See all 14 photos
14 photos
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Listing Courtesy of Compass
$5,500,000
Est. payment /mo
20 Beds
11 Baths
7,750 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 7,750 sqft
Price per Sqft $709
Subdivision Upper West Side
MLS Listing ID RLS20106083
Bedrooms 20
Full Baths 11
HOA Y/N Yes
Year Built 1900
Annual Tax Amount $117,794
Property Sub-Type Multi Family
Property Description
A 7,750 SF mixed-use walk-up with nine free-market three-bedroom apartments over two commercial spaces: an operating restaurant with basement dining and a retail storefront leased to a shoe store.
The headline: six of the nine apartments will be delivered vacant on September 1, and every unit in the building is free-market. An investor can start renovating the majority of the residential portion on day one, with no buyouts to negotiate and no regulated leases to work around.
The value-add math is straightforward. Each apartment is a three-bedroom, one-bath layout. Add a second bathroom, in-unit laundry, and updated finishes, and these units rent at a different number. The two commercial tenants keep paying while the work happens, so the building produces income through the entire reposition.
The location does the rest: two short blocks to Central Park, roughly ten blocks to Columbia University, with the 1, B, and C trains nearby and the restaurants of Columbus and Amsterdam at the doorstep.
Most value-add deals make you wait years for the vacancy. This one hands it to you at closing.
The headline: six of the nine apartments will be delivered vacant on September 1, and every unit in the building is free-market. An investor can start renovating the majority of the residential portion on day one, with no buyouts to negotiate and no regulated leases to work around.
The value-add math is straightforward. Each apartment is a three-bedroom, one-bath layout. Add a second bathroom, in-unit laundry, and updated finishes, and these units rent at a different number. The two commercial tenants keep paying while the work happens, so the building produces income through the entire reposition.
The location does the rest: two short blocks to Central Park, roughly ten blocks to Columbia University, with the 1, B, and C trains nearby and the restaurants of Columbus and Amsterdam at the doorstep.
Most value-add deals make you wait years for the vacancy. This one hands it to you at closing.
Location
State NY
County New York
Interior
Furnishings Unfurnished
Fireplace No
Laundry See Remarks
Exterior
Exterior Feature Private Outdoor Space Over 60 Sqft
View Y/N No
Private Pool No
Building
Dwelling Type Mixed Use
Story 5
New Construction No
Others
Pets Allowed Pets Allowed
Tax ID 1842-0064
Ownership None
Monthly Total Fees $9, 816
Pets Allowed Building Yes, Cats OK, Dogs OK
Virtual Tour https://youtu.be/nZteGQdqR8U
Read Less Info
RLS Data display by Anthony T Crews Real Estate Llc
Get More Information