Residential Investment Property for Sale – 349 W 71st Street, New York, NY 10023
Asking Price: $5,900,000 ($1,180,000 / Unit)
Cap Rate: 6.49%
Sale Type: Investment
Property Type: 2-Star Mid-Rise Apartments
Location: Upper West Side (Urban, Residential Block)
Availability: Immediate
Property Overview
349 West 71st Street is a 5-unit multifamily walk-up in the Upper West Side, a premier residential submarket of Manhattan. Built in 1900, this 5-story, 5,875 SF property provides investors with a stabilized cash-flowing asset and an attractive 6.49% cap rate.
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With all units market-rate, this property offers long-term rental growth potential and the ability to modernize interiors for further upside.
Key Features
- Total Units: 5 (all market-rate)
- Stories: 5 (walk-up, no elevator)
- Gross Building Area (GBA): 5,875 SF
- Typical Floor Size: 1,175 SF
- Building Class: C (2-Star Mid-Rise)
- Lot Density: 119 units per acre
- Construction: Masonry (1900 build)
- Elevators: None (walk-up property)
- Market Segment: All tenant types
Rent & Market Profile
- Rent Type: 100% market-rate units
- Neighborhood Demand: Upper West Side remains one of NYC’s most stable rental markets, driven by families, professionals, and students with low vacancy rates
- Competitive Advantage: Rare low-density building with large full-floor units in a high-demand residential corridor
Financial Highlights
- Asking Price: $5,900,000
- Price per Unit: $1,180,000
- Cap Rate: 6.49% (attractive for UWS multifamily)
- Gross Building Area: 5,875 SF
- Upside Potential: Renovations and modern finishes could raise rental income significantly, while market-rate status ensures flexibility on tenant turnover
Location Advantages
- Neighborhood: Upper West Side – between Riverside Park and Central Park
- Proximity: Near Lincoln Square, Broadway retail corridor, Columbia University, and Midtown access
- Transit: Close to 1/2/3 subway lines at 72nd Street, multiple bus routes
- Lifestyle: Classic UWS brownstone block, desirable for long-term tenants and families
Summary
The 5-unit, 5,875 SF building at 349 West 71st Street is a prime Upper West Side multifamily investment. With an asking price of $5.9M ($1.18M/unit) and a 6.49% cap rate, the property delivers stable income with long-term rental appreciation potential. Its market-rate status, historic masonry construction, and excellent location make it a compelling addition to any Manhattan multifamily portfolio.
