Overview

Ivy League Investment! This 16 unit, residential building, is a superb investment property that is well located just off Central Park West. This turn of the century apartment house benefits from the demand for housing in the Columbia University sphere of influence. You'll immediately notice how clean and well taken care of the property is. It features 11 renovated free market units, and 5 rent stabilized ones; leaving good opportunity for future increases in the rent roll. It is a five story walk-up building of approximately 10,085 square feet. The building is free standing and surrounded by the West 104 St Community Garden, which not only adds to the aesthetics of the site, but also allow sunlight to flood every floor. This creates very desirable rental product, with a low vacancy rate. Its Central Park location, is adjacent to the most sought after amenity in the city. Generating income of over $344K per year, it returns a handsome annual profit. This is a solid asset for the investor seeking to diversify and hedge against financial market volatility, with exposure to the Manhattan residential rental market. It is offered with a cap rate of 5.4% and terrific upside potential.