161 East 110th Street, New York, NY, USA

The Mirada Condominium is an eight-story condo building was built in 2008. The 15,500 square foot condo building is fully occupied by 68 condo residential condos and East Harlem Asthma Center. The property is conveniently located on E 110th Street between Lexington Avenue and 3rd Avenue.

The Parking Garage services the residential tenants of the building and the medical retailer on a monthly rate basis. Additionally, it can benefit from customer parking from the Shop Fair Supermarket across the Garage.

The Parking Garage currently has 26 parking spaces occupied, all by monthly users who are paying $425 per month. With the right structure, the parking garage can have up to 34 occupied spaces per C of O and benefit from hourly rates to the local community. Currently, the parking garage is self automated with no valet services which can increase the revenue with paid public parking opportunities servicing the local retailers and residents. Currently, the cap rate is 7.1% with the opportunity to increase it to 11.6% with a fully occupied garage by the current monthly rates.