Multi-family

We are pleased to present an exceptional investment opportunity at 345 E 62nd Street, a 6-story, 3-star mid-rise apartment building in the prestigious Upper East Side. Priced at $6,950,000 ($1,390,000 per unit) with a cap rate of 4.58%, this property offers 5 residential units and a solid return on investment in one of Manhattan’s most desirable neighborhoods.

Property Overview:

• Address: 345 E 62nd Street, New York, NY 10065
• Sale Price: $6,950,000 ($1,390,000 per unit)
• Cap Rate: 4.58%
• Sale Type: Investment
• Property Type: 3-Star Mid-Rise Apartments
• Location: Upper East Side (CBD)
• Units: 5
• Stories: 6
• Class: B
• Gross Building Area (GBA): 9,453 SF
• Typical Floor Size: 1,575 SF
• Number of Buildings: 1
• Units per Acre: 125/AC
• Market Segment: All
• Rent Type: Market

Key Features:

• Prime Upper East Side Location: Situated in the heart of the Upper East Side, 345 E 62nd Street enjoys proximity to upscale retail, fine dining, cultural institutions, and renowned medical centers. This highly sought-after location attracts affluent residents, ensuring strong rental demand and long-term value.
• Solid Investment Potential: With 5 residential units, this property offers a strong income stream through market rent rates. The building’s cap rate of 4.58% reflects the potential for steady returns, making it an attractive investment for those seeking both immediate income and long-term growth.
• Well-Maintained Asset: The building features 9,453 square feet of gross building area, with typical floor sizes of 1,575 square feet. The Class B rating indicates a well-maintained asset with the opportunity for future enhancements or updates. The 6-story structure offers ample space and excellent living conditions for tenants.
• Strong Rental Demand: As part of a highly desirable neighborhood, this property benefits from the Upper East Side’s enduring popularity. Its central location ensures consistent demand from a wide range of tenants, from professionals to families, contributing to a reliable rental income stream.
• Investment Stability: The property offers long-term investment stability in a high-demand market. The building’s combination of market-rate rents and its location in one of New York City’s most prestigious neighborhoods ensures that it will continue to attract quality tenants, providing investors with secure, ongoing returns.

Conclusion:

345 E 62nd Street is an exceptional opportunity for investors seeking a well-located, income-producing asset in the Upper East Side. With 5 units, a competitive cap rate, and a prime location near top-tier amenities, this property offers both immediate cash flow and long-term growth potential. Whether you are a seasoned investor or new to the New York City market, this property is an excellent addition to any portfolio.