Kips Bay Multifamily Investment
For Sale
$4,050,000
Pending
131 E 29TH St, New York, NY 10016
Four-unit apartment building in Kips Bay with significant upside potential.
Property Size5,906 SF
Lot Size0.05 Acres
Days on Market212
Property Features for 131 E 29TH St
General Information
Standard status
Pending
Size
5,906 SF
Lot size
0.05 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$71,424
Building Details
Building Size
5,906 SF
Year Built
1915
Listing Agency:
Serhant
Listed By:
Sophia Guinchard
(832) 291-7342
Source:
Elliman
Added: Mar 11
Changed: Oct 7
Last Checked: Oct 7 at 2:07PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Serhant
Investment Insights
Based on property information with market context.
Located in Manhattan's Kips Bay neighborhood, 131 East 29th Street is a 5,200-square-foot, four-unit apartment building. The property, with a 20-foot frontage, is situated on a 98.75-foot lot between Lexington and Third Avenues. The lot size is 1,975 square feet. The building benefits from protected tax class 2A status, ensuring predictable expenses with annual tax increases capped at 8 percent year-over-year or 30 percent over five years. The property will be delivered vacant. The zoning district is R8B, C6-2A. The building features high ceilings throughout and a private backyard on the garden level. The location provides access to Madison Square Park, Trader Joe's, Whole Foods, and Murray Hill Market, as well as various dining and entertainment options. Transportation is facilitated by the 6 train at 28th Street, B/D/F/M trains at Herald Square, and R/W trains at 28th Street and Broadway. This property presents an opportunity for investors seeking a turnkey asset.
Key Highlights
- Delivered Vacant: Turnkey asset with significant upside potential for investors.
- Protected Tax Class 2A: Predictable expenses with capped annual tax increases.
- Prime Kips Bay Location: Heart of Manhattan, close to amenities, dining, and entertainment.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$199,880
Cap Rate
4.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,997,600
$4.0M
Cap Rate 7%
$2,855,429
$2.9M
Cap Rate 9%
$2,220,889
$2.2M
Market Conditions
NOI Build-Up for 5,906 SF
Gross rent
$301.2K $51.00/SF
− Vacancy
−$15.7K −$2.65/SF
EGI
$285.5K $48.35/SF
− OpEx
−$85.7K −$14.50/SF
NOI
$199.9K $33.84/SF
Area
New York, NY
Vacancy
5.20%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,997,600
Cap Rate 7%
$2,855,429
Cap Rate 9%
$2,220,889
Alternative Uses
Best Use
Multifamily LT 5
$2.86M
$2.50M – $3.33M
NOI $199,880 @ 7.0% cap · market cap 4.94%
Second Best
Apartment 5plus
$2.64M
$2.31M – $3.08M
NOI $184,783 @ 7.0% cap · market cap 4.56%
Theoretical Best
Specialty Retail
$14.70M
$12.86M – $17.15M
NOI $1,029,061 @ 7.0% cap · market cap 25.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
73,472
Businesses Nearby
Explore this area
Business Placement
Demographics for 10016, NY
62,336
Population
36,985
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
97%
High-School Grad
0.5 sq mi
ZIP Area
124,672
Density / Sq Mi
$153,065
Median Household Income
$107,691
Median Earnings
$3,321
Median Rent
$928,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit apartment building in Kips Bay with significant upside potential.
Where is this quadplex located?
The property is located at 131 E 29TH St New York, NY.
What is the asking price?
The asking price for this property is $4,050,000.
What are key features of this property?
This property features: Delivered Vacant: **Turnkey asset with significant upside potential for investors.**; Protected Tax Class 2A: Predictable expenses with capped annual tax increases.; Prime Kips Bay Location: Heart of Manhattan, close to amenities, dining, and entertainment.
