343 21St StNew York, NY 10010

Property Details for 343 21St St

Year built

1920

Lot size

0.02 AC

Property size (Sq ft)

2,628 SF

Zone code

C16A

Property type

Investment properties

Property subtype

Live-work space

APN

00927-0124

APU

9270124

Description

This meticulously maintained 4-story, 2,628 square foot mixed-use building at 343 East 21st Street in New York, NY 10010, offers a compelling investment opportunity. Situated on a tree-lined street near Gramercy Park, the property boasts a 26.5-foot wide lot (656 sq ft) and benefits from excellent visibility near First Avenue. The building comprises five units: three free-market, three-bedroom apartments (all on yearly leases), a Ubreakifix electronics repair store (7-year lease), and a barbershop (month-to-month). The current occupancy is 100%, generating a Net Operating Income (NOI) of $161,280, with a pro-forma NOI of $194,880 and a pro-forma cap rate of 4.33%. The asking price is $4,500,000, representing a price per square foot of $1,712 and a current cap rate of 3.58%. Low maintenance costs are further enhanced by tenants paying utilities. Annual operating expenses, including taxes, are approximately $4,000 per month. The property is zoned C1-6A (R7A Equivalent), making it ideal for both investors seeking strong cash flow and end-users looking for a live/invest opportunity or pied-à-terre. This is a rare chance to acquire a well-positioned, income-producing asset in a highly desirable Manhattan neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $434,487

  6.5%

  $401,065

  7%

  $372,417

• Comparable approach

  Method

  Valuation

  Relative Method

  $343,374

  Geo Method

  $343,374

• Alternative Use

  Use

  Valuation

  Residential

  $497,320

  Hospitality

  $455,543

  Educational

  $379,006

  Medical

  $392,041

  Retail

  $589,565

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7359

Longitude

-73.9798

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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