Investment Property for Sale – 421 East 82nd Street, New York, NY 10028
Asking Price: $6,595,000 ($387,941 per unit)
Cap Rate: 4.72%
Sale Type: Investment Opportunity
Property Type: 2-Star Mid-Rise Apartment Building
Location: Upper East Side, Manhattan (Urban)
Property Overview
421 East 82nd Street is a 5-story mid-rise multifamily property located in the prestigious Upper East Side of Manhattan. Built in 1910 and renovated in 1970, the building features 17 residential units, including one rent-stabilized apartment, making it a rare opportunity for investors seeking steady cash flow and long-term upside. With a gross building area of 9,450 sq. ft., this walk-up masonry building is individually metered and well-positioned in a strong rental market segment.
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Key Features
- Asking Price: $6,595,000
- Cap Rate: 4.72%
- Units: 17 (1 rent-stabilized, balance market-rate)
- Average Unit Size: 384 sq. ft.
- Gross Building Area (GBA): 9,450 sq. ft.
- Typical Floor Size: 1,890 sq. ft.
- Stories: 5
- Year Built: 1910
- Renovated: 1970
- Construction: Masonry, Walk-Up
- Metering: Individually metered utilities
- Units per Acre: 283
- Affordable Component: 1 rent-stabilized unit
Building Information
- Type: 2-Star Mid-Rise Multifamily
- Class: C
- # of Buildings: 1
- Market Segment: All (Market-Rate / Affordable Mix)
- Rent Type: Market + Affordable (Rent Stabilized)
Location & Market Context
Situated in the Upper East Side (UES), 421 East 82nd Street benefits from one of Manhattan’s most desirable residential neighborhoods. The area is known for its high-income demographics, strong rental demand, proximity to Central Park, and excellent transit access (Q train at 86th Street, 4/5/6 trains at Lexington Ave). With nearby institutions, hospitals, schools, and retail corridors, the property is ideally positioned for stable occupancy and long-term appreciation.
Investment Highlights
- Strong in-place cash flow with a 4.72% cap rate.
- Located in Upper East Side, one of NYC’s most prestigious and resilient rental markets.
- Value-add potential through future upgrades and repositioning.
- Diverse tenant base with 16 market-rate units and 1 rent-stabilized unit.
- Walk-up building with individual metering, reducing operating costs.
Summary
421 East 82nd Street represents a compelling multifamily investment opportunity in Manhattan’s Upper East Side. With 17 units, stable income, and long-term value potential, the property offers investors an attractive combination of current yield and future upside in one of New York City’s most sought-after neighborhoods.
