5 Story Walk Up building - Built in 1915 + Ground floor located on a quiet tree-lined street on East 90th Street (between First and Second Avenues) in the Upper East Side, one of Manhattan's most mature and stable rental markets.
The property is undergoing an extensive refurbishment and will be delivered with an improved layout through the addition offer brand new residential units located at the first and ground floor bringing the total number of apartments from 12 to 14 units.
The two new ground floor one bedroom apartments will be configured with private access to the rear yard.
The gut renovation will also include a brand new heating system and a common laundry room in the basement. The roof of the building was completely remade in 2017 and it is guaranteed for 15 years by the construction company.
The property, which seats on a 25 x 100 foot lot, is conveniently located in close proximity of 2nd Avenue - Q Line 86th Street subway station presenting an investor the chance to acquire a refurbished and well located multifamily building with significant in-place cash flow and remaining upside.
The Super leaves off site.
$8,900,000 ($906.96 / SQFT)
GROSS SQFT: 9,813 - 25 FEET BY 70 FEET DEEP
LOT: 25 X 100.67 FT (BLOCKL 01553-0014)
Above grade: 8500 Sqft
Ground Floor: 1313 Sqft
Available Air Rights: 1415 Sqft
Rear yard: 750 Sqft
Rent Roll: $465,000 (projected)
The building features:
12 Residential Units + 2 duplex units in the process to be converted in 4 studios: 14 Units
2 Studios - 4 x 1 Bedroom, - 8 x 2 Bedrooms
91% of Units are Free Market (one unit is RS)
Ability to Duplex Up Top Floor Apartments
Ground Floor Unit with Garden Access is Significantly Below Market