323 East 90th Street Upper East Side Apartment For Sale

This property offers a reliable source of income with potential for growth!

Ideal investment opportunity in one of Manhattans established and stable rental markets, this 1915 5-story walk-up building is situated on a serene tree-lined street. The property is currently configured as follows:

- Total Gross Square Footage: 9,813 (25 feet wide, 70 feet deep)

- Lot Size: 25 100.67 feet (Block 01553-0014)

- Above Grade: 8,605 square feet

- Ground Floor: 1,313 square feet

- Available Air Rights: 1,460 square feet

- Rear Yard: 750 square feet

This property is comprised of 12 residential units, 11 of which are free-market rentals. The unit breakdown is as follows:

- 2 Studios

- 2 Duplex 2-Bedroom Units with private access to the rear yard

- 8 2-Bedroom Units

Using the air-right, the top-floor apartments can be converted into duplexes, and the two ground floor duplex units could potentially be converted into four studios, resulting in a projected total of 14 units.

Building is very well maintained: a new boiler has recently been installed and the roof was renovated in 2017

323 East 90th Street offers investors the opportunity to acquire a well-maintained multifamily building in a strategically advantageous location. With a strong rental rebound following the COVID-19 pandemic and the potential for value-add development options, there is significant cash flow in place with room for further growth. The projected rent roll is $536,000.

Conveniently positioned near the Q Line 86th Street subway station on 2nd Avenue, as well as the 4/5/6 subway stations on Lexington Avenue, the property provides easy access to transportation. It is also within close proximity to Carl Schurz Park, Whole Foods, and Central Park.