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222 E 18th St 8 Unit Apartment Building $5,100,000 ($637,500/Unit) New York, NY 10003
Investment Highlights
- Prime Gramercy Park fully free market multifamily asset on a quiet tree-lined residential block in Manhattan
- All units are free market
- Benefits from the highly sough after 2B protected tax class
- Fully Renovated in 2009. Each apartment is equipped with a dishwasher and an in-unit washer/dryer
- Below market in-place rents which can be increased by 15-25%
- It is ideally located near Gramercy Park and Union Square, and topnotch restaurants on Park Avenue
Executive Summary
Investment Property Realty Group (IPRG) has been exclusively retained to sell 222 East 18th Street, a prime Gramercy Park fully free market multifamily asset on a quiet, tree-lined residential block in Manhattan. Fully renovated in 2009, this 4 story, eight-unit property offers modern convenience in every residence. Each apartment is equipped with a dishwasher and an in-unit washer/dryer.
The brick building is built 18 ft x 52 ft and sits on an 18 ft x 80 ft lot. It features a strategic unit mix of eight apartments: two spacious 2-bedroom/2-bathroom units on the lower levels and six 1-bedroom units across the upper floors (two per floor).
The well-maintained property features in-place, below-market rents, which allows a new owner to capitalize on rent growth with limited capital outlay.
It benefits from the highly sought after 2B protected tax class. It is ideally located near Gramercy Park and Union Square, and topnotch restaurants on Park Avenue. It provides convenient access to the 4, 5, 6, L, N, Q, and R subway lines.
222 East 18th Street represents a rare opportunity to acquire a fully free-market Gramercy Park asset with strong in-place cash flow and immediate upside through rent growth.
The brick building is built 18 ft x 52 ft and sits on an 18 ft x 80 ft lot. It features a strategic unit mix of eight apartments: two spacious 2-bedroom/2-bathroom units on the lower levels and six 1-bedroom units across the upper floors (two per floor).
The well-maintained property features in-place, below-market rents, which allows a new owner to capitalize on rent growth with limited capital outlay.
It benefits from the highly sought after 2B protected tax class. It is ideally located near Gramercy Park and Union Square, and topnotch restaurants on Park Avenue. It provides convenient access to the 4, 5, 6, L, N, Q, and R subway lines.
222 East 18th Street represents a rare opportunity to acquire a fully free-market Gramercy Park asset with strong in-place cash flow and immediate upside through rent growth.
Property Facts
| Price | $5,100,000 | Building Class | C |
| Price Per Unit | $637,500 | Lot Size | 0.03 AC |
| Sale Type | Investment | Building Size | 4,940 SF |
| No. Units | 8 | Average Occupancy | 0% |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built/Renovated | 1920/2009 |
| Apartment Style | Mid-Rise | ||
| Zoning | R7B - Medium density residential district | ||
| Price | $5,100,000 |
| Price Per Unit | $637,500 |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.03 AC |
| Building Size | 4,940 SF |
| Average Occupancy | 0% |
| No. Stories | 4 |
| Year Built/Renovated | 1920/2009 |
| Zoning | R7B - Medium density residential district |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 2 | - | - |
| 1+1 | 6 | - | - |
1 1
Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (100)
Bike Score®
Biker's Paradise (95)
Property Taxes
| Parcel Number | 0898-0044 | Improvements Assessment | $561,895 |
| Land Assessment | $45,358 | Total Assessment | $607,253 |
Property Taxes
Parcel Number
0898-0044
Land Assessment
$45,358
Improvements Assessment
$561,895
Total Assessment
$607,253
Contacts
-
Christian Ingenito -
Adam Lobel -
Zachary Ziskin -
Justin Zeitchik -
Investment Property Realty Group
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