About this property
Situated in the Dorrance Brooks Square Historic District and adjacent to Strivers’ Row, 30 Edgecombe Avenue represents an outstanding rental investment opportunity. This gorgeous Renaissance Revival red brick seven family townhouse overlooks St. Nicholas Park and is in excellent condition, with low real estate taxes and excellent gross operating income ($121,517/year) and cash on cash return. As such, it combines beautiful architecture and great location with an excellent capitalization rate and return on investment. In addition, to accommodate an owner-landlord the first floor can be delivered fully vacant with a private back yard.
At 17.5 feet wide and 55 feet deep, this property provides 3,850 square feet of space plus a yard accessible by all units and a clean, dry cellar with 8.5-foot head height, plus an additional 5,631.5 square feet of air rights. The exterior has the original Renaissance Revival red brick and stone façade with a stunning accent bay window on the second floor, Queen Anne accents, and cornice, while the interior boasts period detail including original oak doors, woodwork, mirrors, and fireplaces. The seven apartments, all rent-stabilized, consist of three one-bedroom units, three studios, and a floor-through two-bedroom home. All units have high ceilings, large windows supplying lots of natural light, open-plan kitchens with recently updated appliances, and tiled bathrooms. The property’s systems are well maintained, and all units have separate meters and are wired for cable and internet.
This lovely townhouse is just a stroll from the up-and-coming restaurant scene on Frederick Douglass and Adam Clayton Powell Boulevards, and City College is just a short walk away. The property is close to shopping on 125th Street, with Whole Foods, Bed Bath and Beyond, and more, and is also conveniently situated for transportation options, with the B/C subway lines and the M3 and M10 bus lines all adjacent to the house. For recreation, St. Nicholas Park is right across the street.
This stunning property is delivered with well-qualified tenants in four of the seven units, and Certificate of Occupancy and all paperwork provided. Please contact us today for your private appointment – don’t miss this outstanding rental investment opportunity!
*This is a cash-only sale – please be prepared to provide proof of funds.
Listing Courtesy of Robert D Pair