Luxury Apartment Building
Manhattan, New York
Overview
Asking Price
$4,500,000
Annual ROI
12%
Property Type
Multi-Family Residential
Year Built
2015 (Renovated 2021)
Property Details
Unit Mix
| Unit Type | Count | Size (sq ft) | Monthly Rent |
|---|---|---|---|
| Studio | 6 | 550 - 650 | $2,200 - $2,500 |
| 1 Bedroom | 10 | 750 - 850 | $3,100 - $3,500 |
| 2 Bedroom | 6 | 1,100 - 1,300 | $4,500 - $5,200 |
| 3 Bedroom Penthouse | 2 | 1,800 - 2,000 | $8,000 - $9,500 |
Description
Exceptional investment opportunity in one of Manhattan's most desirable neighborhoods. This luxury apartment building offers 24 meticulously designed units with high-end finishes and amenities that command premium rental rates.
The property has maintained a consistent 95%+ occupancy rate over the past five years, with many long-term tenants. Recent renovations in 2021 included lobby modernization, elevator upgrades, and common area enhancements.
Building amenities include:
- 24/7 doorman and security
- Rooftop terrace with panoramic city views
- State-of-the-art fitness center
- Resident lounge with business center
- Package room with refrigerated storage
- Bike storage and private storage units
- Underground parking (additional income stream)
The property is located within walking distance to major subway lines, premium shopping, restaurants, and Central Park. The surrounding area has seen consistent appreciation, with several new developments further enhancing neighborhood value.
This turnkey investment offers stable cash flow with upside potential through strategic unit renovations and modest rent increases. Current cap rate is 5.2% with projected IRR of 12% over a 5-year hold period.
Financial Information
Verified by AdminIncome Summary (Annual)
| Gross Rental Income | $1,250,000 |
| Other Income (Parking, Laundry, etc.) | $85,000 |
| Vacancy & Credit Loss (3%) | ($40,050) |
| Effective Gross Income | $1,294,950 |
Expense Summary (Annual)
| Property Taxes | $185,000 |
| Insurance | $45,000 |
| Utilities | $75,000 |
| Repairs & Maintenance | $60,000 |
| Management Fee (4%) | $51,798 |
| Other Expenses | $40,000 |
| Total Operating Expenses | $456,798 |
Net Operating Income (NOI)
$838,152
Cap Rate
5.2%
Cash on Cash Return (30% Down)
8.5%
Location
Neighborhood Highlights
- 2 blocks to 4/5/6 subway lines
- 20+ restaurants within 5 blocks
- Premium shopping district nearby
- 10 minute walk to Central Park
- Top-rated schools in district
Market Trends
- 5.8% annual property value increase
- 3.2% annual rent growth
- Low 2.1% vacancy rate in area
- Major employers expanding nearby
- New development increasing area value
Listing Managed by Admin
PropertyConnect Verified
Key Investment Points
-
Prime Location
High-demand area with consistent appreciation
-
Strong Cash Flow
Stable income with 5.2% cap rate
-
Value-Add Opportunity
Potential to increase rents through unit upgrades
-
Recent Renovations
Major capital improvements completed in 2021
-
High Occupancy
98% occupancy with long-term tenants