Multi-family

Rent-Controlled Multifamily Investment on the Upper East Side – 407 East 77th Street

Address: 407 East 77th Street, New York, NY, 10021
Asking Price: $6,000,000 ($400,000/unit)
Cap Rate: 2.74%
Sale Type: Investment Sale
Type: 3-Star Mid-Rise Multifamily
Location: Urban – Upper East Side / Lenox Hill
Units: 15
Stories: 5
Building Class: C
Gross Building Area (GBA): 9,840 SF
Typical Floor Plate: 1,968 SF
Buildings: 1
Units per Acre: 256/AC
Rent Type: Affordable
Affordable Type: Rent Controlled
Market Segment: Value-Add Investors, Preservation Funds, Long-Term Holders

Property Overview:

407 East 77th Street presents a value-add opportunity to acquire a well-located, rent-controlled multifamily asset in the heart of Manhattan’s Upper East Side. This 15-unit, 5-story walk-up building spans 9,840 SF and offers investors long-term upside through tenant turnover and strategic renovations over time. Located just off 1st Avenue, the property benefits from consistent demand, neighborhood stability, and close proximity to transit, institutions, and amenities.

Investment Highlights:

✔ Asking Price: $6,000,000 or $400,000 per unit
✔ Cap Rate: 2.74% – current in-place income from regulated tenants
✔ Affordable Rent Structure: Fully rent-controlled with long-term upside through attrition
✔ Building Size: 9,840 SF across five floors with typical 1,968 SF floor plates
✔ Solid Construction: Class C walk-up with efficient layout and manageable scale
✔ Stable Asset in Core Submarket: Perfect for long-term income preservation strategy

Location Benefits:

✔ Prime UES location between 1st and York Avenues
✔ Steps from John Jay Park, East River Promenade, and Lenox Hill Hospital
✔ Easy access to Q and 6 subway lines and M15 Select Bus Service
✔ Close to grocery, retail, dining, and top-tier schools

Highlights:

✔ 15 rent-controlled units with protected occupancy
✔ Excellent long-term value and capital appreciation potential
✔ Low vacancy risk in a consistently strong rental corridor
✔ Ideal for 1031 exchange, legacy portfolio, or affordable preservation strategy

Conclusion:

407 East 77th Street is a rare opportunity to acquire a protected, cash-flowing asset in one of Manhattan’s most desirable and stable neighborhoods. With rent control in place, the property is positioned as a durable, low-risk investment offering steady returns and long-term upside as units naturally turn over.

Contact us today for financials, rent roll, or to schedule a discreet property tour.