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212 E 29th St 13 Unit Apartment Building $10,000,000 ($769,231/Unit) 6.72% Cap Rate New York, NY 10016
Investment Highlights
- Efficient, Highly Desirable Layouts: Spacious 2-bedroom/2-bathroom and 3-bedroom/2-bathroom configurations, a rarity for walk-up buildings
- Individually Metered Heating Systems
- The property benefits from a deep and consistent renter pool
- Attractive In-Place Yield: Offered at a 6.72% cap rate, providing investors with a strong going-in return for a core Manhattan asset
- Prime Kips Bay Location: Situated just blocks from Baruch College, Bellevue Hospital and NYU Langone Medical Center
- The asset offers convenient access to major subway lines and is a short commute to Midtown South and Manhattan’s premier office districts
Executive Summary
Investment Property Realty Group (IPRG) has been exclusively retained by ownership to market 212 East 29th Street, a 93% deregulated mixed-use property located in the heart of Kips Bay, one of Manhattan’s most established and centrally positioned neighborhoods.
Situated between Third and Second Avenue, the property benefits from immediate access to the 6 train, multiple bus lines, and close proximity to Midtown South, NoMad, and Gramercy. The neighborhood is anchored by NYU Langone Medical Center and surrounded by a strong mix of residential density, national retailers, restaurants, and
neighborhood services, creating consistent foot traffic and long-term tenant demand.
The building consists of 13 apartments and 2 retail stores, with 11 of the 13 residential units deregulated. The high percentage of free-market units provides insulation against future expense increases while offering the next owner significant flexibility in driving rental growth.
Offered at a 6.72% cap rate at the asking price, this investment presents a rare opportunity to acquire a core Manhattan asset at an above-market return.
Situated between Third and Second Avenue, the property benefits from immediate access to the 6 train, multiple bus lines, and close proximity to Midtown South, NoMad, and Gramercy. The neighborhood is anchored by NYU Langone Medical Center and surrounded by a strong mix of residential density, national retailers, restaurants, and
neighborhood services, creating consistent foot traffic and long-term tenant demand.
The building consists of 13 apartments and 2 retail stores, with 11 of the 13 residential units deregulated. The high percentage of free-market units provides insulation against future expense increases while offering the next owner significant flexibility in driving rental growth.
Offered at a 6.72% cap rate at the asking price, this investment presents a rare opportunity to acquire a core Manhattan asset at an above-market return.
Property Facts
Amenities
Unit Amenities
- Balcony
- Dishwasher
- Washer/Dryer
- Heating
- Tile Floors
- Granite Countertops
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Range
Site Amenities
- On-Site Retail
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2.5 | 1 | - | - |
| 2+2 | 12 | - | - |
1 1
Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (100)
Bike Score®
Biker's Paradise (91)
Property Taxes
| Parcel Number | 0909-0048 | Improvements Assessment | $1,491,300 |
| Land Assessment | $77,850 | Total Assessment | $1,569,150 |
Property Taxes
Parcel Number
0909-0048
Land Assessment
$77,850
Improvements Assessment
$1,491,300
Total Assessment
$1,569,150
Contacts
-
Justin Zeitchik -
Adam Lobel -
Zachary Ziskin -
Nate Rahmani -
Investment Property Realty Group
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212 E 29th St
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