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524 Ninth Ave 3 Unit Apartment Building $6,950,000 ($2,316,667/Unit) 5.82% Cap Rate New York, NY 10018
Investment Highlights
- Fully Renovated, FM Units
- Hudson Yards / Midtown West Location
- Cell Tower Income: Ability to sell rights to cell tower income stream
Executive Summary
• Corner Building Located at Ninth Avenue & 39th Street
• Strong Retail Tenancy
• Tax Class 2A
• 3 Fully Renovated 3BR/1BA Apartments
• Cell Tower adds significant income
• Ability to sell rights to cell tower income to lower basis in property
• At the gateway to Hudson Yards, benefiting from strong visibility and continued development of the area
• All free-market residential units, providing operational flexibility and insulation from regulatory risk
• Strong Retail Tenancy
• Tax Class 2A
• 3 Fully Renovated 3BR/1BA Apartments
• Cell Tower adds significant income
• Ability to sell rights to cell tower income to lower basis in property
• At the gateway to Hudson Yards, benefiting from strong visibility and continued development of the area
• All free-market residential units, providing operational flexibility and insulation from regulatory risk
Property Facts
| Price | $6,950,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $2,316,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.02 AC |
| Cap Rate | 5.82% | Building Size | 4,839 SF |
| No. Units | 3 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1901 |
| Property Subtype | Apartment | ||
| Zoning | C1-7A:R8A - C1-7A Zoning NYC · Fontan Architecture C1-7A Zoning is a Local Retail and Local Service Contextual Commercial Zoning District in NYC. | ||
| Price | $6,950,000 |
| Price Per Unit | $2,316,667 |
| Sale Type | Investment |
| Cap Rate | 5.82% |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.02 AC |
| Building Size | 4,839 SF |
| No. Stories | 4 |
| Year Built | 1901 |
| Zoning | C1-7A:R8A - C1-7A Zoning NYC · Fontan Architecture C1-7A Zoning is a Local Retail and Local Service Contextual Commercial Zoning District in NYC. |
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Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 0763-0001 | Improvements Assessment | $260,913 |
| Land Assessment | $246,758 | Total Assessment | $507,671 |
Property Taxes
Parcel Number
0763-0001
Land Assessment
$246,758
Improvements Assessment
$260,913
Total Assessment
$507,671
(212) 544-9500
x100
Contacts
-
Christoffer Brodhead -
Benjamin Vago, Esq. -
George Morel -
Ariel Property Advisors
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524 Ninth Ave
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