This 5 story, 15 unit multifamily brick walk up on the Upper East Side is a prime income producing asset offered for sale at $6,000,000 USD. It represents an ideal vehicle for 1031 exchange buyers, owner users, or long term investors looking for near term value add potential in an in demand residential corridor.
Key Investment Highlights
- Favorable Unit Mix: Features 15 total residential units, heavily weighted toward low regulation exposure with 11 Free Market units, 3 Rent Stabilized units, and 1 Rent Controlled unit.
- Near Term Value Add Upside: Two owner occupied units and three furnished rentals will be delivered vacant 6 months post closing, allowing new ownership to renovate, occupy, or set market rents.
- Strong Financial Growth: Generates a current Net Operating Income of $148,885.42 on $380,637.00 of scheduled gross income, with projected annual rent potential of $617,037.00.
- Prime Location: Situated between 1st Avenue and York Avenue, with close proximity to the Q train, major bus lines, and local dining and retail options.
- Zoning and FAR: Located in an R8B zoning district with FAR 5, subject to buyer verification.
Included in the Sale
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Fully operational 5-story multifamily property and private rear outdoor courtyard patio.
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Official NYC DOB Letter of No Objection confirming Use Group 2 for 15 dwelling units.
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All active residential leases, current rent rolls, and historic property survey maps dating back to 1910/1924.
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Fully operational basement mechanicals, building heating infrastructure, and independent utility monitoring systems.
