a federally designated Opportunity Zone may offer additional tax planning considerations for qualifying investors. No guarantee is made regarding future income, appreciation, or investment return; all outcomes depend on strategy, execution, market conditions, and factors outside any one party’s control.
What defines the opportunity.
- Seven residential units
- Four free-market units
- Three rent-stabilized units
- Garden-level two-bedroom apartment
- Private outdoor space (associated with the garden apartment)
- Opportunity Zone location
- Potential assumable financing (subject to lender approval)
- R7B zoning
- Potential unused development rights, buyer to verify
- Access to East Harlem and Upper Manhattan transportation
Potential Assumable Financing
The property may offer approximately $985,000 of existing financing at a 4.4% interest rate. Any assumption remains subject to lender approval, borrower qualification, underwriting, verification of the current outstanding balance, and confirmation of all applicable terms, fees, maturity dates, covenants, and transfer requirements.
Assumable financing is not automatically transferable. Interested parties should treat the loan opportunity as a diligence item to be confirmed directly with the lender of record.
R7B zoning and potential remaining buildable area.
Potential additional development rights may exist based on current zoning and existing building area. Buyers and their professional advisors should independently verify zoning, floor-area calculations, development feasibility, landmark restrictions, building conditions, and all governmental requirements.
Zoning and development-rights information should be treated as a due-diligence item; nothing on this page constitutes legal, tax, or zoning advice.
East Harlem, Manhattan.
The property is situated in East Harlem, a residential neighborhood in Upper Manhattan with an established multifamily fabric and continued long-term investment activity.
Transportation from the immediate area includes 4, 5, and 6 subway service, Metro-North commuter rail at Harlem–125th Street, and access to major Upper Manhattan transportation corridors connecting to Midtown and points north.
Request the offering memorandum or a private tour.
Inquiries are handled personally and confidentially. Financial information, rent roll, and loan detail are shared with qualified parties on request.
Direct: (631) 433-9407
Email: liamkillie@danielgale.com
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