Investment Sale – 575 Second Avenue, New York, NY 10016
Asking Price: $3,300,000
Price per Unit: ≈ $471,429/unit
Cap Rate: 5.60%
Sale Type: Investment – Multifamily (3-Star Mid-Rise)
Property Class: C
Location: Midtown East / CBD (10016)
Property Overview
575 Second Avenue presents a 7-unit multifamily investment opportunity in a centrally located Midtown East corridor. With a gross building area of 4,164 SF across 4 stories, this Class C mid-rise apartment building offers stable income and a cap rate of 5.60% in one of Manhattan’s core CBD submarkets.
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The property benefits from consistent tenant demand, proximity to major employment hubs, and access to Grand Central and Midtown transit. Its manageable size and favorable price per unit position it as an attractive acquisition for private investors and 1031 exchange buyers.
Key Features
- Total Units: 7 Residential Units
- Stories: 4
- Gross Building Area (GBA): 4,164 SF
- Typical Floor Size: ≈ 903 SF
- Units per Area: ≈ 175/AC
- Property Class: C (3-Star Mid-Rise Apartments)
- Configuration: Efficient layouts across 4 stories
- Occupancy: Stable with upside potential via renovations and repositioning
Financials
- Asking Price: $3,300,000
- Cap Rate: 5.60% (current income basis)
- Price per Unit: ≈ $471,429
- Price per SF: ≈ $793/SF
- Potential Upside: Value-add through unit renovations and modernization in a demand-driven Midtown market
Market Profile
- Location Advantage: Situated on Second Avenue in Midtown East, near major employers, hospitals, UN headquarters, and residential density.
- Transit Access: Close to Grand Central Terminal (4/5/6, 7, S, Metro-North), 33rd Street (6), and multiple bus lines.
- Neighborhood Demand: Consistently strong for multifamily rentals from professionals, students, and healthcare employees.
- Competitive Advantage: Rare small-scale multifamily asset in CBD with stable cash flow and value-add potential—ideal for private or institutional investors seeking exposure to Manhattan multifamily.
Summary
The 7-unit, 4,164 SF multifamily property at 575 Second Avenue, New York, NY 10016 is offered for $3,300,000 at a 5.60% cap rate. With stable occupancy, manageable scale, and potential upside through renovations, this Class C mid-rise represents a compelling investment opportunity in the Midtown East CBD market.
