245 60Th StNew York, NY 10022

  • Mixed-use properties
  • 4,760 SF
For Sale
$4,500,000 View listing

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
Mixed-use properties
Property subtype
Other investment properties
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
245 60Th St, New York, New York

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$119,778
$489,877
$468,191
$958,068
-
$1,500,000
$1,433,600
$2,933,600

FAQs

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