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Listing Courtesy of Brown Harris Stevens Residential Sales LLC
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Est. payment /mo
New
323 E 116TH Street Manhattan, NY 10029
6 Beds
6 Baths
4,760 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 4,760 sqft
Subdivision East Harlem
MLS Listing ID RLS20102420
Style Walk-Up
Bedrooms 6
Full Baths 6
HOA Y/N No
Year Built 1910
Annual Tax Amount $26,388
Property Sub-Type Multi Family
Property Description
Exceptional Six-Unit Brownstone Investment Opportunity
Rare opportunity to acquire a beautifully maintained income-producing brownstone offering strong in-place cash flow, timeless architectural character, and excellent long-term upside.
The property 17X70 consists of six updated residential apartments, each with its own unique charm. The first-floor duplex features a private backyard and a versatile studio space, ideally suited for a live/work lifestyle-perfect for an artist, photographer, designer, or private professional practice.
The second-floor apartment boasts a spacious private terrace overlooking the landscaped backyard, creating a peaceful outdoor retreat rarely found in city living.
Every apartment has been thoughtfully updated while preserving the building's original character. Features include exposed brick walls, soaring ceilings, loft-like layouts with additional sleeping lofts or storage areas, oversized windows, decorative fireplaces, beautiful original wood doors, floor-to-ceiling mirrors, hardwood floors, and intricate wood moldings and trim throughout the living spaces. Each residence is filled with natural light and enjoys either tranquil garden views or charming tree-lined street views.
The building currently generates approximately $197,800 in annual gross income from residential rents and additional income sources, providing stable cash flow with future upside as leases roll over. Based on the current income and operating expenses, the property offers an approximately 6% capitalization rate, presenting an attractive return compared to many traditional income-producing investments. Several leases extend into 2027, providing predictable income while offering future opportunities for rent growth.
The property can be delivered vacant or with income-producing leases in place, offering exceptional flexibility for investors, owner-users, or those seeking a live/work opportunity.
Additional highlights include:
-Six residential apartments
-Private backyard
-First-floor live/work duplex with studio
-Second-floor apartment with an oversized private terrace
-On-site laundry providing additional income
-Beautifully updated apartments with preserved architectural details
-Attractive investment with strong current returns and long-term appreciation potential
Ideally located near transportation, restaurants, shopping, parks, and neighborhood amenities, this is a rare opportunity to own a distinctive brownstone that combines historic charm, modern updates, and exceptional investment potential.
The owner is currently in the process of obtaining an amended Certificate of Occupancy reflecting the conversion from four to six residential units.
Rare opportunity to acquire a beautifully maintained income-producing brownstone offering strong in-place cash flow, timeless architectural character, and excellent long-term upside.
The property 17X70 consists of six updated residential apartments, each with its own unique charm. The first-floor duplex features a private backyard and a versatile studio space, ideally suited for a live/work lifestyle-perfect for an artist, photographer, designer, or private professional practice.
The second-floor apartment boasts a spacious private terrace overlooking the landscaped backyard, creating a peaceful outdoor retreat rarely found in city living.
Every apartment has been thoughtfully updated while preserving the building's original character. Features include exposed brick walls, soaring ceilings, loft-like layouts with additional sleeping lofts or storage areas, oversized windows, decorative fireplaces, beautiful original wood doors, floor-to-ceiling mirrors, hardwood floors, and intricate wood moldings and trim throughout the living spaces. Each residence is filled with natural light and enjoys either tranquil garden views or charming tree-lined street views.
The building currently generates approximately $197,800 in annual gross income from residential rents and additional income sources, providing stable cash flow with future upside as leases roll over. Based on the current income and operating expenses, the property offers an approximately 6% capitalization rate, presenting an attractive return compared to many traditional income-producing investments. Several leases extend into 2027, providing predictable income while offering future opportunities for rent growth.
The property can be delivered vacant or with income-producing leases in place, offering exceptional flexibility for investors, owner-users, or those seeking a live/work opportunity.
Additional highlights include:
-Six residential apartments
-Private backyard
-First-floor live/work duplex with studio
-Second-floor apartment with an oversized private terrace
-On-site laundry providing additional income
-Beautifully updated apartments with preserved architectural details
-Attractive investment with strong current returns and long-term appreciation potential
Ideally located near transportation, restaurants, shopping, parks, and neighborhood amenities, this is a rare opportunity to own a distinctive brownstone that combines historic charm, modern updates, and exceptional investment potential.
The owner is currently in the process of obtaining an amended Certificate of Occupancy reflecting the conversion from four to six residential units.
Location
State NY
County New York
Rooms
Basement Other
Interior
Interior Features Smoke Free
Fireplace No
Laundry In Unit
Exterior
Exterior Feature None
Pool Building None
View Y/N No
View Other
Porch None
Private Pool Yes
Building
Story 4
New Construction No
Others
Pets Allowed Pets Allowed
Tax ID 1688-0012
Ownership None
Monthly Total Fees $2, 199
Special Listing Condition Standard
Pets Allowed Building Yes, No
RLS Data display by Engel & Völkers
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