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
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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.
