For Sale: 440 3rd Avenue, New York, NY 10016
Asking Price: $7,900,000
Price/Unit: $607,692
Units: 13 (6 Rent-Stabilized)
Gross Building Area (GBA): 8,108 SF
Stories: 4
Class: C – Walk-Up Mid-Rise
Sale Type: Investment
Location: Kips Bay / Central Business District (CBD)
Rent Type: Market & Rent Stabilized
Affordable Units: 6 Rent-Stabilized
Status: Active
Property Overview:
440 3rd Avenue presents an outstanding multifamily investment opportunity in Kips Bay, a highly accessible neighborhood with growing rental demand and a strong mix of residential and commercial tenants. This 13-unit, 2-building walk-up spans 8,108 square feet over four stories, offering a well-balanced income profile with 6 rent-stabilized and 7 market-rate units, providing both in-place cash flow and future upside.
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Situated on a major Manhattan corridor with consistent foot traffic and near multiple subway lines, this asset is ideal for long-term investors looking to capitalize on stable occupancy in a prime Midtown South location.
Key Features:
- 13-unit apartment building across 2 structures
- 6 rent-stabilized units, 7 market-rate
- Masonry construction, well-maintained interiors
- Typical floor plate: approx. 2,027 SF
- Walk-up configuration, Class C designation
- Near NYU Langone, Baruch College, and major office buildings
- Surrounded by restaurants, cafes, and daily conveniences
Investment Highlights:
- Asking Price: $7,900,000
- Cap Rate: Available upon request
- Price/Unit: $607,692
- Units per Acre: 217/AC
- Stable tenant base with potential upside via turnover or light upgrades
- Attractive basis in a dense rental submarket with strong fundamentals
Conclusion:
440 3rd Avenue is a compelling investment opportunity in Midtown South / Kips Bay, offering a blend of stability through regulated income and future growth via free-market turnover. This property suits both institutional and private investors seeking a manageable, income-producing asset in a prime Manhattan location.
Contact us today to receive a rent roll, income/expense breakdown, or to schedule a property tour.
