395-397 2nd Ave New York, NY 10010

Property Details for 395-397 2nd Ave

Year built

1915

Lot size

0.07 lot acres

Property size

14,080 SF

Zone code

C19A

Property type

Retail residential properties

APN

00903-0035

APU

9030035

Description

This exceptional Class A multifamily investment opportunity presents a rare chance to acquire a stabilized, 15-unit apartment building located at 395-397 2nd Avenue in the coveted Gramercy Park neighborhood of New York City (zip code 10010). The property, built in 1910, boasts a total of 15,000 square feet of net rentable space, spread across 12 apartments and three retail units. Currently operating at 100% occupancy, the building generates a substantial net operating income (NOI) of $675,000, resulting in a 2.50% capitalization rate. The asking price is $27,000,000, translating to $1,800,000 per unit and $10,800 per square foot. The building sits on a prime corner lot at the intersection of 2nd Avenue and East 23rd Street (Block 903, Lot 35), with the Orion Diner occupying one corner retail space, a hair salon in another, and a news deli in the third. The property is zoned C1-91, offering significant potential for future development, with 17,333 square feet of unused air rights. The gross income is $930,000 (a rent roll is available upon request). This is a truly remarkable opportunity to own a high-performing asset in one of Manhattan's most desirable locations.

Location Insight

City

New York

County

New York

State

New York

Longitude

-73.9813

Latitude

40.7378

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments