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141 Lexington Ave 7 Unit Apartment Building $4,500,000 ($642,857/Unit) 4.82% Cap Rate New York, NY 10016
Investment Highlights
- Fully leased income-producing property featuring six apartments and one retail space.
- Situated in Kips Bay, steps from Murray Hill and Gramercy Park with easy Midtown access.
- Low operating expenses and favorable tax position with documented NOI of over $215,000 annually.
- Comprehensive renovations completed in 2019 with upgraded systems and interiors.
- Near major transit lines including 6 train and multiple bus routes, plus East River ferry connections.
- Zoning C6-2A allows additional FAR for future development or repositioning opportunities.
Executive Summary
NEW LOW PRICE !!!
141 Lexington Avenue offers investors a rare opportunity to acquire a fully occupied, turn-key rental property totaling 4,278 square feet, with six residential units and one ground-floor retail space in prime Manhattan. Built in 1910 and extensively renovated in 2019, the building is located in the heart of Kips Bay near East 29th Street, steps from Murray Hill, Gramercy Park, and NoMad. The neighborhood features acclaimed dining and great shopping (Dover Street Market, Trader Joe’s and Kalustyan's) along with prime access to entertainment and transportation.
141 Lexington Avenue offers investors a rare opportunity to acquire a fully occupied, turn-key rental property totaling 4,278 square feet, with six residential units and one ground-floor retail space in prime Manhattan. Built in 1910 and extensively renovated in 2019, the building is located in the heart of Kips Bay near East 29th Street, steps from Murray Hill, Gramercy Park, and NoMad. The neighborhood features acclaimed dining and great shopping (Dover Street Market, Trader Joe’s and Kalustyan's) along with prime access to entertainment and transportation.
Property Facts
| Price | $4,500,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $642,857 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.03 AC |
| Cap Rate | 4.82% | Building Size | 5,868 SF |
| No. Units | 7 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built/Renovated | 1910/2018 |
| Zoning | C6-2A - C6 districts permit a wide range of high-bulk commercial uses requiring a central location | ||
| Price | $4,500,000 |
| Price Per Unit | $642,857 |
| Sale Type | Investment |
| Cap Rate | 4.82% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.03 AC |
| Building Size | 5,868 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built/Renovated | 1910/2018 |
| Zoning | C6-2A - C6 districts permit a wide range of high-bulk commercial uses requiring a central location |
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Exceptionally walkable
100/100
Somewhat drivable
30/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 0885-0027 | Improvements Assessment | $527,017 |
| Land Assessment | $82,661 | Total Assessment | $609,678 |
Property Taxes
Parcel Number
0885-0027
Land Assessment
$82,661
Improvements Assessment
$527,017
Total Assessment
$609,678
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