137 W. 111th St is a 12 unit fully licensed B&B in the heart of Central Harlem. Located only 1/2 block away from central park and 1 block away from either the 2/3 or the B/C train, the property is conveniently located for guests coming to stay in New York. The owners are offering it for sale at $4,000,000 which represents a capitalization rate of 5.4% .
The property is fully operational and stabilized and advertises on all the major distribution outlets (expedia, hotwire, etc.). There are 2 rent stabilized tenants in the building. One which occupied the ground floor garden Class A apartment and the other resides upstairs in one of the Class B rooms. Despite the presence of these tenants, the property generated in excess of $470K in annual income over the past 2 years.
Address: 137 W. 111th st
City: New York
Square Feet: 3700