232 East 68th Street - Upper East Side, New York
PRICED TO SELL AT $8,960,000 ($1,493/SF and 3.8% cap rate) - This beautifully renovated 2-family house has approximately 6,000 interior square feet (buildable to 8,500 SF for residential use and 10,500 SF for community facility use) and 1,800 exterior square feet. The property has 3 street entrances and currently consists of an owner's triplex and a high income duplex rental apartment, but it is easily converted back to single family. It is also an ideal investment property. The upper duplex has been rented out continuously for the last several years to high income and corporate tenants. Going forward the projected rent is $13,000 for the upper duplex and $22,000 for the garden triplex for a total gross income of $35,000 p.m . or $420,000 p.a. After total expenses of about $80,000 p.a (including $60,000 in real estate tax), Net Operating Income (NOI) is approximately $340,000 or 3.8% of the $8,960,000 asking price. This is a superior cap rate for such a prime property. Given the buildable 10,500 SF for community facility use this property also has the potential to be expanded as a medical, educational or nonprofit facility.
This listing courtesy of Douglas Elliman