1374 3rd Ave, New York, NY 10075-0455

This exceptional investment opportunity presents a five-story, 14-unit mixed-use building situated on the coveted Upper East Side of Manhattan, at the northwest corner of East 78th Street and 3rd Avenue. The property, totaling 10,489 square feet on a 2,567 square foot lot, is currently 100% occupied, offering a stable cash flow with a current NOI of $419,432 and a 5.24% cap rate. The building comprises six residential units, with a mix of one-bedroom layouts, and a commercial retail tenant. This value-add opportunity boasts a pro-forma NOI of $584,163 and a pro-forma cap rate of 7.30%, reflecting significant upside potential. The property benefits from its prime location, conveniently served by the 6 train and Q train lines, offering easy access to public transportation. Zoned C 1-9, this asset presents a rare chance to acquire a well-located, cash-flowing property with substantial growth prospects. The asking price is $8,000,000, translating to $762.70 per square foot and $571,428.57 per unit. The property is offered under a NNN lease structure with two tenants. This is a turnkey asset, having been held by the same family for 45 years, and is now available for the first time. The building is a strong investment opportunity for those seeking a stable, cash-flowing asset with significant upside potential in a prime Manhattan location.