Listing Notes
Looking to build your portfolio? Add this trophy property to your collection! 188 Lenox is a rare architectural canvas located on historic Lenox Avenue. Built in 1887, this turn-of-the-century, mixed-use townhouse is situated along one of Upper Manhattan's most iconic corridors and is available for sale. 188 Lenox Avenue is a 4-unit, mixed-use building located between 119th and 120th Streets. This property features ground-floor commercial space-currently being used as a hardware store-and three vacant residential units above. The property can be restored to its original beauty to generate passive rental income, or it can be renovated and converted into condos. For comparison, condos at 192 Lenox (just two buildings down) have sold in the $700K to $1M range. The building can be delivered with a Certificate of Non-Harassment and DOB-approved plans to convert into a legal 4-family building plus commercial space. Approved Plans Include: * 2nd Floor: Two (2) studio apartments, projected to rent for a minimum of $2,646/month each. * 3rd & 4th Floors: Two (2) floor-through 2-bedroom apartments, projected to rent for a minimum of $3,058/month each. * 1st Floor: Commercial space with excellent retail frontage near the Mount Morris Park Historic District. Can be rented for approximately $90/sq. ft., bringing in roughly $10,500/month. Unleash immediate upside in Harlem's historic and commercial heart! Grand Totals * Total Monthly Income (4 Residential + 1 Commercial):$11,408 + $10,500= $21,908 / Month * Total Annual Gross Income:$21,908 x 12 = $262,896 / Year At a fair aqcuisition price, with conservative expense estimates, this property can bring in a double-digit cap rate (11.5% to 13.1%) which is an extraordinary return. Schedule your showing today!
Price in context
Cheaper than 25% of the 24 homes listed nearby right now, which run $740,000 to $1,550,000.
See all 24 nearby listings
| Address | Asking | Size |
|---|---|---|
| 2002 Fifth Ave Apt 3D | $740,000 | 1 bd · 1.5 ba |
| 192 Lenox Ave | $775,000 | 1 bd · 1 ba |
| 117 W 123rd St Apt 5B | $775,000 | 1 bd · 1 ba |
| 40 W 116th St Apt A307 | $775,000 | 2 bd · 2 ba |
| 1400 Fifth Ave Apt 3L | $790,000 | 2 bd · 2 ba |
| 1485 Fifth Ave Apt 22C | $795,000 | 1 bd · 1 ba |
| 1400 Fifth Ave Unit 2D | $799,000 | 2 bd · 2 ba |
| 1400 Fifth Ave Unit 2D | $799,000 | 2 bd · 2 ba |
| 1400 5th Ave Apt 6P | $849,000 | 2 bd · 2 ba |
| 1400 5th Ave Apt 8E | $870,000 | 2 bd · 2 ba |
| 1400 5th Ave Apt 8E | $895,000 | 2 bd · 2 ba |
| 151 Lenox Ave Unit 5 | $935,000 | 1 bd · 2 ba |
| 3 W 122nd St Apt 5C | $990,000 | 2 bd · 1 ba |
| 117 W 123rd St Apt 5D | $990,000 | 2 bd · 2 ba |
| 148 W 121st St Apt 5 | $998,000 | 1 bd · 2 ba |
| 141 W 126th St Apt 4A | $1,100,000 | 2 bd · 2 ba |
| 40 W 116th St Apt A811 | $1,125,000 | 2 bd · 2 ba |
| 40 W 116th St Apt A811 | $1,125,000 | 2 bd · 2 ba |
| 23 W 116th St Apt 11B | $1,200,000 | 2 bd · 2 ba |
| 5 W 120th St Apt 1 | $1,350,000 | 2 bd · 3 ba |
| 40 W 116th Unit Pha St Ph 1208 | $1,399,000 | 3 bd · 2 ba |
| 131 W 122nd St Apt 1A | $1,495,000 | 3 bd · 2 ba |
| 1485 5th Ave Apt 25D | $1,495,000 | 2 bd · 2 ba |
| 1485 Fifth Ave Unit 13A | $1,550,000 | 3 bd · 2 ba |
Where it is
For sale Coming soon Recently sold— zoom out for more