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665 Lenox Avenue Manhattan $7,800,000
  • 19,546
    SF
  • $399
    Price/SF
  • 13.43
    GRM
  • 4.95%
    Cap Rate
665 Lenox Avenue 665 Lenox Avenue 665 Lenox Avenue 665 Lenox Avenue
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INVESTMENT HIGHLIGHTS

We are pleased to highlight the sale of a six (6) story mixed-use walkup building located on Lenox Avenue in Central Harlem.  The property contains fourteen (14) free market units as well as six (6) rent stabilized units and six (6) commercial tenants, two (2) of which are currently vacant. The building has undergone a tremendous amount of cap-ex including a complete lobby and common space modernization and maintenance of the roof.  The building will also be delivered with a boiler converted to both gas and oil.  With an estimated average net residential rent of $31.37 per sq. ft. and an average net commercial rent of $39.54, there is a tremendous amount of upside potential for this corner lot property.  In addition, Verizon Wireless has a tower stream antenna on the roof of the building with a lease expiring in 2020, which ownership believes can be renewed at an estimated $4,000 per month. The building is just two block south of the 3 subway line on West 145th Street and Lenox Avenue as well as the many bus routes that canvas the area.

 

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