Presenting a highly attractive investment opportunity, 357 West 54th Street is a 5-story, 3-star mid-rise apartment building with 21 residential units. Priced at $6,500,000 ($309,524 per unit), this property offers a solid cap rate in one of New York City’s most dynamic neighborhoods. With a market rent structure and a prime Midtown location, this property is ideal for investors seeking stable cash flow and long-term growth.
Property Overview:
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- Address: 357 West 54th Street, New York, NY 10019
- Sale Price: $6,500,000 ($309,524 per unit)
- Sale Type: Investment
- Property Type: 3-Star Mid-Rise Apartments
- Location: Midtown Manhattan (CBD)
- Units: 21
- Stories: 5
- Class: C
- Gross Building Area (GBA): 9,120 SF
- Typical Floor Size: 2,061 SF
- Building Height: 55′
- Number of Buildings: 1
- Units per Acre: 350/AC
- Rent Type: Market
- Market Segment: All
Key Features:
- Excellent Midtown Location: Situated in the heart of Midtown Manhattan, 357 West 54th Street provides excellent access to major commercial, residential, and entertainment areas. The property is ideally located near iconic landmarks, office buildings, transportation hubs, and an abundance of dining and cultural offerings. This prime location makes it highly attractive to a broad range of tenants.
- Income-Generating Investment: With 21 residential units, this property provides a significant income stream, with a market rent structure in place. The building’s total gross building area of 9,120 square feet and typical floor size of 2,061 square feet allows for a variety of rental configurations, ensuring flexibility and long-term demand.
- Solid Cap Rate in a Central Business District (CBD): Priced at $6,500,000 with a per-unit cost of $309,524, the property offers a competitive cap rate, reflecting the solid return potential for investors. The market rent approach ensures that tenants pay competitive rates, contributing to the property’s overall profitability.
- Class C Asset with Potential: Classified as a Class C mid-rise, the property offers an opportunity for long-term appreciation in a location experiencing continued demand for housing. With 55 feet of building height and 5 stories of rentable space, the property offers both rental income and future value growth potential.
- Diverse Tenant Appeal: The building’s market segment caters to a wide range of tenants, from local professionals to residents working in the surrounding Midtown area. Its proximity to key business districts ensures consistent tenant demand for both long-term and short-term leases.
Conclusion:
357 West 54th Street represents a unique investment opportunity for buyers seeking a stable, income-producing asset in one of Manhattan’s most desirable areas. With 21 units, strong market rents, and a prime location in Midtown, this property offers an excellent return potential for investors looking to capitalize on New York City’s dynamic rental market. Whether for long-term income or capital appreciation, this mid-rise building is a promising addition to any investment portfolio.
