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1821-1823 2nd Ave 16 Unit Apartment Building $8,000,000 ($500,000/Unit) 5.22% Cap Rate New York, NY 10128
Investment Highlights
- Value-Add
- Located steps from the Subway
- 24,230 Air Rights Remaining
Executive Summary
Cushman & Wakefield has been exclusively retained to arrange for the sale of 1821-1823 Second Avenue– a 50’ wide five story mixed-use building located in the Upper East Side neighborhood of Manhattan.
The subject property is located on the west side of Second Avenue between East 94th and 95th Streets. Spread across approximately 15,770 gross square feet above grade, the building is currently configured as ground floor retail and sixteen (16) residential units above. Of the sixteen (16) residential units, eight (8) are Free Market, seven (7) are Rent Stabilized and one (1) is Rent Controlled. The property sits on a 50’ x 80’ lot in a C2-8A zoning district, which equates to approximately 24,230 remaining development rights, as of right.
Family-owned for decades, this is the first time it is being offered to the market, and it is an excellent opportunity for a purchaser to acquire a mixed-use building, with upside, at an attractive basis in the coveted Upper East Side neighborhood. There is upside in the in-place market apartments that can be realized by implementing a capital program for the building as well as enhanced renovations in the units themselves as well as inserting a high value retail tenant.
1821-1823 Second Avenue is situated right across the street from the Second Avenue Q subway entrance at 93rd and 94th Street, and surrounded by plentiful restaurants, shops, schools, hospitals, museums, green spaces, and parks. It is also centrally located between the 4 , 5, and 6 lines on Lexington Avenue, crosstown buses and the FDR.
The subject property is located on the west side of Second Avenue between East 94th and 95th Streets. Spread across approximately 15,770 gross square feet above grade, the building is currently configured as ground floor retail and sixteen (16) residential units above. Of the sixteen (16) residential units, eight (8) are Free Market, seven (7) are Rent Stabilized and one (1) is Rent Controlled. The property sits on a 50’ x 80’ lot in a C2-8A zoning district, which equates to approximately 24,230 remaining development rights, as of right.
Family-owned for decades, this is the first time it is being offered to the market, and it is an excellent opportunity for a purchaser to acquire a mixed-use building, with upside, at an attractive basis in the coveted Upper East Side neighborhood. There is upside in the in-place market apartments that can be realized by implementing a capital program for the building as well as enhanced renovations in the units themselves as well as inserting a high value retail tenant.
1821-1823 Second Avenue is situated right across the street from the Second Avenue Q subway entrance at 93rd and 94th Street, and surrounded by plentiful restaurants, shops, schools, hospitals, museums, green spaces, and parks. It is also centrally located between the 4 , 5, and 6 lines on Lexington Avenue, crosstown buses and the FDR.
Property Facts
| Price | $8,000,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $500,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.09 AC |
| Cap Rate | 5.22% | Building Size | 15,770 SF |
| No. Units | 16 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | ||
| Zoning | C2-8 - Commercial district predominantly residential in character | ||
| Price | $8,000,000 |
| Price Per Unit | $500,000 |
| Sale Type | Investment |
| Cap Rate | 5.22% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.09 AC |
| Building Size | 15,770 SF |
| No. Stories | 5 |
| Year Built | 1900 |
| Zoning | C2-8 - Commercial district predominantly residential in character |
Amenities
Unit Amenities
- Cable Ready
- Dishwasher
- Washer/Dryer
- Kitchen
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | - |
1 1
Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (76)
Property Taxes
| Parcel Number | 1540-0024 | Improvements Assessment | $1,152,530 |
| Land Assessment | $205,650 | Total Assessment | $1,358,180 |
Property Taxes
Parcel Number
1540-0024
Land Assessment
$205,650
Improvements Assessment
$1,152,530
Total Assessment
$1,358,180
Contacts
-
Brett Weisblum -
Jon Squires -
Josh Neustadter -
Austin Weiner -
Cushman & Wakefield
1 of 2
Videos
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Photos
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1821-1823 2nd Ave
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