241 East 123rd Street Upper Manhattan Apartment For Sale

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.