131 E 29Th St New York, NY 10016

Property Details for 131 E 29Th St

Property size

5,200 SF

Property type

Commercial real estate

Description

This exceptional 4-unit apartment building at 131 East 29th Street in Kips Bay, New York, presents a compelling value-add investment opportunity. The property boasts 5,200 square feet across four floors, with each unit offering approximately 1,105 net square feet of space. Currently 75% occupied, the building features four floor-through, two-bedroom, one-bathroom apartments, including a ground-floor unit with a private garden. The building's layout offers significant potential for value enhancement through unit reconfiguration and rent maximization, given the high demand for apartments in this area. The building benefits from a protected 2A tax class, limiting annual tax increases. With a pro-forma NOI of $275,217 and a pro-forma cap rate of 6.33%, this property offers a strong cash flow with significant upside potential. The asking price is $4,350,000, or $1,087,500 per unit. Located on a tree-lined street between Lexington and Third Avenues, the building enjoys a prime location near excellent transportation (6, B, D, F, M, 7, R, W trains), and numerous amenities including Madison Square Park, Trader Joe's, Whole Foods, and various restaurants and shops. The property also includes approximately 6,690 square feet of unused air rights, presenting further development possibilities. This is a turnkey asset ideal for a 1031 exchange. The lot size is 1,975 square feet, and the building is zoned R8B, C6-2A.