Rare investment opportunity on Riverside Drive just outside the Audubon Park historic district. 821 Riverside Drive is a Rare C2 class building located on Riverside Drive just off 158th street. This three-story townhouse has 6 market rate units (one is currently vacant). Offering plenty of original charm, you can bring your design team to fully optimize the spaces and increase their overall rental values. This town house is 20'-wide x 65'- deep offering 3,393 square feet of living space and located on a prime tree-lined block on Riverside Drive in Washington Heights. Boiler, electrical, and gas lines have all been recently updated. Separate meters in basement for easy access/management. You will find original woodwork throughout the building. 14 foot ceilings on parlor level and skylights over top offer fantastic natural light to the top floor units. Each unit has its own bathroom and kitchen. Great opportunity for investors to secure a great property on an emerging neighborhood. Plenty of home ownership in the immediate area with plenty of condo conversion buildings and co-ops is making this piece of town highly sought after. Conveniently close to the #1 train, Riverside park, Columbia Presbyterian Hospital, and many shops and restaurants. At the moment the yearly rent roll is $108,444 for 5 of the 6 rented units. The projected rent for the 6th unit is $1700 which will bring the yearly rental income to $128,844. Yearly expenses: Taxes: $16,549 Electric/gas: $5,667 Water: $6,250 Insurance: $4,000 Total: $32,466 NOI: Actual $75,978 // Projected $96,378
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