323 E 116TH Street
$2,200,000
MLS# RLS20102420 · East Harlem
Originally listed at $2,450,000. Price last reduced on October 12, 2026.
Listed July 8, 2026 · 126 days on the market
6 Beds 6 Baths 4,760 Sq.Ft.
About This Property
Exceptional Six-Unit Brownstone Investment Opportunity
Rare opportunity to acquire a beautifully maintained income-producing brownstone offering strong in-place cash flow, timeless architectural character, and excellent long-term upside.
The property 17X70 consists of six updated residential apartments, each with its own unique charm. The first-floor duplex features a private backyard and a versatile studio space, ideally suited for a live/work lifestyle-perfect for an artist, photographer, designer, or private professional practice.
The second-floor apartment boasts a spacious private terrace overlooking the landscaped backyard, creating a peaceful outdoor retreat rarely found in city living.
Every apartment has been thoughtfully updated while preserving the building's original character. Features include exposed brick walls, soaring ceilings, loft-like layouts with additional sleeping lofts or storage areas, oversized windows, decorative fireplaces, beautiful original wood doors, floor-to-ceiling mirrors, hardwood floors, and intricate wood moldings and trim throughout the living spaces. Each residence is filled with natural light and enjoys either tranquil garden views or charming tree-lined street views.
The building currently generates approximately $197,800 in annual gross income from residential rents and additional income sources, providing stable cash flow with future upside as leases roll over. Based on the current income and operating expenses, the property offers an approximately 6% capitalization rate, presenting an attractive return compared to many traditional income-producing investments. Several leases extend into 2027, providing predictable income while offering future opportunities for rent growth.
The property can be delivered vacant or with income-producing leases in place, offering exceptional flexibility for investors, owner-users, or those seeking a live/work opportunity.
Additional highlights include:
-Six residential apartments
-Private backyard
-First-floor live/work duplex with studio
-Second-floor apartment with an oversized private terrace
-On-site laundry providing additional income
-Beautifully updated apartments with preserved architectural details
-Attractive investment with strong current returns and long-term appreciation potential
Ideally located near transportation, restaurants, shopping, parks, and neighborhood amenities, this is a rare opportunity to own a distinctive brownstone that combines historic charm, modern updates, and exceptional investment potential.
The owner is currently in the process of obtaining an amended Certificate of Occupancy reflecting the conversion from four to six residential units.
Agent's Note
From Curtis Bain. Details about the apartment are drawn from the listing information provided through RLS by Brown Harris Stevens Residential Sales LLC.
A second-floor private terrace overlooks the landscaped backyard, and the first-floor duplex has a private backyard of its own. Outdoor space like this can change how a home gets used, especially when you want somewhere to sit outside without leaving the apartment.
Inside, the apartments keep their original character. You'll find exposed brick, decorative fireplaces, original wood doors, hardwood floors and wood moldings through the living spaces. Several layouts have loft-style sleeping areas or storage, and the oversized windows bring in plenty of daylight.
The first-floor duplex pairs its backyard with a studio, which could suit a live/work arrangement.
The building is a green building with six updated residential apartments. Every unit has been updated with the original details kept in place, so the rooms feel current without losing their age. Each residence looks out on either garden views or tree-lined streets, and the washer and dryer are in the unit.
Quick answers+
Is there private outdoor space?
Yes. The second-floor apartment has an oversized private terrace, and the first-floor duplex has a private backyard.
How many residences does the building have?
The building has six residential apartments.
Are pets allowed?
Yes, pets are allowed, and the building is smoke-free.
Curtis Bain
Brown Harris Stevens
Property Features
Policies
- Pets allowed
- Smoke-free
Home features
- Washer/dryer in unit
Building amenities
Services and facilities
- Green building
Estimate
Monthly Cost & Closing Costs
The rate is a placeholder, not a quote. Enter the one your lender gives you.
$13,323 / month
- Principal and interest$11,124
- Property taxes$2,199
Due at closing
- Down payment (20%)$440,000
- NYS “mansion tax” (1.25%)$27,500
- Mortgage recording tax (1.925%)$33,880
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.
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Listing Courtesy of Brown Harris Stevens Residential Sales 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.