Multi-family

Classic Multifamily Investment near Riverside Park – 346 West 87th Street

Address: 346 West 87th Street, New York, NY, 10024
Asking Price: $4,500,000 ($500,000/unit)
Cap Rate: 5.54%
Sale Type: Investment Sale
Type: 2-Star Mid-Rise Multifamily
Location: Urban – Upper West Side / Riverside Drive Corridor
Units: 9
Stories: 5
Building Class: C
Gross Building Area (GBA): 5,640 SF
Typical Floor Plate: 1,320 SF
Buildings: 1
Units per Acre: 196/AC
Rent Type: Market Rate
Market Segment: Value-Add Investors, Private Equity, 1031 Exchange, Long-Term Hold

Property Overview:

346 West 87th Street offers investors a boutique-scale, market-rate multifamily asset on a quiet, tree-lined block just steps from Riverside Park. This 5-story walk-up building includes 9 residential units totaling 5,640 SF, with significant long-term upside in a highly stable and sought-after Upper West Side location.

Investment Highlights:

✔ Asking Price: $4.5M or $500K per unit
✔ Cap Rate: 5.54% – attractive in-place return with all market-rate units
✔ Unit Mix: 9 well-maintained apartments with strong tenancy and turnover potential
✔ Building Size: 5,640 SF across five stories with efficient floor plates
✔ Asset Flexibility: Ideal for continued rental income or condo conversion (subject to approvals)

Location Benefits:

✔ Located just off Riverside Drive between West End Avenue and the Hudson River
✔ Steps from Riverside Park, 86th Street subway, and neighborhood shopping corridors
✔ Surrounded by top-ranked schools, cultural institutions, and historic prewar buildings
✔ Consistent demand from professionals, families, and long-term renters

Highlights:

✔ 100% market-rate units with rent growth potential
✔ Quiet, residential block in a historically stable investment corridor
✔ Classic Upper West Side architecture with long-term value preservation
✔ Suitable for family offices, private investors, and exchange buyers

Conclusion:

346 West 87th Street represents a rare opportunity to acquire a stabilized, income-producing multifamily asset in a premier Manhattan neighborhood. With immediate returns and long-term upside in a high-barrier-to-entry market, this property is a strong fit for investors seeking scale, location, and reliability.

Request full financials, rent roll, or schedule a private tour today.