USANYNew YorkEast Harlem1-7-241 E 123Rd St
Listing image | Image 1

1-7-241 E 123Rd St, New York, NY

House

For Sale

Listed price in listed location currency (USD).
$2,549,000

770

MLS® RLS20087967

  • Key Facts
  • Description
  • Map

Key Facts

Type Multi Family
Levels Residential
Size -
Garage 
Taxes $10,490
Days Active 83
Lot Size 2119 SF
Approx. Age 1910
MLS® Number RLS20087967

Property Address: 1-7-241 E 123rd St, New York, NY, 10035-2042

Average square foot calculated using Size range provided by listing agent.

Description

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.
MLS® NumberRLS20087967
Laundry Level
Central VacNo
FireplaceNo
Acreage
Exterior
Garage
Approx. Age1910
BasementPartially Finished
Driveway
Garage Spaces
HeatOil
A/C

Extras

Price History

-End Date
Not Sold YetSold Price

For Sale

Apr 30, 2026List Date
$2,549,000List Price
  • Commute

Commute

Starting Address
Destination Address
241 E 123Rd St, New York, NY

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