Friday, May 29, 2015

East Harlem 3-Family with Parking In Contract: 225 East 110th Street

The hustle in Brooklyn is getting harder by the day, so Upper East Side inclined buyers are looking at East Harlem alongside places like Crown Heights for income producing properties with owner's duplexes and backyards.  Head on over to East 110th Street, AKA Tito Puente Way...

Where new construction 3-Family buildings with 2 parking spaces have cracked the code for legit 3BR lay-outs, where you can gross over $3,000/floor if you play it right.

But don't try this on StreetEasy!  Available only on, 225 East 110th Street is a totally turnkey 20' wide house with lots of upgrades to optimize rental income.  It went in contract today for $1.9M.  We were raised on this house as the quintessential 3-Family owner-occupied money maker.  The parking space and air-rights are just bonus.  Between the 6 train at 110th Street and the some-day-it'll-be-here 2nd Avenue subway line, this block has been an interesting alternative to Brooklyn, the Upper East Side, the Upper West Side, and more expensive stretches of Harlem for buyers & renters alike.  This is East Harlem's answer to the new construction houses at Atlantic Commons, like 460 Carlton Avenue...

...where Platinum Members have an off-market deal in contract for a new pricepoint as well.  In Harlem, a finished basement, backyard, nice roof, 2 parking spaces, under $2M??  It was a HomeCanvasr hole in one.  Sure, it doesn't have original details, but it doesn't have original drama either.  No asbestos, no lead paint or pipes, no mold, no termites - and all the other things every one of these old houses has that even a 5th grader could tell you are icky.  Some owners on the block have already reconfigured even fancier iterations of these houses with modern owner's duplexes, etc.  And the parking space is an equalizer for those who think this is too far off the beaten path.

Cheaper than what else you'd find this nice across 110th Street, and neck & neck with its Atlantic Commons counterparts, 225 East 110th Street brings it full circle for us.

Pro's:  owner-occupiers dream with huge rental income potential, totally turnkey with recent updates, nice backyard, parking, grosses over $10K/month, low expenses, no money wasted on big broker commission

Con's:  a little on the generic side, these used to be $1.5M-$1.6M back in the day, sold to the first buyer who saw it

Ideally:  a great deal for buyer and seller that happened only on

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