The Heller Organization is engaged as the owners’ exclusive agent to offer for sale 1495 First Avenue (AKA 355-357 East 78th Street) in the Upper East Side neighborhood of Manhattan (“Property”). This well-maintained five-story building encompasses 8 residential apartments, with flex 3-bedrooms and 2-bathrooms, a rooftop cellular tower leased to Sprint, 2 commercial retail tenants across 11,730± gross square feet. All of the apartments are free market units. Given the configuration of the Property, 1495 First Avenue is exposed on three sides, providing the apartments with favorable light and air. The building is 25.5' X 100' feet and is built full on the lot (Block: 1453 Lot: 23). The property is zoned C1-9. The Air Rights have been sold.
LOW EXPENSES: Residential tenants pay all expenses besides water/sewer. All units have recently been upgraded with new hot water heaters.
IMMEDIATE RENTAL UPSIDE: 100% of the apartments are free market currently with below market rents in 6 of the 8 apartments. In addition, all the free market units have short-term leases in place, allowing an investor to almost immediately execute their business plan upon purchase, while still capitalizing on a strong existing stream of income. Renovated units in this building have rented for upwards of $4,700, and with the appropriate upgrades, could command upwards of $4,875 to $6,200 per month, which represents a 40% immediate upside in the residential rents. Additionally, all of the utility expenses (heat, hot water, electric, and gas) are separately metered, and the cost is passed on to the residential tenants.
Situated on the northwest corner of First Avenue and East 78th Street, 1495 First Avenue sits in the heart of the Upper East Side. Strategically located steps from some of the neighborhood’s best shopping, dining, markets, museums, parks and schools, and in close proximity to 4, 5, 6, and Q subway lines, this location offers terrific access to the great amenities of the Upper East Side. Due to these appealing factors, this location attracts high-profile renters eager to pay a premium for buildings located in this immediate area.