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1737 Lexington Ave
New York, NY 10029
Multifamily Property For Sale
·
10 Units
Investment Highlights
- Rent stabilized building offering consistent long term income supported by a strong residential corridor.
- Apartments feature alcove areas, natural light and varied ceiling heights that support long term tenant appeal.
- Zoning profile and available air rights provide opportunities for future repositioning or expanded value strategies.
- Flexible configuration with potential commercial use on lower floors under C1 to 5 overlay.
- Individual utility metering along with gas boiler and water heater simplifies ongoing operations.
- Strong transit access to the six train and M103 bus encourages demand from commuters seeking direct Manhattan connectivity.
Executive Summary
1737 Lexington Avenue presents a compelling multifamily investment opportunity within a high demand Manhattan corridor known for strong rental stability, excellent transit access and continued long term growth potential. Positioned on the east side of Lexington Avenue between East 108th and East 109th Streets, the property enjoys a location with consistent foot traffic and proximity to the six train and the M103 bus, enabling direct and reliable access to Midtown and Downtown for residents. This connectivity supports the long running appeal of the building’s rent stabilized units and reinforces its dependable occupancy record.
The five story structure features ten thoughtfully arranged apartments including a ground floor studio with private entrance, a one bedroom unit with backyard access and a series of front and rear one bedroom layouts on the upper floors. Each apartment contains an additional alcove space along with a full kitchen, bathroom and ample natural light. Ceiling heights vary from twelve feet on the second floor to ten feet throughout the upper levels which enriches the interior volume and tenant appeal. The property’s operational infrastructure includes individually metered gas and electric service along with a gas boiler and water heater located in the basement for straightforward management.
Investors will recognize several avenues for long term value enhancement. The building’s zoning classification of R7D with a C1 to 5 overlay allows for both continued residential use and future commercial adaptability including the potential conversion of the first and second floors for store or service based occupancy. As tenant turnover occurs over time, units may be reconfigured into larger floor through residences which can elevate overall revenue profiles. Combined with stable income, present air rights and strong neighborhood demographics, 1737 Lexington Avenue stands as a prime asset for buyers seeking immediate performance along with strategic upside.
The five story structure features ten thoughtfully arranged apartments including a ground floor studio with private entrance, a one bedroom unit with backyard access and a series of front and rear one bedroom layouts on the upper floors. Each apartment contains an additional alcove space along with a full kitchen, bathroom and ample natural light. Ceiling heights vary from twelve feet on the second floor to ten feet throughout the upper levels which enriches the interior volume and tenant appeal. The property’s operational infrastructure includes individually metered gas and electric service along with a gas boiler and water heater located in the basement for straightforward management.
Investors will recognize several avenues for long term value enhancement. The building’s zoning classification of R7D with a C1 to 5 overlay allows for both continued residential use and future commercial adaptability including the potential conversion of the first and second floors for store or service based occupancy. As tenant turnover occurs over time, units may be reconfigured into larger floor through residences which can elevate overall revenue profiles. Combined with stable income, present air rights and strong neighborhood demographics, 1737 Lexington Avenue stands as a prime asset for buyers seeking immediate performance along with strategic upside.
Property Facts
| Price Per Unit | $159,900 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 7.65% | Lot Size | 0.02 AC |
| Gross Rent Multiplier | 9.05 | Building Size | 4,370 SF |
| No. Units | 10 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | ||
| Zoning | C1-5/R7-2 - Medium-density, allowing high-lot coverage, taller buildings, and apartment houses. Located on the ground floor, this allows for retail, grocery stores, and day-to-day services. | ||
| Price Per Unit | $159,900 |
| Sale Type | Investment |
| Cap Rate | 7.65% |
| Gross Rent Multiplier | 9.05 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.02 AC |
| Building Size | 4,370 SF |
| No. Stories | 5 |
| Year Built | 1900 |
| Zoning | C1-5/R7-2 - Medium-density, allowing high-lot coverage, taller buildings, and apartment houses. Located on the ground floor, this allows for retail, grocery stores, and day-to-day services. |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Oven
- Range
- Tub/Shower
- Smoke Free
Site Amenities
- 24 Hour Access
- Smoke Free
- Public Transportation
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | - |
Property Taxes
| Parcel Number | 1636-0023 | Improvements Assessment | $29,384 |
| Land Assessment | $23,824 | Total Assessment | $53,208 |
Property Taxes
Parcel Number
1636-0023
Land Assessment
$23,824
Improvements Assessment
$29,384
Total Assessment
$53,208
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