Residential Investment Property for Sale – 510 Ninth Avenue, New York, NY 10018
Asking Price: $5,898,000 ($245,750/Unit)
Cap Rate: 14.50%
Sale Type: Investment Opportunity
Property Type: 2-Star Mid-Rise Apartment Building
Location: Midtown Manhattan (CBD)
Property Overview
510 Ninth Avenue presents a 24-unit multifamily building in Midtown Manhattan, offering an outstanding 14.5% cap rate in one of the city’s most dynamic rental markets. Built in 1920, this 6-story, 11,341 sq. ft. masonry walk-up delivers strong in-place cash flow with market-rate rents and additional long-term upside through repositioning or future value-add improvements.
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Key Features
- Price: $5,898,000
- Cap Rate: 14.50%
- Units: 24 (market-rate)
- Price per Unit: $245,750
- Gross Building Area (GBA): 11,341 sq. ft.
- Typical Floor Size: 2,150 sq. ft.
- Stories: 6
- Class: C
- Construction: Masonry
- Walk-Up: Yes
- Units per Acre: 426
- Year Built: 1920
Building & Rent Profile
- Type: 2-Star Mid-Rise Apartment Building
- Rent Type: 100% Market
- # of Buildings: 1
- Market Segment: All renter categories
Neighborhood & Accessibility
Located on Ninth Avenue in Midtown, this property benefits from a prime location near Hudson Yards, Penn Station, Times Square, and the Port Authority Bus Terminal. The area offers excellent tenant demand driven by its mix of office workers, students, and long-term residents.
- Transit Access: A, C, E, 1, 2, 3, N, Q, R, W subway lines, Penn Station commuter rail, and PATH service
- Neighborhood Demand Drivers: Proximity to Hudson Yards redevelopment, Midtown West corporate hubs, and restaurant/cultural corridors
Investment Highlights
- High in-place cash flow with an attractive 14.5% cap rate
- Rare 24-unit Midtown Manhattan multifamily property
- Strong location demand near Hudson Yards and Penn Station
- Affordable $245,750 per unit pricing for Manhattan assets
- Stable masonry walk-up structure with long-term value-add potential
Summary
The 24-unit building at 510 Ninth Avenue offers investors an exceptional opportunity to acquire a high-yield multifamily property in Midtown Manhattan. With a 14.5% cap rate, market-rate rents, and prime location, this asset delivers both immediate cash flow and long-term appreciation potential in one of New York City’s most desirable investment markets.
