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

Mixed-use properties

Property subtype

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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