1698 Lexington Ave New York, NY 10029-3901

Property Details for 1698 Lexington Ave

Year built

1900

Lot size

0.03 lot acres

Property size

2,944 SF

Zone code

R7D

Property type

Residential income homes

Property subtype

Serviced apartments

APN

01634-0017

APU

16340017

Description

This exceptional mixed-use property at 1698 Lexington Ave, New York, NY 10029 presents a compelling investment opportunity. The 1,250 square foot building, constructed in 1900, boasts a classic three-story brownstone design. Currently configured as a seven-unit property with a total of eight bedrooms, it offers significant potential for rental income. The asking price is $2,490,000, translating to a price per square foot of $1,992 and a price per unit of $355,714.29. The property enjoys a strong 7.48% cap rate, indicating a healthy return on investment. The building sits on a 1,250 square foot lot and is zoned R7D, C1-5, and EHC, allowing for a variety of potential uses. Its prime location near Park Avenue provides easy access to schools, shopping, and other amenities. The property is ready for occupancy as of August 9, 2023. This is a rare chance to acquire a well-located, income-producing asset in one of New York City's most desirable neighborhoods. The building's historical character combined with its strong financial performance makes it an ideal investment for discerning buyers.