49 78Th StNew York, NY 10075

Property Details for 49 78Th St

Year built

1910

Lot size

0.06 AC

Property size (Sq ft)

10,870 SF

Zone code

R8B

Property type

Retail residential properties

APN

01393-0026

APU

13930026

Description

This 12,100 square foot, 10-unit apartment building at 49 E 78th St, New York, NY 10075, is a prime investment opportunity. Built in 1910, this Class D elevator building boasts a large penthouse and private backyard. The property sits on a 2,554 square foot lot (25' x 102') with R8B/LH-1A zoning. Currently configured with two office spaces and seven one-bedroom apartments, plus a duplex owner's apartment (to be delivered vacant), it presents a unique chance for luxury redevelopment. The building's location on the Upper East Side, between Park and Madison Avenues, offers exceptional proximity to Central Park, Museum Mile, high-end retail, and public transportation (three blocks from the 77th Street 6 train station and numerous bus lines). The current NOI is $109,518, with a pro-forma NOI of $560,815 and a pro-forma cap rate of 5.78%. The asking price is $9,700,000 ($801.65/sq ft). This property is ideal for conversion into condominiums, single-family townhouses, or a boutique hotel. The building has no remaining development rights and is part of the Upper East Side Historic District. This is a rare chance to acquire a significant asset in a highly desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $2,228,448

  6.5%

  $2,057,029

  7%

  $1,910,098

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,201,425

  Geo Method

  $2,201,425

• Alternative Use

  Use

  Valuation

  Residential

  $2,057,029

  Hospitality

  $1,884,228

  Educational

  $1,567,655

  Medical

  $1,621,569

  Retail

  $2,438,575

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7756

Longitude

-73.9619

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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