245 60Th StNew York, NY 10022

Property Details for 245 60Th St

Year built

1910

Lot size

0.05 AC

Property size (Sq ft)

4,760 SF

Zone code

R8B

Property type

Investment properties

Property subtype

Live-work space

APN

01415-0120

APU

14150120

Description

This exceptional mixed-use building at 245 East 60th Street in New York City's Upper East Side presents a compelling investment opportunity. The 4,760 square foot property boasts a desirable location, offering immediate proximity to major hospitals, Rockefeller University, and excellent public transportation (F and Q lines at Lexington Avenue/63rd Street). Built in 1910, this four-story building features a ground floor commercial space and a finished basement, both currently occupied by Naturepedic, a mattress company. The second floor houses a commercial space occupied by an interior designer. The upper floors comprise two full-floor, three-bedroom, one-bathroom apartments, recently updated and free from rent regulation. The building is in excellent condition, with current ownership proactively upgrading building systems. The property benefits from significant unused air rights (3,272 sq ft) and is situated on a 20' x 100.42' lot zoned R8B/C2-8/TA. The current NOI is $197,414, with a pro-forma NOI of $236,803, yielding a 4.39% cap rate and a pro-forma cap rate of 5.26%. The asking price is $4,500,000. This property offers a rare combination of strong cash flow, significant upside potential, and a prime location in a vibrant and sought-after neighborhood. The building requires minimal management, making it an attractive investment for discerning buyers.

• CAP approach

  CAP return

  Valuation

  6%

  $786,970

  6.5%

  $726,434

  7%

  $674,546

• Comparable approach

  Method

  Valuation

  Relative Method

  $621,942

  Geo Method

  $621,942

• Alternative Use

  Use

  Valuation

  Residential

  $900,778

  Hospitality

  $825,108

  Educational

  $686,480

  Medical

  $710,089

  Retail

  $1,067,858

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7616

Longitude

-73.9642

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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