Multi-family

Presenting 64 West 85th Street, a prime investment opportunity located in the heart of New York City’s Upper West Side. This mid-rise apartment building is available for sale at $6,095,000, offering a competitive cap rate of 5.26% and a blend of market-rate and rent-stabilized units.

Property Overview:

Address: 64 West 85th Street, New York, NY, 10024
Sale Price: $6,095,000 ($609,500/Unit)
Cap Rate: 5.26%
Property Type: 2-Star Mid-Rise Apartments
Units: 10 (1 Affordable Unit)
Stories: 6
Class: C
Gross Building Area: 7,764 SF
Typical Floor Size: 1,294 SF
Location: Urban

Key Features:

Desirable Urban Location: Nestled in the Upper West Side, this property enjoys proximity to Central Park, major transportation options, shopping, dining, and cultural attractions, making it an attractive choice for tenants and investors alike.

Strong Investment Metrics: With a cap rate of 5.26%, this property offers a solid return on investment, enhanced by its mix of market-rate and rent-stabilized units.

Flexible Rent Structure: Featuring 9 market-rate units and 1 rent-stabilized unit, this property provides income diversification and stability.

Optimized Layout: The six-story building features a gross building area of 7,764 square feet, with a typical floor size of 1,294 square feet, allowing for efficient use of space.

High Unit Density: With a density of 250 units per acre, this property represents a valuable asset in a high-demand rental market.

Affordable Housing Component: The inclusion of one rent-stabilized unit ensures compliance with affordable housing requirements, appealing to a broader range of tenants and aligning with long-term investment goals.

Conclusion:

64 West 85th Street is an exceptional investment opportunity in one of Manhattan’s most sought-after neighborhoods. Its urban location, balanced rent structure, and solid financial metrics make it a standout addition to any real estate portfolio. Whether you’re an experienced investor or entering the market, this property offers the potential for both stable returns and future appreciation.

Don’t miss this chance to invest in the vibrant Upper West Side. Contact us today for more details!