119 81st St New York, NY 10024-7203

Property Details for 119 81st St

Year built

1900

Lot size

0.04 lot acres

Property size

4,978 SF

Zone code

R8B

Property type

Residential income homes

Property subtype

Serviced apartments

APN

01212-0026

APU

12120026

Description

This exceptional investment opportunity presents a nine-unit apartment building situated at 119 West 81st Street in New York, NY 10024. The property, built in 1900 and renovated in 1986, boasts 4,978 square feet across five stories, offering a compelling price per square foot of $823.62. The asking price is $4,100,000, translating to a price per unit of $455,555.56 and a 5.10% cap rate with a Net Operating Income (NOI) of $209,100. The building sits on a 4,978 square foot lot (17' x 102.17') with dimensions of 17' x 68', and is zoned R8B. Significant value-add potential exists due to the mostly vacant units (at least 50% vacant at closing) and the unrenovated condition of the residential apartments, allowing for immediate rent increases. The building features a mix of front and rear studios on the upper four floors, with an owner-occupied ground floor unit including a private garden. The property benefits from Tax Class 2B designation, limiting annual tax increases to 8% or 30% over five years. Current taxes are $72,407. Furthermore, the building has approximately 1,970 square feet of unused air rights. This property offers a rare chance to acquire a well-located multifamily building with substantial upside potential in a highly desirable New York City neighborhood. The building has been under the same family ownership for nearly 50 years.