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248 E 32nd St 7 Unit Apartment Building $4,950,000 ($707,143/Unit) 5.20% Cap Rate New York, NY 10016
Investment Highlights
- 25 Foot wide Multifamily Asset in Murray Hill
- Tax Class 2B, Prime Cash flowing or live-plus income opportunity
- Impeccably designed, 2,400 Square foot Triplex with 3 Bathrooms and a 1,200 square foot private garden
- Completely Free Market Building
- 7 Total Residential Units, 6 Free Market 1 Bedroom Units
- Convenient Location: two blocks from 6 Train and directly across from the new Fairway Market
Executive Summary
The subject property is a 25-foot-wide multifamily property located in the booming Murray Hill neighborhood. Located on one of the finest townhouse blocks, the property consists of 7 free market residential units. Of the 7 units, 6 are large beautifully renovated 1-bedroom apartments. The remaining unit is an enormous 2,400 square foot 3-bedroom, 3-bathroom triplex. The triplex features 3 south facing windows, a fireplace, and an approximate 1,200 square foot private garden.
The asset can be viewed as both a cash flowing asset and live-plus income opportunity. From an investment perspective and owner will have the luxury of having a completely deregulated building, which will allow for the investor to enjoy the rapid rental growth in the neighborhood and also provide a tremendous hedge against inflation. The property is in the very attractive tax class 2B, making it ideal for a long-term cash flow investor.
The properties desirable triplex with a 1,200 square foot private garden also makes the building ideal for a live-plus income investor. A new owner could live in the triplex unit while enjoy the cash flow from renting out the 6 apartments above. Located conveniently, the property is a few blocks from the 6 train and directly across from Fairway Market and Trader Joes.
The asset can be viewed as both a cash flowing asset and live-plus income opportunity. From an investment perspective and owner will have the luxury of having a completely deregulated building, which will allow for the investor to enjoy the rapid rental growth in the neighborhood and also provide a tremendous hedge against inflation. The property is in the very attractive tax class 2B, making it ideal for a long-term cash flow investor.
The properties desirable triplex with a 1,200 square foot private garden also makes the building ideal for a live-plus income investor. A new owner could live in the triplex unit while enjoy the cash flow from renting out the 6 apartments above. Located conveniently, the property is a few blocks from the 6 train and directly across from Fairway Market and Trader Joes.
Property Facts
| Price | $4,950,000 | Property Subtype | Apartment |
| Price Per Unit | $707,143 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 5.20% | Lot Size | 0.06 AC |
| Gross Rent Multiplier | 11.6 | Building Size | 5,750 SF |
| No. Units | 7 | No. Stories | 4 |
| Property Type | Multifamily | Year Built/Renovated | 1910/2013 |
| Zoning | R7B | ||
| Price | $4,950,000 |
| Price Per Unit | $707,143 |
| Sale Type | Investment |
| Cap Rate | 5.20% |
| Gross Rent Multiplier | 11.6 |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.06 AC |
| Building Size | 5,750 SF |
| No. Stories | 4 |
| Year Built/Renovated | 1910/2013 |
| Zoning | R7B |
Amenities
Unit Amenities
- Dishwasher
- Microwave
- Heating
- Kitchen
- Hardwood Floors
- Oven
- Range
- Freezer
- Patio
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | - | 713 |
1 1
Walk Score®
Walker's Paradise (100)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (87)
Property Taxes
| Parcel Number | 0912-0040 | Improvements Assessment | $784,386 |
| Land Assessment | $172,991 | Total Assessment | $957,377 |
Property Taxes
Parcel Number
0912-0040
Land Assessment
$172,991
Improvements Assessment
$784,386
Total Assessment
$957,377
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248 E 32nd St
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