323 East 90th Street Apt: 123456
New York, NY 10128

Cross street:Second Avenue

Building

Type:Low-rise
Era:Post-war
Floors:5

Property

Ownership: Income Property
Rooms: 50
Bedrooms: 24 BR
Bathrooms: 12

Financials

Price: $7,695,000
505 Park Ave, New York, NY 10022
Listing Courtesy of UBIQ

Description

This property offers a reliable source of income with potential for growth!

Ideal investment opportunity in one of Manhattans established and stable rental markets, this 1915 5-story walk-up building is situated on a serene tree-lined street. The property is currently configured as follows:

- Total Gross Square Footage: 9,813 (25 feet wide, 70 feet deep)
- Lot Size: 25 100.67 feet (Block 01553-0014)
- Above Grade: 8,605 square feet
- Ground Floor: 1,313 square feet
- Available Air Rights: 1,460 square feet
- Rear Yard: 750 square feet

This property is comprised of 12 residential units, 11 of which are free-market rentals. The unit breakdown is as follows:

- 2 Studios
- 2 Duplex 2-Bedroom Units with private access to the rear yard
- 8 2-Bedroom Units

Using the air-right, the top-floor apartments can be converted into duplexes, and the two ground floor duplex units could potentially be converted into four studios, resulting in a projected total of 14 units.

Building is very well maintained: a new boiler has recently been installed and the roof was renovated in 2017

323 East 90th Street offers investors the opportunity to acquire a well-maintained multifamily building in a strategically advantageous location. With a strong rental rebound following the COVID-19 pandemic and the potential for value-add development options, there is significant cash flow in place with room for further growth. The projected rent roll is $465,000.

Conveniently positioned near the Q Line 86th Street subway station on 2nd Avenue, as well as the 4/5/6 subway stations on Lexington Avenue, the property provides easy access to transportation. It is also within close proximity to Carl Schurz Park, Whole Foods, and Central Park.

The superintendent does not live on-site.





Amenities

Garden; Laundry Room;

  • Garden
  • Laundry Room
  • Voice Intercom
  • Walk-up

Neighborhood

More listings:

This property offers a reliable source of income with potential for growth !


OLR IDX

RLS Data display by Nest Seekers LLC.

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All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.