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2035 Second Ave 11,492 SF 78% Leased Office Building New York, NY 10029 $6,600,000 ($574.31/SF) 2.26% Cap Rate
Investment Highlights
- Mixed-use investment with upside potential located in Prime Upper East Side location on Second Avenue
- 78.3% leased with income in place
- R8A zoning
- 2,500 SF vacant ground-floor retail
- Property features: elevator, and full basement
- Built 1920 / Renovated 2008
Executive Summary
2035 Second Avenue presents a compelling opportunity to acquire a well-located mixed-use investment property along one of Manhattan’s most active retail corridors in the Upper East Side submarket. This asset offers a strong combination of in-place income, high visibility, and long-term upside.
The five-story building totals approximately 11,492 square feet and is 78.3% leased, providing immediate cash flow. A 2,500 square foot vacant ground-floor retail space offers flexibility for an owner-user, new tenant, or repositioning opportunity, while the upper floors remain occupied, contributing stable income.
Originally built in 1920 and renovated in 2008, the property features an elevator, a full basement, multiple tenancies, and an efficient layout with typical floors of approximately 2,298 square feet. The building sits on 2,614 square feet of land and is zoned R8A, presenting future redevelopment or value-add potential.
Offered at an asking price of $7,100,000, this asset is well-suited for investors seeking core-plus exposure in a prime Manhattan location. The property is also 1031 exchange eligible, making it attractive to exchange buyers.
The five-story building totals approximately 11,492 square feet and is 78.3% leased, providing immediate cash flow. A 2,500 square foot vacant ground-floor retail space offers flexibility for an owner-user, new tenant, or repositioning opportunity, while the upper floors remain occupied, contributing stable income.
Originally built in 1920 and renovated in 2008, the property features an elevator, a full basement, multiple tenancies, and an efficient layout with typical floors of approximately 2,298 square feet. The building sits on 2,614 square feet of land and is zoned R8A, presenting future redevelopment or value-add potential.
Offered at an asking price of $7,100,000, this asset is well-suited for investors seeking core-plus exposure in a prime Manhattan location. The property is also 1031 exchange eligible, making it attractive to exchange buyers.
Property Facts
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Office
Property Subtype
Office/Residential
Building Size
11,492 SF
Building Class
B
Year Built/Renovated
1920/2008
Price
$6,600,000
Price Per SF
$574.31
Cap Rate
2.26%
NOI
$149,430
Percent Leased
78%
Tenancy
Multiple
Building Height
5 Stories
Typical Floor Size
2,298 SF
Building FAR
4.40
Lot Size
0.06 AC
Zoning
R8A - High density residential district
Space Availability
- Space
- Size
- Space Use
- Build-Out
- Available
2,500 SF ground floor retail space available for immediate lease. Additional basement space and mezzanine space.
| Space | Size | Space Use | Build-Out | Available |
| 1st Floor | 2,500 SF | Retail | Full Build-Out | Now |
1st Floor
| Size |
| 2,500 SF |
| Space Use |
| Retail |
| Build-Out |
| Full Build-Out |
| Available |
| Now |
1st Floor
| Size | 2,500 SF |
| Space Use | Retail |
| Build-Out | Full Build-Out |
| Available | Now |
2,500 SF ground floor retail space available for immediate lease. Additional basement space and mezzanine space.
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Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 1654-0026 | Improvements Assessment | $538,650 |
| Land Assessment | $39,150 | Total Assessment | $577,800 |
Property Taxes
Parcel Number
1654-0026
Land Assessment
$39,150
Improvements Assessment
$538,650
Total Assessment
$577,800
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2035 Second Ave