829 9Th AveNew York, NY 10019

Property Details for 829 9Th Ave

Year built

1901

Lot size

0.06 AC

Property size (Sq ft)

9,915 SF

Zone code

R8

Property type

Retail residential properties

APN

01064-0032

APU

10640032

Description

This exceptional mixed-use property at 829 9th Avenue, New York, NY 10019, presents a compelling investment opportunity. The five-story building boasts 10,100-10,122 square feet on a 2,410 square foot lot, and features 20 units, including 18 apartments and 2 stores, all currently 100% occupied. The building enjoys a strong 5.93% cap rate, generating a current NOI of $571,958 and a pro-forma NOI of $627,342. The asking price is $9,650,000, translating to approximately $955 per square foot. 11 units have undergone renovations within the last two years, presenting a value-add opportunity in the remaining 6 unrenovated units, along with the common areas and basement. The building benefits from a prime location on a thriving retail corridor, just three blocks from the N, Q, R, and W subway lines at 57th Street and the E, B, and D lines at 7th Avenue. Its proximity to Columbus Circle, Central Park, Hudson River Park, 6th Avenue, and the Midtown Business District further enhances its desirability. The property is professionally managed with complete historical rental records, and 95% of the units are free-market rentals (17 free market, 1 rent-stabilized). The permitted zoning is R8/C1-5/CL. This is a rare chance to acquire a well-positioned, high-performing asset in a highly sought-after Manhattan location.

• CAP approach

  CAP return

  Valuation

  6%

  $2,032,665

  6.5%

  $1,876,306

  7%

  $1,742,284

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,008,016

  Geo Method

  $2,008,016

• Alternative Use

  Use

  Valuation

  Residential

  $1,876,306

  Hospitality

  $1,718,686

  Educational

  $1,429,927

  Medical

  $1,479,104

  Retail

  $2,224,330

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7664

Longitude

-73.9872

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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