Multi-family
Screenshot
For Sale
Multi-family
829, 9th Avenue, Clinton, Manhattan Community Board 4, Manhattan, New York County, City of New York, New York, 10019, United States
Description
Located at 829 9th Ave, New York, NY, 10019, this 2-star mid-rise apartment building is available for $9,650,000 ($536,111/Unit), offering a compelling investment opportunity in Manhattan’s vibrant Central Business District.
Property Overview:
- Price: $9,650,000
- Cap Rate: 5.93%
- Units: 18
- Average Unit Size: 642 SF
- Gross Building Area (GBA): 9,915 SF
- Stories: 5
- Typical Floor Size: 2,020 SF
- Class: C
- Units per Acre: 320/AC
- Affordable Units: 1 (Rent Stabilized)
- Market Segment: All
- Rent Type: Market/Affordable
Key Features:
- Prime CBD Location: Situated in the heart of Manhattan’s bustling Hell’s Kitchen, this property enjoys high demand from renters seeking proximity to Midtown’s business and entertainment hubs.
- Income Potential: The 5.93% cap rate indicates solid income generation potential, bolstered by a mix of market-rate and stabilized units.
- Efficient Layout: With 18 well-designed units averaging 642 SF each, the property maximizes rental yield while maintaining tenant comfort.
- Steady Demand: Rent stabilization on one unit provides long-term security, while the remaining market-rate units offer income flexibility.
- Well-Maintained Class C Building: This property offers a balance of affordability and functionality, appealing to investors seeking manageable maintenance costs with a steady return.
Conclusion:
This mid-rise apartment building at 829 9th Ave presents a unique chance for investors to secure a profitable asset in one of Manhattan’s most desirable areas. Its diverse rent structure, strategic location, and robust cap rate make it an ideal addition to any real estate portfolio.
