(Off Market) Multi-Family Investment Property For Sale

Multi-Family | For Sale | 7,970 sqft

A 25' wide, 5-story plus basement, approximately 7,970 gross square foot walk-up apartment building located in the highly coveted Murray Hill/Kips Bay and Stuyvesant town neighborhoods of Manhattan. Built around 1920, the property is situated on the north side of East 26th Street between Second and Third Avenues. There are 12 residential apartments of which 5 are rent stabilized, 1 is rent controlled and 6 are fair market. The regulated rents average approximately $22/NSF while the current fair market rents average $44/NSF in a neighborhood that commands in excess of $50/NSF, providing significant upside potential for the ?value-add? type of investor. There are also approximately 1,906 SF of unused air rights which could potentially be beneficial to an investor that adds a penthouse or duplex pop-ups to the top floor apartments. The unit mix is comprised of 6 two-bedroom apartments, 2 one-bedroom apartments and 4 studios. This is an excellent opportunity for an investor who is looking for strong-in place cash flow with long-term upside in the below market rents.