343 E 21st St 5 Unit Apartment Building $4,500,000 ($900,000/Unit) 4.33% Cap Rate New York, NY 10010
INVESTMENT HIGHLIGHTS
- Prime Gramercy Location
- Low maintenance, minimal expenses
- Excellent Condition
EXECUTIVE SUMMARY
All 3 apartments are on yearly leases while the uBreakiFix electronics repair store has a new 7-year lease and the barbershop who has been there for a very long time is month-to-month. Just 50’ off the corner from First Avenue the property provides visibility for neighborhood retailers while maintaining a highly desirable quietness the residents enjoy. The building offers investors a low maintenance investment plus the benefit of all the utilities being paid for by the tenants. All the operating expenses including taxes are only about $4,000 per month. This building is the perfect cash flowing investment that also caters to an end-user, use as a pied-à-terre or as a live/invest.
PROPERTY FACTS
| Price | $4,500,000 |
| Price Per Unit | $900,000 |
| Sale Type | Investment |
| Cap Rate | 4.33% |
| Sale Condition | 1031 Exchange |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.02 AC |
| Building Size | 2,628 SF |
| No. Stories | 4 |
| Year Built | 1920 |
| Zoning | C1-6A, R7A - Commercial district predominantly residential in character |
ABOUT 343 E 21ST ST , NEW YORK, NY 10010
A 26.5’ wide, 4-story plus basement, approximately 2,628 SF mixed use building. Meticulously maintained and operated the property is located near Gramercy Park on a beautiful tree-lined street. The building consists of 3 free market floor-through 3-bedroom apartments and two stores. All 3 apartments are on yearly leases while the uBreakiFix electronics repair store has a 7-year lease and the barbershop is month-to-month. Located just 50’ off the corner from First Avenue the property provides visibility for neighborhood retailers while maintaining a highly desirable quietness the residents enjoy. 343 East 21st Street offers investors a low maintenance investment and utilities paid for by the tenants plus all the operating expenses including taxes are only about $4,000 per month. This building is the perfect cash flowing investment that also caters to an end-user, use as a pied-à-terre or as a live/invest.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 5 | - | - |
PROPERTY TAXES
| Parcel Number | 0927-0124 | Improvements Assessment | $253,516 |
| Land Assessment | $373,500 | Total Assessment | $409,613 |
