Excellent investment opportunity in prime Turtle Bay/ Midtown East location! 331 East 52nd Street is centrally located in the heart of the city, on a quiet tree-lined block close to every form of transportation, every residential convenience, and the workplaces of many high-quality prospective tenants. This a 5-story building, comprised of 9 residential apartments. Currently, the largest of these 9 apartments is free market, and eight are rent-stabilized. The building's electrical systems were extensively updated 3 years ago, and a brand new gas boiler was installed six months ago. Every apartment boasts strip hardwood floors, soaring 10-foot ceilings, and a windowed kitchen. On the first floor, an outdoor patio leads onto a wonderfully tranquil rear garden oasis, and the property is further enhanced by a partially finished basement with a full bathroom and kitchen. Net operating income of $96,183.72 (breakdown below). NEARBY TRANSIT/SUBWAY Lexington Avenue 51st Street - #4, #6, E, and M Trains Lexington Avenue 59th Street - #4, #5, #6, N, R, and W Trains Grand Central 42nd Street - #4, #5, #6, #7, the Shuttle, & Metro-North 5th Avenue 53rd Street - E and M Trains 5th Avenue 42nd Street (Bryant Park) - #7, B, D, F, and M Trains Building class: Converted Dwellings or Rooming House (C5) Lot dimensions 18.75 feet x 100.42 feet Lot square footage: 1,883 Building dimensions: 18.75 feet wide x 63 feet deep x 60 feet high Stories: 5 Interior: approx. 6,840 square feet Exterior: approx. 830 square feet Year built: 1910 Certificate of occupancy: Yes Residential FAR (Floor Area Ratio): 4 FAR as built: 3.26 Unused FAR: 1,397 square feet Zoning district: R8B TOTAL ANNUAL INCOME: $183,583.56 TOTAL ANNUAL EXPENSES: $87,399.84 NET OPERATING INCOME: $96,183.72 EXPENSES - 331 EAST 52ND STREET Gas + Electric for Common Areas: approx. $8,100 per year Water: approx. $1,600 per year Real Estate Taxes: $77,699.84 per year TOTAL ANNUAL EXPENSES: $87,399.84 INCOME - 331 EAST 52ND STREET UNIT 1 Status: Free-Market, VACANT Size: 2 Bedrooms, 2 Bathrooms, Rear Patio + Rear Garden Rent: $4,500 per month or $54,000 per year UNIT 2F Status: Stabilized Size: 1 Bedroom, 1 Bathroom Lease Expires: 12/31/2020 Legal Rent: $2,362.30 Actual Rent: $2,100 per month or $25,200 per year UNIT 2R Status: Stabilized Size: 1 Bedroom, 1 Bathroom Lease Expires: 09/2021 Legal Rent: $1,153.88 per month or $13,846.56 per year UNIT 3F Status: Stabilized 1 Bedroom, 1 Bathroom Lease Expires: 09/30/2020 Legal Rent: $1,102.43 per month or $13,229.16 per year UNIT 3R Status: Stabilized 1 Bedroom, 1 Bathroom Lease Expires: 09/30/2020 Legal Rent: $947.02 per month or $11,364.24 per year UNIT 4F Status: Stabilized 1 Bedroom, 1 Bathroom Lease Expires: 07/20/2020 Legal Rent: $1,435.68 per month or $17,228.16 per year UNIT 4R Status: Stabilized, VACANT 1 Bedroom, 1 Bathroom Legal Rent: $1,322.63 per month or $15,871.56 per year UNIT 5F Status: Stabilized 1 Bedroom, 1 Bathroom Lease Expires: 12/31/2020 Legal Rent: $1,335.99 per month or $16,031.88 per year UNIT 5R Status: Stabilized, VACANT 1 Bedroom, 1 Bathroom Legal Rent: $1,401.00 per month or $16,812 per year TOTAL ANNUAL INCOME: $183,583.56
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