23 West 87th Street — Sale in New York, NY

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: New York, NY 10024

Photos

23 West 87th Street — Sale in New York, NY, photo 1 of 2
23 West 87th Street — Sale in New York, NY, photo 2 of 2

Investment Figures

Cap rate
5.32%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Marcus & Millichap is the exclusive sales broker for 23 West 87th Street (“Property”), a four-story walk-up apartment building located on the Upper West Side. The Property presents an opportunity for an investor to acquire a boutique multifamily asset in one of Manhattan’s most desirable residential neighborhoods. The Property’s unit mix is comprised of two studio apartments and eight one-bedroom apartments, of which eight are free-market and two are rent stabilized. The current rent roll provides stable cash flow with additional upside through future lease turnover and rent growth. The Property is located within an R7-2 zoning district and contains approximately 503 square feet of unused development rights. The Property is located between Central Park West and Columbus Avenue, just steps from Central Park. The surrounding area benefits from strong residential demand, excellent transportation access, and premier Upper West Side retail and dining amenities. Investment Highlights: • 10 Apartments • 80% Free-Market • Room for Growth in Existing Rents • Exceptional Upper West Side Location

Market Context

This multifamily in New York, NY is listed for sale. It is offered at an approximate 5.3% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in New York, NY — view the full market.

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