Nancy Moinian
Text: (516) 445-8339
MLS#1032679
STATUSActive
PROPERTY TYPEMulti Unit - Multiple
SCHOOLContact Agent
Property Description
Looking to build your portfolio? Add this trophy property to your collection!188 Lenox is a rare architectural canvas located on historic Lenox Avenue. Built in 1887, this turn-of-the-century, mixed-use townhouse is situated along one of Upper Manhattan's most iconic corridors and is available for sale.188 Lenox Avenue is a 4-unit, mixed-use building located between 119th and 120th Streets. This property features ground-floor commercial space-currently being used as a hardware store-and three vacant residential units above. The property can be restored to its original beauty to generate passive rental income, or it can be renovated and converted into condos. For comparison, condos at 192 Lenox (just two buildings down) have sold in the $700K to $1M range. The building can be delivered with a Certificate of Non-Harassment and DOB-approved plans to convert into a legal 4-family building plus commercial space.Approved Plans Include:* 2nd Floor: Two (2) studio apartments, projected to rent for a minimum of $2,646/month each.* 3rd & 4th Floors: Two (2) floor-through 2-bedroom apartments, projected to rent for a minimum of $3,058/month each.* 1st Floor: Commercial space with excellent retail frontage near the Mount Morris Park Historic District. Can be rented for approximately $90/sq. ft., bringing in roughly $10,500/month.Unleash immediate upside in Harlem's historic and commercial heart!Grand Totals* Total Monthly Income (4 Residential + 1 Commercial):$11,408 + $10,500= $21,908 / Month* Total Annual Gross Income:$21,908 x 12 = $262,896 / YearAt a fair aqcuisition price, with conservative expense estimates, this property can bring in a double-digit cap rate (11.5% to 13.1%) which is an extraordinary return. Schedule your showing today!
Property Features
Property Type: Multi Unit - Multiple
Basement: Yes
Basement: Full, Unfinished
Cooling: None
Heating: Steam
Taxes: $3,150
Year Built: 1887
Amenities
Original Details
Feature Descriptions
Days on Site: 3
Exterior: Brick
On Market Date: 2026-07-30
Parking Features: None
Property Attached Y/N: 1
Rental Term: Monthly
Sewer: Public Sewer
Units: 4
Utilities: Electricity Available, Electricity Connected, Natural Gas Available, Natural Gas Connected, Sewer Connected, Trash Collection Public, Water Available, Water Connected
Water: Public
Local Schools
High School: Contact Agent
Elementary School: Contact Agent
School District: Contact Agent
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Estimated Payment
$ 3,157.32 per month $2,559.40 Principal & Interest $262.50 Property Tax $335.42 Homeowner's InsuranceChange Payment Information
Listed By / Shown By
Listing By
Agency Name: Cottrell & Associates RE Corp.
Agency Phone: 718-313-3004
Shown By
Agent Name: Nancy Moinian
Agent Phone:
Agency Title: Laffey Real Estate
188 Lenox Avenue | MLS# 1032679
This multi-family property located at 188 Lenox Avenue, New York, NY 10027 is currently listed for sale with an asking price of $1,150,000. Lenox Avenue is located within the Contact Agent school district. Search New York real estate on nancymoinian.laffey.com today.