Upper East Side Multifamily
For Sale
Contact for pricing
407 E 77th St, New York, NY 10075
Five-story, 15-unit building with value-add potential in Manhattan.
Property Size10,280 SF
Price / SF$535.02
Days on Market845
Property Features for 407 E 77th St
General Information
Standard status
Active
Size
10,280 SF
Class
C
Property subtype
Multifamily
Zoning
R8B
Listing Agency:
MIdtown - Keller Williams NYC
(646) 383-1165
Listed By:
Mirza Avdovic · License #NY 10401278796
Source:
Crexi
Added: May 3, 2024
Changed: Aug 25
Last Checked: Aug 25 at 2:40AM
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 MIdtown - Keller Williams NYC
Investment Insights
Based on property information with market context.
Located in Manhattan’s Upper East Side, the property at 407 East 77th Street is a 5-story multifamily rental building comprising 15 units. The well-maintained walk-up building includes 11 free market units, 3 rent stabilized units, and 1 rent controlled unit. Two owner-occupied units, along with three furnished rentals, will be delivered vacant six months post-closing. This creates a repositioning opportunity for new ownership to set market rents, renovate, or occupy. Positioned between 1st and York Avenues, the building benefits from proximity to the Q train, major bus lines, and the retail and dining options of the Upper East Side. The building offers flexibility for investors seeking cash flow, appreciation, or owner-user possibilities. The property is ideal for long-term holders or owner-users. The building size is 10,280 square feet.
Key Highlights
- Prime Upper East Side location near transportation, retail, and dining
- Significant upside potential through renovation and lease‑up of vacant units
- 11 Free Market units offering immediate cash flow
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$321,633
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.85%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,432,660
$6.4M
Cap Rate 7%
$4,594,757
$4.6M
Cap Rate 9%
$3,573,700
$3.6M
Market Conditions
NOI Build-Up for 10,280 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$615.6K $59.88/SF
− Vacancy
−$30.8K −$2.99/SF
EGI
$584.8K $56.89/SF
− OpEx
−$263.2K −$25.60/SF
NOI
$321.6K $31.29/SF
Area
New York, NY
Vacancy
5.00%
Lease Rate
$59.88 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,432,660
Cap Rate 7%
$4,594,757
Cap Rate 9%
$3,573,700
Alternative Uses
Best Use
Apartment 5plus
$4.59M
$4.02M – $5.36M
NOI $321,633 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$25.59M
$22.39M – $29.85M
NOI $1,791,187 @ 7.0% cap · market cap 32.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
23,460
Businesses Nearby
Explore this area
Business Placement
Demographics for 10075, NY
27,796
Population
16,415
Households
1.7
Avg Household Size
41
Median Age
85%
College-Educated
98%
High-School Grad
0.2 sq mi
ZIP Area
138,980
Density / Sq Mi
$146,556
Median Household Income
$112,549
Median Earnings
$2,390
Median Rent
$1,097,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-story, 15-unit building with value-add potential in Manhattan.
Where is this apartment building located?
The property is located at 407 E 77th St New York, NY.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Prime Upper East Side location near transportation, retail, and dining; Significant upside potential through renovation and lease‑up of vacant units; 11 Free Market units offering immediate cash flow
