Investment Overview: Marcus & Millichap is pleased to offer the following opportunity on the Upper East Side. Located on East 85th Street between York Avenue and East End Avenue, the offering consists of a five-story multifamily building with seven residential units. The property has a gross square footage of 9,000 and is situated on a lot built 25 feet by 102 feet (Block: 1582 Lot: 13). The property is zoned R8B and includes an additional 1,839 square feet of unused air rights. The subject property is an immaculately renovated, five-story walkup building containing a total of seven apartments. The building is comprised of one owner's triplex apartment and six, two-bedroom apartments. Of the seven units, three are free market, two are rent-stabilized, and two are rent-controlled. This is a rare opportunity to acquire a beautiful, newly renovated 25-foot wide residential property that can be operated exclusively as a multifamily property or can be partially owner occupied as a live-plus income opportunity. The building features high end exterior renovations including a limestone clad façade and custom oak-paneled garage door. The owner's triplex unit contains the bulk of the lower level, the entire ground floor, and the entire second floor. This unit boasts four large bedrooms, four and one half luxury bathrooms, a great room that opens onto a private lawn, a family room/den that opens onto a private patio, a private laundry room, a heated two car garage, and additional storage space. In addition, the triplex showcases the building's luxury interior renovations including: state of the art kitchen complete with Viking and Subzero appliances, all tastefully adorned with Statuary marble and an abundance of cabinetry and storage. Classic custom wrought iron bannisters and a Juliet balcony wrap around to overlook the private backyard, meeting the demands of the Upper East Side's most discriminating residents. The free market apartment units and building common areas have all been renovated to the same standards, maintaining a consistent theme of high end urban modernization throughout the property. The four rent-regulated apartments, all of which are rented significantly below market levels, allow the savvy investor to capture future upside in cash flow. Located just a half block from Carl Schurz Park, this property benefits from the intrinsic value and long term appreciation potential of owning an irreplaceable asset in one of New York City's most prestigious neighborhoods. Investment Highlights: 25-Foot Wide Building Located on East 85th Street Between York Avenue and East End Avenue Steps from Carl Schurz Park Newly Renovated Property with Limestone Façade and State of the Art Interior Finishes Rare Building Layout with Owner's Triplex Unit Featuring: Private Yard, 2-Car Garage, 4 Bedrooms and 4.5 Luxury Bathrooms Six Residential Two-Bedroom Apartments; Two Free Market; Two Rent-Stabilized and Two-Rent Controlled Significant Upside in Regulated Apartments; Average Rent of $818 Unique Property: Lease-Up and Hold as Cash-flowing Asset or Utilize as Live Plus Income Investment Convenient Access to 4, 5, and 6 Subway Trains on East 86th Street and Lexington Tax Class 2B: Taxes Cannot Increase by More than 8% Per Year and no more than 30% Over 5 Years
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