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698 2nd Ave
New York, NY 10016
Retail Property For Sale
Investment Highlights
- Prime Murray Hill location with near-perfect walk and transit scores.
- Two luxury free-market apartments with private outdoor space.
- Over 12,500 SF of unused FAR for future development potential.
- Retail tenant on a 10-year lease with 3% annual escalations.
- Modern building systems and high-end finishes throughout.
Executive Summary
This newly constructed four-story mixed-use building in the heart of Murray Hill offers a rare combination of stable income and future upside. The property features a ground-floor retail unit with mezzanine space, secured by a long-term 10-year lease with 3% annual rent escalations, ensuring predictable cash flow. Above, two spacious free-market apartments each provide three bedrooms and two baths, complemented by high-end finishes, private outdoor areas, and independent utilities—ideal for attracting discerning tenants.
Modern mechanical, electrical, plumbing, and HVAC systems deliver turnkey efficiency, while approximately 12,500+ square feet of unused FAR unlocks significant development potential for investors seeking value-add opportunities. Located in a vibrant neighborhood with a Walk Score of 99 and Transit Score of 100, the property benefits from unmatched accessibility to subway lines, Grand Central Terminal, and Midtown’s business core. Surrounded by dining, retail, and cultural landmarks, this address appeals to both residential and commercial demand drivers.
With strong fundamentals, premium finishes, and strategic positioning in one of Manhattan’s most desirable live-work districts, this asset represents an exceptional opportunity for long-term growth and stability.
Modern mechanical, electrical, plumbing, and HVAC systems deliver turnkey efficiency, while approximately 12,500+ square feet of unused FAR unlocks significant development potential for investors seeking value-add opportunities. Located in a vibrant neighborhood with a Walk Score of 99 and Transit Score of 100, the property benefits from unmatched accessibility to subway lines, Grand Central Terminal, and Midtown’s business core. Surrounded by dining, retail, and cultural landmarks, this address appeals to both residential and commercial demand drivers.
With strong fundamentals, premium finishes, and strategic positioning in one of Manhattan’s most desirable live-work districts, this asset represents an exceptional opportunity for long-term growth and stability.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
5,460 SF
Building Class
B
Year Built
2018
NOI
$389,117
Percent Leased
100%
Tenancy
Multiple
Building Height
4 Stories
Building FAR
3.13
Lot Size
0.04 AC
Zoning
C1-9, TA - The property is Commercially zoned C1-9/TA allowing for an additional 12,509 SF of available air rights.
Frontage
Property Taxes
| Parcel Number | 0943-0060 | Improvements Assessment | $89,962 |
| Land Assessment | $164,462 | Total Assessment | $254,424 |
Property Taxes
Parcel Number
0943-0060
Land Assessment
$164,462
Improvements Assessment
$89,962
Total Assessment
$254,424
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