345 E 83rd St 35 Unit Apartment Building $19,542,881 CAD ($558,368 CAD/Unit) 4.67% Cap Rate New York, NY 10028

Cushman & Wakefield has been exclusively retained to arrange for the sale of 345 East 83rd Street– a six-story mixed-use building located in the Upper East Side neighborhood of Manhattan. The subject property is located on the north side of East 83rd Street between First and Second Avenue. Spread across approximately 22,700 gross square feet above grade, the building is currently configured as two ground floor restaurants and 33 total residential units above of which 11 are one-bedroom units, 17 are two-bedroom units, and 5 are three-bedroom units. Of the 33 units, 19 are Free Market, and 14 are Rent Stabilized.
Family-owned for over 50 years, the property is an excellent opportunity for a purchaser to acquire a 50’ wide mixed-use building at an attractive basis in the coveted Upper East Side neighborhood. There is tremendous upside in the in-place market apartments that can be realized by implementing a capital program for the building as well as enhanced renovations in the units themselves. The current large unit layouts lend themselves nicely to a varied tenant pool whether it be young professionals living with roommates or families seeking a more charming and convenient location to call home.
345 East 83rd Street is situated in the center of the bustling Yorkville area of the Upper East Side, with plentiful restaurants, shops, schools, hospitals, museums, green spaces, and parks. It is also centrally located between the Q subway line on 2nd Avenue, the 4, 5, and 6 lines at Lexington Avenue, crosstown buses and the FDR.