Investment Opportunity – 233 E 34th Street
Address: 233 E 34th Street, New York, NY 10016
Asking Price: $8,950,000
Price/Unit: $994,444
Cap Rate: 6.10%
Sale Type: Investment
Property Overview
233 E 34th Street presents an exceptional investment opportunity in the heart of Manhattan’s Midtown East/Kips Bay corridor. This 5-story, 9-unit mid-rise apartment building totals approximately 7,500 SF and provides a stable, market-rate rental income stream with strong upside. The property benefits from its central CBD location, excellent transit access, and proximity to NYU Langone and the East River waterfront, ensuring consistent tenant demand.
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Key Property Details
- Gross Building Area (GBA): 7,500 SF
- Stories: 5
- Units: 9 market-rate apartments
- Typical Floor Size: 1,500 SF
- Lot Density: 150 units per acre
- Class: C – 2-Star Mid-Rise Apartments
- Construction: Masonry, walk-up
- Year Built: 1910
- Number of Buildings: 1
Investment Highlights
- Attractive cap rate of 6.10%, providing strong in-place cash flow
- Market-rate tenancy with upside potential through repositioning or upgrades
- Efficient 9-unit configuration in a well-located Manhattan multifamily asset
- Prime Midtown CBD location with enduring tenant demand from professionals, students, and healthcare workers
- Long-term appreciation potential in a stable Manhattan rental market
Location & Neighborhood
- Situated in Kips Bay/Midtown East, a thriving residential and commercial corridor
- Steps from NYU Langone Medical Center and the East River waterfront
- Excellent subway and bus access, with proximity to the Midtown Tunnel and East 34th Street Ferry Terminal
- Surrounded by dining, shopping, and entertainment options, appealing to a wide tenant base
Summary
233 E 34th Street is a rare opportunity to acquire a 9-unit, 7,500 SF multifamily asset in Manhattan’s core CBD. With a 6.10% cap rate, market-rate tenancy, and a strong Midtown East location, the property offers both immediate cash flow and long-term value appreciation.
