241 E 123rd Street BLDNG
$2,395,000
MLS# RLS20087967 · East Harlem
Originally listed at $2,700,000. Price last reduced on November 9, 2026.
Listed April 30, 2026 · 197 days on the market
7 Beds 7 Baths
About This Property
Price Improvement | $2,395,000 | 5.71% In-Place Cap Rate
241 East 123rd Street is a seven-unit multifamily building between Second and Third Avenues in East Harlem. At the revised asking price, the property is offered at approximately $342,143 per unit. Stated annual NOI of $136,763 equates to a 5.71% in-place cap rate. Illustrative projected NOI of approximately $165,000 equates to a 6.89% projected cap rate, subject to leasing assumptions, legally permissible rent changes and operating expenses.
The building contains a mix of free-market and rent-stabilized apartments, including a garden-level two-bedroom with full-height ceilings and private outdoor space. For buyers considering owner occupancy, Unit 6 is currently occupied by a member of the owner’s family. Potential vacant delivery of that apartment can be discussed, giving a buyer the option to explore living on-site while retaining rental income from the remaining apartments.
The existing mortgage may be assumable, subject to lender approval and purchaser qualification. The rate is fixed at 4.40% through July 2030, adjusts thereafter and matures in July 2050. The property is in an R7B zoning district and a designated Opportunity Zone. Potential additional zoning floor area is subject to independent verification.
The building is near the 4, 5 and 6 trains at 125th Street, Metro-North’s Harlem–125th Street station, East River Plaza and major transportation corridors including the FDR Drive. The MTA’s Second Avenue Subway Phase 2 will bring future Q service to 125th Street and Lexington Avenue.
Contact Liam Killie for the offering memorandum, rent roll, operating figures and financing summary, or to arrange a private showing.
Agent's Note
From Curtis Bain. Details about the apartment are drawn from the listing information provided through RLS by Daniel Gale of Brooklyn LLC.
This three-story walk-up was built in 1910 and stands on East 123rd Street between Second and Third Avenues in East Harlem. It has oil heat, and pets are permitted.
The garden-level apartment has full-height ceilings and private outdoor space, and that's the part of the listing I'd look at first. Buildings from this era often suit people who like separate rooms and taller walls, though condition and layout count for more than age alone.
Unit 6 is occupied by a family member of the owner for now, and the owner is open to discussing a vacant handover. A buyer could move in on site and still collect rent from the other apartments.
The 4, 5 and 6 trains at 125th Street are about 5 minutes on foot, and the 6 at 116th Street is about 11 minutes. Food Bazaar is about 3 minutes away, and Bagel Tree is about 2 minutes.
Wagner Playground is about 3 minutes away and Louis Cuvillier Park about 5, so green space is close by.
Quick answers+
Does the property have private outdoor space?
Yes. The garden-level apartment has private outdoor space.
What type of heat does the building have?
The building has oil heat.
Are pets allowed?
Yes, pets are allowed.
Curtis Bain
Brown Harris Stevens
Property Features
Policies
- Pets allowed
Home features
- Oil heat
Estimate
Monthly Cost & Closing Costs
The rate is a placeholder, not a quote. Enter the one your lender gives you.
$12,985 / month
- Principal and interest$12,110
- Property taxes$874
Due at closing
- Down payment (20%)$479,000
- NYS “mansion tax” (1.25%)$29,938
- Mortgage recording tax (1.925%)$36,883
Not included: attorney, title insurance, lender and appraisal fees, board application and move-in fees, flip tax and prepaid items. Estimates only, based on the published New York State rates. Your attorney and lender will confirm the real figures.
About the Building
241 E 123rd Street is a 3-story walk-up apartments in East Harlem, completed in 1910 and home to 10 residential units. The most recent major alteration on record was in 1987.
The closest subway is 125 St (4, 5, 6), about a 5-minute walk. Wagner Houses Pool is roughly 2 minutes away on foot.
Compiled from NYC public records and open data.
- Year Built
- 1910
- Stories
- 3
- Units
- 10
- Building Type
- Walk-Up Apartments
Location & Nearby
Map
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241 E 123rd Street BLDNG
Subway
- 456125 StAbout 5 min walk · Accessible
- 6116 StAbout 11 min walk
Parks
- Wagner Houses PoolAbout 2 min walk
- Wagner PlaygroundAbout 3 min walk
- Louis Cuvillier ParkAbout 5 min walk
Public schools · Elementary schools
- Harlem Prep Charter School · CharterAbout 1 min walk
- P.S. 96 Joseph LanzettaAbout 5 min walk
- Harlem Village Academy East Charter School · CharterAbout 5 min walk
Middle schools
- Renaissance School of the ArtsAbout 8 min walk
- Isaac Newton Middle School for Math & ScienceAbout 14 min walk
High schools
- Urban Dove Team Charter School IV · CharterAbout 1 min walk
- The Urban Assembly School for Global CommerceAbout 10 min walk
Colleges & universities
- Touro UniversityAbout 1 min walk
- New York College of Podiatric MedicineAbout 9 min walk
Museums
- National Museum of Catholic Art and HistoryAbout 13 min walk
- Museum of African American CinemaAbout 21 min walk
Walking times are estimates. Schools shown are the nearest public and charter schools and are not zone assignments; a nearby school is not necessarily the one an address is zoned for. Confirm zoning with the NYC Department of Education. Sources: MTA, NYC Parks and NYC Department of City Planning open data.
Gallery
Property Photos
Listing Courtesy of Daniel Gale of Brooklyn LLC
This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2026 The Real Estate Board of New York, Inc., All rights reserved.