928 3Rd Ave New York, NY 10022
- Investment properties
- 8,387 SF
- 0.04 lot acres
Current Use by Public Records
- Investment properties
Property Details for 928 3Rd Ave
- Year built
- 1920
- Lot size
- 0.04 lot acres
- Property size
- 8,387 SF
- Zone code
- C6-6
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- 01310-0040
- APU
- 13100040
Description
This exceptional mixed-use assemblage at 926-928 Third Ave, 930 Third Ave, and 164 East 56th Street in New York, NY 10022 presents a rare investment opportunity. The three-lot corner property boasts a total of 20,081 square feet and sits on a 5,864 square foot lot. The property's advantageous C6-6 zoning allows for significant future development, with approximately 87,960 square feet of air rights. Currently generating a substantial net operating income (NOI) of $711,303, the property comprises 5 commercial units and 15 residential units. The commercial units currently produce $891,149.40 in annual rent, while the residential units generate $320,420.40, offering potential for increased revenue. This assemblage benefits from its prime location at the southwest corner of 56th Street and 3rd Avenue, providing convenient access to a comprehensive public transportation network, including the 4, 5, 6, F, N, R, and W subway lines, as well as MTA buses. Offered for sale for the first time in 45 years, this property represents a unique chance to acquire a well-established, high-income generating asset with significant upside potential. The lease type is NNN, and the property is classified as Class B.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9684
- Latitude
- 40.7596
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
