Investment Opportunity – 246 10th Ave, New York, NY, 10001
Address: 246 10th Avenue, New York, NY, 10001
Price: $25,000,000 ($1,562,500/Unit)
Cap Rate: 5.07%
Sale Type: Investment (Part of a Portfolio)
Type: 3-Star Mid-Rise Apartments Condo
Property Overview:
Located in the highly desirable Chelsea neighborhood, 246 10th Avenue offers a rare investment opportunity with seven residential units in a six-story mid-rise building. This prime Manhattan asset provides strong rental income potential, a stable cap rate, and an excellent long-term appreciation opportunity in a sought-after area near The High Line, Hudson Yards, and Chelsea Market.
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Key Features:
Prime Chelsea Location:
- Situated on 10th Avenue, in the heart of Chelsea, one of NYC’s most in-demand residential and commercial markets.
- Steps from The High Line, Hudson Yards, and Chelsea Market, ensuring high tenant demand and long-term value appreciation.
- Surrounded by luxury residential developments, top-tier retail, fine dining, and major corporate offices, making it an ideal investment property.
Stable Investment with Growth Potential:
- 7-unit, 6-story residential building with high-end rental appeal.
- Market-rate rent structure, providing stable cash flow with upside potential.
- Strong cap rate of 5.07%, making it a sound investment for buyers seeking a high-performing Manhattan property.
Building Specifications:
- Gross Building Area (GBA): 10,635 SF, with a typical floor size of 1,772 SF.
- Class B mid-rise construction, offering a blend of historic charm and modern functionality.
- Efficient unit layout, catering to affluent tenants, professionals, and long-term residents.
Excellent Transit Access:
- Steps from major subway lines (A, C, E, L, 1, 2, 3), providing easy connectivity to Midtown, Downtown, and beyond.
- Highly walkable neighborhood with strong pedestrian traffic and nearby lifestyle amenities.
High-Demand Residential Market:
- Chelsea continues to be one of NYC’s most sought-after neighborhoods, attracting professionals, creatives, and luxury tenants.
- Surrounded by cultural institutions, world-renowned galleries, boutique hotels, and high-end shopping, ensuring consistent rental demand.
Highlights:
✔ 7-unit residential investment property in Chelsea
✔ $25,000,000 sale price with strong rental income and appreciation potential
✔ Stable 5.07% cap rate with market-rate rental structure
✔ Surrounded by The High Line, Hudson Yards, and top-tier retail & dining
✔ Convenient transit access, steps from subway lines and major transportation hubs
Conclusion:
246 10th Avenue presents a prime investment opportunity in one of Manhattan’s most exclusive and high-growth neighborhoods. With a strong cap rate, high-end rental potential, and an unbeatable Chelsea location, this property is ideal for investors looking to expand their portfolio with a premium NYC asset.
Contact us today to schedule a private tour and secure this exceptional investment opportunity!
