Investment Opportunity – Mid-Rise Apartment Building in Midtown West
Address: 662 9th Ave, New York, NY, 10036
Price: $12,000,000 (Part of a Portfolio)
Cap Rate: 5.40%
Sale Type: Investment
Type: 2-Star Mid-Rise Apartment Building
Property Overview:
Located in the heart of Midtown West, 662 9th Ave is a five-story, Class C multi-family building offering a unique investment opportunity. Featuring 10 residential units, this mid-rise property is situated in a high-demand rental market, providing stable cash flow and long-term appreciation potential. With a Gross Building Area (GBA) of 3,450 SF, this investment delivers an attractive cap rate of 5.40%, making it a prime opportunity for real estate investors looking to expand their portfolio in one of Manhattan’s most sought-after neighborhoods.
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Key Features:
Prime Midtown West Location:
- Centrally positioned in New York City’s Central Business District (CBD), ensuring strong rental demand.
- Steps from Times Square, Hudson Yards, and Broadway theaters, making it ideal for professionals, creatives, and urban dwellers.
- Surrounded by restaurants, entertainment venues, transit hubs, and business centers, driving high occupancy rates.
Efficient Multi-Family Layout:
- 10 residential units, providing consistent rental income.
- Five stories with a typical floor size of 690 SF, offering comfortable living spaces for tenants.
- Building height of 54 feet, maximizing usable residential space.
Investment Potential & Market Appeal:
- Market-rate rental structure, allowing for competitive pricing and revenue growth.
- High occupancy potential due to the prime location in a high-demand rental market.
- Stable cap rate of 5.40%, making it a secure income-generating asset.
Building & Infrastructure:
- One-building property with a compact yet efficient design.
- Units per area density of 333/AC, optimizing rental efficiency in an urban setting.
- Well-maintained structure, ensuring low operational costs and long-term viability.
Highlights:
✔ $12,000,000 investment opportunity in a prime NYC location
✔ 5.40% cap rate, providing stable returns for investors
✔ 10-unit, five-story mid-rise apartment building with market-rate rentals
✔ Centrally located in Midtown West, near entertainment, business, and transit hubs
✔ Consistent rental demand, driven by a desirable location and urban convenience
Conclusion:
662 9th Ave presents a rare opportunity to acquire a multi-family residential building in a high-demand, high-rent district. With strong market appeal, stable returns, and long-term appreciation potential, this property is ideal for real estate investors seeking a solid asset in a thriving Manhattan neighborhood.
Contact us today for more details or to schedule a private viewing of this prime investment property!
