The property features spacious average unit sizes (~1,078 SF each) and market-rate rental positioning, making it an attractive choice for investors targeting steady income with potential upside through renovations or repositioning.
Key Features
- Total Units: 5
- Avg. Unit Size: ≈ 1,078 SF
- Stories: 4
- Gross Building Area (GBA): 5,394 SF
- Typical Floor Size: 1,348 SF
- Price per Unit: ≈ $1,620,000
- Year Built: 1939
- Class: C (2-Star Mid-Rise Apartments)
- Construction: Masonry
- Roof: Flat
- Siding: Brick
- Elevators: 1
- Metering: Individually metered utilities
Financial Profile
- Asking Price: $8,100,000
- Cap Rate: 3.00%
- Rent Type: Market
- Market Segment: All residential
- Units per Area: 125 per acre
Market Profile
Location Advantage: Situated in Lenox Hill on the Upper East Side, one of Manhattan’s most desirable residential neighborhoods, surrounded by luxury retail, cultural institutions, Central Park, and world-class healthcare facilities.
Transit Access: Close to Lexington Ave/63rd St (Q, F) and 68th St–Hunter College (6).
Neighborhood Demand: Consistently strong rental demand from professionals, medical staff, and affluent residents seeking proximity to Midtown and Central Park.
Competitive Advantage: Rare boutique multifamily investment in the Upper East Side with market-rate rents, individually metered units, and stable income generation.
Summary
The 5-unit, 5,394 SF apartment building at 128 E 65th Street, New York, NY 10065 is offered at $8,100,000 (~$1,620,000/unit) with a 3.00% cap rate. With individually metered utilities, spacious market-rate apartments, and a prime Lenox Hill location, this property represents an excellent opportunity for investors seeking long-term value in one of Manhattan’s most prestigious multifamily submarkets.
