RARE INCOME PRODUCING BUILDING FOR SALE IN PRIME MURRAY HILL ; PROJECTED CAP RATE 6.8% OFFERING MEMORANDUM UPON REQUEST. Located in the heart of Murray Hill sits 229 E 35th Street, a 20'-wide by 68--long, six story multifamily which is comprised of 11 free-market, studio and one-bedroom units above a finished basement. Built in 2003, the property is in impeccable condition with an elevator, trash chute and compactor, common laundry room, and a recreation room, which opens out to a shared outdoor patio. The 1st and 2nd floors/ unit 1A 2A is a spacious approx. 800 SF duplex, featuring one-bedroom (1BR) and one and half bathrooms (1.5BTH) with high ceilings and copious amounts of natural light throughout. At approx. 500 sq. ft. each, the remaining 10 apartments are configured as large, open plan studios and one bathroom (1BTH) and a home office. Most of the units come with private outdoor spaces with calming, tree-top views, and skylights adorn the two top floor units. The apartments feature flexible layouts, an abundance of closet and storage space, Italian marble, stainless steel appliances and hardwood flooring throughout. While a majority of the units were rented last year, several of the most recently rent units indicate that the property has the potential to generate a net operating income of $426,809 annually with a 6.8% cap rate. This is a unique opportunity to own a 100% free-market building in one of the best locations in the City. One cannot help but feel inspired! 229 E 35th is a short jaunt to St. Vartan Park and tons of shopping, historical landmarks, entertainment, superb dining, craft cocktail joints, marketplaces, and destination hangouts. Local favorites include Trader Joe's, Equinox, Blue Haven Bar, AMC Kips Bay, Empire Diner, Sarge's Delicatessen, 2nd Avenue Deli, Sweetgreen, Hill & Bay, Bed Bath & Beyond, Fairway, Target and The Empire State Building. Transportation: 4/5/6 trains are only four blocks away, allowing for an easy commute.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
