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:
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- 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.
