Situated in the heart of the Upper West Side, 114 West 71st Street offers a promising investment opportunity for those seeking a well-located multi-family property in one of Manhattan’s iconic neighborhoods. Priced at $6,000,000 ($857,143 per unit), this 2-star mid-rise apartment building features a solid income-generating potential, making it an attractive option for investors.
Property Highlights
- Sale Price: $6,000,000
- Units: 7
- Cap Rate: 4.51%
- Gross Building Area (GBA): 8,446 SF
- Typical Floor Size: 1,689 SF
- Stories: 5
- Building Class: C
- Location: Urban
- Rent Type: Market/Affordable
- Affordable Type: Rent Stabilized
- Affordable Units: 4
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Key Features
- Prime Location: Located on the Upper West Side, a vibrant neighborhood known for its cultural richness, proximity to Central Park, and access to upscale dining, retail, and transportation, this property offers an excellent location for attracting both market-rate and rent-stabilized tenants.
- Solid Investment Returns: With a cap rate of 4.51%, this property presents a stable return on investment, appealing to buyers looking for income-producing real estate.
- Flexible Market Segments: The property is a mix of market-rate and affordable units, with four rent-stabilized apartments. This provides both rental stability and potential for future rent increases as the market evolves.
- Well-Proportioned Units: The units average 642 square feet, offering functional living spaces for tenants. The overall gross building area of 8,446 square feet allows for efficient utilization and potential future improvements.
- Building Characteristics: This five-story building, with a typical floor size of 1,689 square feet, has solid Class C construction, ensuring long-term durability and minimal maintenance needs.
Conclusion
114 West 71st Street presents an excellent opportunity for investors looking for a stable income-generating property in a prime Manhattan location. With a mix of market and affordable units, the property offers a balanced investment with potential for growth. Its strategic position on the Upper West Side adds further appeal, making this an attractive option for investors seeking both short-term returns and long-term appreciation.
