Multi-family

Presenting 199 2nd Ave, New York, NY, 10003—a prime investment opportunity in the heart of Manhattan’s East Village. This 2-Star Mid-Rise Apartment Building is available for purchase at $8,000,000, offering an excellent cap rate of 5.62% for investors seeking long-term returns in a dynamic neighborhood.

Property Highlights:

Attractive Investment Metrics:

• Price: $8,000,000
• Price Per Unit: $2,000,000
• Cap Rate: 5.62%, showcasing a steady income potential for investors.

Building Details:

• Units: 4 residential spaces, each averaging 1,400 square feet, providing spacious living accommodations.
• Total GBA (Gross Building Area): 7,140 square feet.
• Stories: 5, ensuring an intimate and manageable residential setting.
• Typical Floor Area: 1,428 square feet.
• Class: C – offering value and potential for upgrades or renovations to maximize ROI.

Market Segment:

• Units cater to the market rent segment, ensuring consistent tenant demand in this sought-after area.
• Density: 92 units per acre, emphasizing a balance between exclusivity and efficient use of space.

Prime Location in the East Village:

Nestled in Manhattan’s vibrant Central Business District (CBD), 199 2nd Ave provides easy access to a plethora of amenities, including shopping, dining, and cultural hotspots. The East Village’s charm and character make it a magnet for tenants seeking a unique urban living experience. The property’s proximity to public transit enhances its desirability, ensuring high tenant retention and demand.

Neighborhood Overview:

The East Village is celebrated for its eclectic lifestyle, attracting a diverse mix of residents. Its robust cultural scene, coupled with its proximity to New York University and other notable institutions, adds to the appeal of the area for both renters and investors.

Conclusion:

199 2nd Ave offers a compelling blend of location, income potential, and investment security. With spacious units, a solid cap rate, and a desirable neighborhood, it’s an exceptional opportunity for investors looking to capitalize on Manhattan’s thriving real estate market. Schedule a viewing today to explore this exceptional property!