629 5Th St New York, NY 10009

Property Details for 629 5Th St

Year built

1920

Property size

18,523 SF

Property type

Apartment buildings

Description

This exceptional six-story, 24-unit apartment building at 629 East 5th Street in New York City's vibrant East Village presents a compelling investment opportunity. Boasting 18,523 square feet on a 46' x 97' lot (Block: 387 Lot: 153), the building offers a diverse unit mix including six one-bedroom, one two-bedroom, twelve three-bedroom, and five four-bedroom apartments. Many units feature high-end finishes such as hardwood floors, stainless steel appliances, dishwashers, spa-style bathrooms, abundant natural light, heated bathroom floors, and in-unit washer/dryers. The building benefits from a strong 5.94% cap rate and a substantial net operating income (NOI) of $1,185,738, with an asking price of $19,950,000 ($831,250 per unit and $1,077.04 per square foot). Its prime location provides easy access to excellent public transportation (F, M, Z, and J trains), and is surrounded by a wealth of amenities including renowned restaurants, nightlife, parks, shopping, and cultural attractions such as Astor Place, Union Square, and NYU. The property is zoned R8B and was built in 1920. This is a rare chance to acquire a trophy asset in a highly sought-after neighborhood with significant upside potential. The building's strong rental demand, coupled with its desirable features and location, makes it an attractive investment for discerning buyers.