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445 W 36th St 25 Unit Apartment Building $12,998,000 ($519,920/Unit) 3.40% Cap Rate New York, NY 10018
INVESTMENT HIGHLIGHTS
- Fully occupied 6-story rental building in Hudson Yards
- Located near Hudson Yards, Baryshnikov Arts Center, and Glass Farmhouse Condo
- Zoning permits vertical expansion for future development
- Only one rent-stabilized unit; strong fair market rent profile
- Backyard access for two ground-floor units
EXECUTIVE SUMMARY
This is a RARE Investment OPPORTUNITY to own a fully occupied rental building. The building, which is well run, is in walking distance to the Hudson Yards, with all its amenities, shopping and restaurants. The building is nestled between many new buildings on 36th street and just around the corner from the long-established Glass Farmhouse Condo along with the Baryshnikov Arts Center on West 37th.
The property is a 25 ft wide, 6 story fully occupied building that was built in 1900. It currently has 24 rental apartments. Each apartment is a studio and 2 of the ground floor units share outdoor space. Several units have been renovated; The basement is well maintained with all updated utilities.
This could also be a great New Development opportunity. There is only one rent stabilized apartment and the remaining 23 apartments command fair market rent. Zoning permits the add on of more floors to the building. There is 6,639 ft of unused buildable area.
The Zoning is: R8A
Building sqft: 8,214
Lot dimensions: 25' x 98.75'
Building dimensions: 25' x 51.
Rent Roll, Income and Expenses available upon request.
The property is a 25 ft wide, 6 story fully occupied building that was built in 1900. It currently has 24 rental apartments. Each apartment is a studio and 2 of the ground floor units share outdoor space. Several units have been renovated; The basement is well maintained with all updated utilities.
This could also be a great New Development opportunity. There is only one rent stabilized apartment and the remaining 23 apartments command fair market rent. Zoning permits the add on of more floors to the building. There is 6,639 ft of unused buildable area.
The Zoning is: R8A
Building sqft: 8,214
Lot dimensions: 25' x 98.75'
Building dimensions: 25' x 51.
Rent Roll, Income and Expenses available upon request.
PROPERTY FACTS
| Price | $12,998,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $519,920 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.06 AC |
| Cap Rate | 3.40% | Building Size | 24,000 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| No. Units | 25 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | ||
| Zoning | R8A - High density residential district | ||
| Price | $12,998,000 |
| Price Per Unit | $519,920 |
| Sale Type | Investment |
| Cap Rate | 3.40% |
| Sale Condition | 1031 Exchange |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 24,000 SF |
| Average Occupancy | 100% |
| No. Stories | 6 |
| Year Built | 1900 |
| Zoning | R8A - High density residential district |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Microwave
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Smoke Free
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Vintage Building
- Private Bathroom
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 25 | - | 300 |
1 1
Walk Score®
Walker's Paradise (98)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (87)
PROPERTY TAXES
| Parcel Number | 0734-0009 | Improvements Assessment | $1,223,730 |
| Land Assessment | $99,000 | Total Assessment | $1,322,730 |
PROPERTY TAXES
Parcel Number
0734-0009
Land Assessment
$99,000
Improvements Assessment
$1,223,730
Total Assessment
$1,322,730
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445 W 36th St
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