Multi-family

Prime Investment Opportunity in East Village – 629 E 5th Street, New York, NY
Introducing a remarkable investment property in the bustling East Village, this mid-rise apartment building is available for sale at $19,950,000. With 24 residential units and a cap rate of 6.00%, this 2-star, Class C building offers investors a compelling opportunity to capitalize on New York City’s dynamic rental market.

Property Details:

• Address: 629 E 5th Street, New York, NY 10009
• Asking Price: $19,950,000 ($831,250 per unit)
• Cap Rate: 6.00%
• Gross Building Area (GBA): 18,523 sq. ft.
• Typical Floor Size: 2,984 sq. ft.
• Stories: 6
• Units: 24 residential units
• Building Class: C
• Location: Central Business District, East Village, Manhattan
• Market Segment: All
• Rent Type: Market

Key Features:

Strategic East Village Location with High Demand
Positioned in the vibrant East Village, this property benefits from its proximity to a wide array of dining, shopping, and cultural attractions. The area’s appeal ensures a steady demand for rental units, contributing to strong occupancy rates.

Attractive Cap Rate for Investors
With a cap rate of 6.00%, this property offers investors the potential for solid returns. The 24 market-rate units allow for flexibility in rental pricing, making it an ideal investment for maximizing income.

Spacious Mid-Rise Building with Significant Potential
The six-story building boasts a total of 18,523 square feet of gross building area, providing ample living space for tenants. Each typical floor spans 2,984 square feet, allowing for well-designed residential layouts.

Conclusion:
629 E 5th Street presents an outstanding investment opportunity in the East Village, featuring a solid cap rate, desirable location, and a substantial number of market-rate units. This property is an excellent choice for investors looking to enhance their portfolio in one of New York City’s most sought-after neighborhoods.