Description
Turnkey Boutique Four-Unit Luxury Investment
8 Bedrooms 4 Bathrooms 4,000+ SF Free-Market Rents
Presenting 114 West 124th Street, a 19-foot-wide, south-facing townhouse located in prime Harlem, within a Qualified Opportunity Zone and configured with free-market tenancy. Fully renovated from the inside out, this turnkey asset offers flexibility for an end user or investor seeking both income and long-term upside.
The building is configured with four full-floor, two-bedroom residences. The garden and parlor-level apartments provide direct access backyard and patio, offering exceptional indoor-outdoor living. There are also unused air rights, creating future expansion potential and additional value.
A rare opportunity to acquire a fully stabilized, income-producing townhouse in one of Manhattan's most culturally rich and investor-favored neighborhoods.
Investment Overview
- Stabilized Luxury Asset: Well maintained, free-market multifamily townhouse featuring four fully leased residences. The property currently operates at an approximate 4.5 Cap Rate, with a clear path to enhanced returns approaching 6.5 Cap Rate through optimization strategies.
- Generous Building Scale: Offering over 4,000 square feet of thoughtfully designed living space, highlighted by lofty ceiling heights and well-proportioned layouts across every level.
- Premium Interior Buildout: Residences showcase refined materials and modern systems, including hardwood flooring, exposed brick elements, contemporary HVAC climate control, chef-caliber kitchens with high-end appliances, and in-unit laundry in every apartment.
- Wide Townhouse Presence: Approximately 19 feet of street frontage, providing a rare and attractive brownstone profile.
- Private Outdoor Amenity: A sizable rear garden creates a tranquil setting for private use or entertaining - an increasingly valuable feature in the rental market.
- Future Expansion Potential: Significant unused development rights offer flexibility for vertical expansion or unit reconfiguration, including potential conversion to larger three-bedroom layouts or live/work concepts.
- Efficient Operations: Individually metered utilities and modern infrastructure contribute to low operating and management expenses, enhancing net returns.
- Exceptional Harlem Location: situated at the end of the block of Whole Foods and the 2/3 express subway, with the Apollo Theater two blocks away. Surrounded by Lenox Avenue's dining and cultural corridor, tree-lined brownstone streets, Marcus Garvey Park, and close proximity to Central Park, this location combines daily convenience with long-term demand drivers.
Unit Configuration:
- Garden Level: 1,000 SF + 420 SF private garden
- Parlor Level: 1,000 SF + two private outdoor spaces totaling 650 SF (balcony & patio)
- Second Floor: 1,000 SF
- Third Floor: 1,000 SF
Building Specifications
- Year Built: 1910
- Zoning: C4-4
- Lot Size: 1,892 SF
- Lot Dimensions: 100.92' x 18.75'
- Building Footprint: 18.75' frontage x 46.00' depth
- Max Zoning Floor Area: 6,508 SF
- Existing Built Area: 2,664 SF
- Remaining Development Potential: Approx. 3,844 SF
- Compliance Status: Free of any open DOB or municipal violations
All showings are by appointment only, please contact us to schedule a viewing 48hrs in advance. All units are occupied
Listing courtesy of Serhant
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