Mid-Rise Apartment Investment Opportunity – Turtle Bay / Midtown East
Address: 346 East 51st Street, New York, NY 10022
Asking Price: $5,500,000
Price/Unit: $785,714
Sale Type: Investment Sale
Availability: Immediate
Property Overview
346 East 51st Street presents a rare opportunity to acquire a 7-unit mid-rise apartment building in the highly desirable Turtle Bay / Midtown East neighborhood. This 2 Star, 4-story walk-up property combines strong existing income with long-term upside potential through gradual turnover and modernization. The building offers both market-rate and rent-stabilized apartments, providing investors with a balance of stability and growth potential.
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Key Highlights
- 7 Units across 4 stories
- Gross Building Area: 5,312 SF (average unit size 807 SF)
- Unit Mix: 3 rent-stabilized apartments, 4 market-rate units
- Typical Floor Size: ±1,722 SF
- Class C mid-rise building – efficient scale for private investors
- Excellent CBD (Central Business District) location surrounded by corporate HQs, consulates, and residential demand drivers
Investment Metrics
- Asking Price: $5,500,000
- Price/Unit: $785,714
- Units per Acre: 153/AC
- Affordable Component: 3 rent-stabilized units providing secure baseline income
- Upside: Through unit renovations and turnover of rent-stabilized apartments
Neighborhood & Accessibility
- Situated in Turtle Bay / Midtown East, a prestigious residential and diplomatic enclave
- Proximity to United Nations Headquarters, Grand Central Terminal, Midtown offices, and FDR Drive
- Access to multiple subway lines (E, M, 6, 4, 5, 7) within walking distance
- Surrounded by a strong mix of dining, retail, and cultural amenities
Summary
346 East 51st Street offers investors a prime boutique multifamily opportunity in one of Manhattan’s most sought-after neighborhoods. With 7 total units, including 3 rent-stabilized apartments, the property provides a secure income stream and long-term value-add potential through renovations and turnover.
