Marcus & Millichap is pleased to offer the following opportunity in Harlem. 2415 and 2419 Adam Clayton Powell Jr. Boulevard is located on the Northeast corner of West 141st Street and contains a gross square footage of 36,294. PAPERWORK: • 2415: Sub rehabbed in 1972 (predates Seller’s Ownership) but prior to allowed year of 1974. Deregulated through a combination of IAI and high rent vacancy unit turnover. • 2419: Deregulated due to substantial rehabilitation. The two (2) RS units become free market upon a turnover. FUTURE DEREGULATION: • The remaining 2 rent stabilized units in 2419 become deregulated upon a turnover because of an expired J-51 tax abatement. FREE MARKET: 72% of the units are destabilized with average free market rents: • Studios: $1,792 – market rate is $2,000 • 1 bedroom: $2,147 – market rate is $2,300 • 2 bedroom: $2,713 – market rate is $2,800 • 3 bedroom: $2,801 – market rate is $3,100 ANTENNAS: • NOT included- they have been previously sold ELEVATOR BUILDINGS: • 43 apartments & 4 on the avenue stores with excellent collections | Not subject to local law 11 CASH FLOW: •Offered at a 7.3% cap rate with room to grow