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    407 77Th St New York, NY 10075

    Sponsored
    For Sale
    $6,000,000

    15-Unit Value-Add Opportunity, NYC

    Property size:
    10,280 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This five-story, 15-unit apartment building presents a compelling value-add investment opportunity on Manhattan's Upper East Side. The 10,280-square-foot property, located at 407 E 77th St, boasts a mix of nine one-bedroom and six two-bedroom units, currently 100% occupied with existing leases, providing immediate cash flow. Situated between York and First Avenues, the building benefits from excellent public transportation access, with the 6 train (Lexington Ave & 77th St) and Q train (72nd St & 2nd Ave) nearby. The building is zoned R8B and sits on a 2,554-square-foot lot. Offered for sale for the first time in 45 years, this property presents a rare chance to acquire a well-located, cash-flowing asset with significant upside potential. The current Net Operating Income (NOI) is $166,635, with a pro-forma NOI projected at $360,975, reflecting a potential increase in profitability. The asking price is $6,000,000, representing a price per square foot of $583.66 and a price per unit of $400,000. The current cap rate is 2.78%, with a pro-forma cap rate of 6.02%. This represents a significant opportunity for investors seeking to enhance value and maximize returns in a prime Manhattan location. The property is being sold as-is.

    Property Features for 407 77Th St

    General Information

    Property type
    Multifamily properties
    Square Feet
    10,280 SF
    Class
    C

    Building Details

    Units
    15

    HighLights

    • Five‑story, 15‑unit walk‑up apartment building on the Upper East Side.
    • 10,280 square feet with nine 1‑bedroom and six 2‑bedroom units.
    • Excellent Upper East Side location near the 6 and Q subway lines.
    • 100% occupied, providing immediate cash flow.
    • Offered for sale for the first time in 45 years.
    Property Profile Location Intelligence

    Current Use by Public Records

    Freddy Huevito Lobaton Musician

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9529045
    Latitude
    40.770866

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    FAQs

    What type of property is this?
    Multifamily property - 15-Unit Value-Add Opportunity, NYC
    Where is this multifamily property located?
    The property is located at 407 77Th St New York, NY.
    What is the asking price?
    The asking price for this property is $6,000,000.
    What are key features of this property?
    This property features: Five-story, 15-unit walk-up apartment building on the Upper East Side.; 10,280 square feet with nine 1-bedroom and six 2-bedroom units.; Excellent Upper East Side location near the 6 and Q subway lines.
    Request Owner's contact information
    407 77Th St New York, NY 10075
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    407 77Th St New York, NY 10075
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