Multi-family

Situated in the heart of the Upper West Side, 114 West 71st Street offers a promising investment opportunity for those seeking a well-located multi-family property in one of Manhattan’s iconic neighborhoods. Priced at $6,000,000 ($857,143 per unit), this 2-star mid-rise apartment building features a solid income-generating potential, making it an attractive option for investors.

Property Highlights

• Sale Price: $6,000,000
• Units: 7
• Cap Rate: 4.51%
• Gross Building Area (GBA): 8,446 SF
• Typical Floor Size: 1,689 SF
• Stories: 5
• Building Class: C
• Location: Urban
• Rent Type: Market/Affordable
• Affordable Type: Rent Stabilized
• Affordable Units: 4

Key Features

1. Prime Location: Located on the Upper West Side, a vibrant neighborhood known for its cultural richness, proximity to Central Park, and access to upscale dining, retail, and transportation, this property offers an excellent location for attracting both market-rate and rent-stabilized tenants.
2. Solid Investment Returns: With a cap rate of 4.51%, this property presents a stable return on investment, appealing to buyers looking for income-producing real estate.
3. Flexible Market Segments: The property is a mix of market-rate and affordable units, with four rent-stabilized apartments. This provides both rental stability and potential for future rent increases as the market evolves.
4. Well-Proportioned Units: The units average 642 square feet, offering functional living spaces for tenants. The overall gross building area of 8,446 square feet allows for efficient utilization and potential future improvements.
5. Building Characteristics: This five-story building, with a typical floor size of 1,689 square feet, has solid Class C construction, ensuring long-term durability and minimal maintenance needs.

Conclusion

114 West 71st Street presents an excellent opportunity for investors looking for a stable income-generating property in a prime Manhattan location. With a mix of market and affordable units, the property offers a balanced investment with potential for growth. Its strategic position on the Upper West Side adds further appeal, making this an attractive option for investors seeking both short-term returns and long-term appreciation.