407 77Th StNew York, NY 10075

Property Details for 407 77Th St

Property size (Sq ft)

10,280 SF

Property type

Apartment buildings

Description

This five-story, 15-unit apartment building presents a compelling value-add investment opportunity on Manhattan's Upper East Side. The 10,280-square-foot property, located at 407 E 77th St, boasts a mix of nine one-bedroom and six two-bedroom units, currently 100% occupied with existing leases, providing immediate cash flow. Situated between York and First Avenues, the building benefits from excellent public transportation access, with the 6 train (Lexington Ave & 77th St) and Q train (72nd St & 2nd Ave) nearby. The building is zoned R8B and sits on a 2,554-square-foot lot. Offered for sale for the first time in 45 years, this property presents a rare chance to acquire a well-located, cash-flowing asset with significant upside potential. The current Net Operating Income (NOI) is $166,635, with a pro-forma NOI projected at $360,975, reflecting a potential increase in profitability. The asking price is $6,000,000, representing a price per square foot of $583.66 and a price per unit of $400,000. The current cap rate is 2.78%, with a pro-forma cap rate of 6.02%. This represents a significant opportunity for investors seeking to enhance value and maximize returns in a prime Manhattan location. The property is being sold as-is.

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7709

Longitude

-73.9529

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