Property

Ownership: For Sale
Type: Unknown
Bedrooms: 8 BR
Bathrooms: 4
Pets: Pets No

Financials

Price:$1,100,000
Annual Taxes:$13,500
505 Park Ave, New York, NY 10022
Listing Courtesy of Shaw Properties

Description

Massive 3-Family Brick Money-Maker + Bonus Income! Turnkey | Cash-Flowing | High-ROI Opportunity Welcome to this oversized 3-family gem sitting proudly on a spacious lot and packed with income-generating potential! This solid-brick home features a full semi-finished basement with soaring ceilings, oversized windows, a full bath, and its own private entrance/exit — ideal for future conversion or additional rental income. Rental Breakdown & Income Potential: Unit 1 (Owner's Unit): 4BR / 2BA | Spacious layout | Projected FMV: $4,111/mo Unit 2A & 2B: (Two) 2BR / 1BA apartments | Current FMV: $3,058/mo each Gross Potential from Units Alone: $10,227/mo – $122,724/year But that’s not all. This property comes with: A rented workshop Three rented storage units Driveway parking for 3–4 cars – also rentable for extra income! Each unit has its own boiler, meaning tenants pay all utilities (electric, gas, heat, hot water). The owner's only expenses are below: Taxes: $13,500/year Hallway electric: $240/year Insurance: $3,500/year Total expenses: just $17,240/year Current Rent Roll: 4BR Unit: $3,000/mo 2BR Units: $2,250/mo each Gross: $94,200/year (with under-market rents!) Net: $79,960/year | 7% CAP rate With just modest rent increases to market value, this property can net $109,384/year, pushing your CAP rate up to 10%. That’s real investor math. Options Galore: Live in one unit and rent the rest Hold for cash flow Raise rents for upside Delivered vacant or occupied — your choice Perfect for: Investors House hackers 1031 buyers Anyone looking for strong cash flow and long-term upside in a high-demand rental market Opportunities like this don’t last. Reach out today to secure this true income-producing asset before it’s gone!

Amenities

  • Eat-in Kitchen
  • Electricity Available
  • Electricity Connected
  • Entrance Foyer
  • First Floor Bedroom
  • First Floor Full Bath
  • Galley Type Kitchen
  • Natural Gas Available
  • Natural Gas Connected
  • Pantry
  • Sewer Available
  • Sewer Connected
  • Trash Collection Public
  • Washer/Dryer Hookup
  • Water Available
  • Water Connected

Massive 3 Family Brick Money Maker Bonus Income !


Long Island MLS

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. International currency conversions where shown are estimates based on recent exchange rates and are not official asking prices.

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