64 W 85th St - Apartments FOR SALE


New York, NY 10024- Upper West Side
$6,095,000 USD
630-235-5004
64 W 85th St, New York, NY for Sale
$6,095,000 USD
Apartments - FOR SALE
1/10
null | 5.26% Cap Rate

64 W 85th St
New York, NY 10024
Upper West Side


HIGHLIGHTS

  • Priced aggressively, to sell at an attractive 5.26% Cap Rate with a Proforma Cap Rate of 5.7%.
  • Recent major capital improvements; Domestic Water and Fire Sprinkler service. New Boiler/Hot Water systems.
  • Excellent coveted location, nestled on a treed-lined street, one half block from the entrance to Central Park.
  • The current gross monthly rental income is below market value.
  • 2024/2025 Real Estate Tax Appeal pending, assumable.
  • The building offers various development opportunities which include conversion to; Single Family Residence or owner occupied with rental income.

OVERVIEW

Priced aggressively to sell at an attractive 5.26% Cap Rate! Contact Peter Poidomani, Senior Sales Executive @ (peter.vssrealty@gmail.com) or (630) 235-5004 for an Offer Memorandum. 64 West 85th Street is a classic 19’-wide Renaissance Revival style townhouse, a masterpiece designed by architect Gilbert A. Schellenger and built in 1900. This iconic property, spanning six floors including the lower level, offers approximately 6,998 square feet, presenting a prime investment opportunity! Consisting of 10 residential units, 9 free-market units and 1 rent-stabilized. It's acquisition presents a versatile income generating property. In addition, offering immediate returns, appreciation, depreciation, and multiple potential development opportunities, such as converting the building it into an owner’s duplex, triplex, quadruplex, plus rental income. This unique building can also be reconfigured into to a luxurious single-family house with a rooftop terrace! Nestled one half block from Central Park, this townhouse offers direct access to the iconic park, creating an exceptional lifestyle for residents. The property delivers exceptional value, making it an attractive investment opportunity. Each unit is flooded with natural light, the beauty of exposed brick, original hearths, and mantelpieces. Two garden-level units duplex down to the lower level via spiral staircases, providing additional living space and a unique layout. The rear duplex offers exclusive use of the outdoor rear yard garden area. Benefit from recent capital improvements, including new domestic water service, fire sprinkler service and new boiler/hot water systems, ensuring the property is well-maintained and ready for its new ownership. Sold As Is, Where Is..

FOR SALE DETAILS

PRICE

$6,095,000 USD

PRICE/SF

$785 USD /SF

# OF UNITS

10

PRICE/UNIT

$609,500

CAP RATE

5.26%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

6

YEAR BUILT

1900

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.04 AC

LAND SF

1,742 SF

ZONING

R8B, New York

APN/PARCEL ID

1198-0057

ASK ABOUT THIS PROPERTY

Peter PoidomaniVSS Realty, LLCMore Info
630-235-5004

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Peter PoidomaniVSS Realty, LLCMore Info
630-235-5004

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.