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129 W 122nd St, New York, NY 10027

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For Sale

$1,595,000

3,203 sqft

Estimated Payment

$      /mo. †

APR for 30 years

Change Loan Terms

  • Multi-Family (2-4 Units)
    Property type

  • Newly Listed
    Time on Century 21

  • $497.97
    Price per square foot

  • Over 50 Years Old
    Age

Explore this Property

Presenting a rare and exceptional investment at 129 W 122nd St, a magnificent 11-unit Single Room Occupancy (SRO) building with a stunning limestone facade. Located on a picturesque, tree-lined street in the heart of Harlem, this property offers a truly unique chance to acquire a high-yield asset with a strong value-add component and multiple potential exit strategies. Key Investment Highlights: Exceptional SRO Potential: This 11-unit SRO building is a rare find, with only one tenant remaining. The vacant units present an immediate opportunity for a full-scale renovation and a new business model, such as a legal short-term rental operation. High Cash-Flow Opportunity: As a Class B dwelling, SROs are uniquely positioned in the New York City market. Under the city's current regulations, SROs may be exempt from the strict rules governing short-term rentals in Class A dwellings, presenting a potential path for a legal and lucrative Airbnb or other short-term rental operation. Condo Conversion Potential: With only one remaining tenant, this property offers a viable, albeit complex, path for a high-value condo conversion. While New York City's condo conversion laws are stringent, the near-vacant status of the building significantly simplifies the process compared to a fully occupied building, where a majority of bona fide tenants must agree to purchase their units. A successful condo conversion could unlock the property's highest possible market value, allowing for the sale of individual units in a desirable Harlem location. Prime Location: Situated in South Harlem, the building is just a stone's throw from the dynamic 125th Street corridor, home to the Apollo Theater, a diverse culinary scene, and major retail. Its proximity to the 2 and 3 subway lines ensures easy access to all of Manhattan. Solid Foundation for Renovation: The property's solid 19' x 60' structure and 19' x 100' lot, combined with R7-2 zoning, provide a robust canvas for a gut renovation. The potential for a complete modernization and reconfiguration is immense, whether the new owner chooses to maximize the SRO units, pursue a condo conversion, or redevelop the building entirely. Important Legal Disclaimer: New York City's regulations regarding short-term rentals, SROs, and condo conversions are complex and subject to change. Prospective buyers are strongly advised to consult with legal counsel and the Mayor's Office of Special Enforcement (OSE) to verify all laws, rules, and regulations and to confirm the property's eligibility for any intended use. This property is being sold "as is". For all inquiries: please contact the listing broker - Capline Consolidated for more details and to schedule a showing.
MLS# 11554133

Courtesy Of CAPLINE CONSOLIDATED LLC

robert@caplineconsolidated.com

Property Features

  • Age
    Over 50 Years Old
  • Architecture Style
    Other
  • Exterior Type
    Brick

Map and Directions

Directions to 129 W 122nd St, New York, NY 10027

Home seller CENTURY 21 Sunny Gardens Realty, Inc.

Get to know the neighborhood. A local affiliated CENTURY 21 office will help you set up tours, give advice, and negotiate with sellers.

CENTURY 21 Sunny Gardens Realty, Inc.

(718) 507-4200
Learn More About Us

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† Based on a 30-year fixed rate of 3.38% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

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