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Well-maintained 25-foot townhouse with 20 units generating $329K NOI annually in prime Upper East Side location. Versatile investment opportunity with conversion potential, unused air rights, and proximity to parks and new subway access. Currently, 1 apartment is for sale.
319 East 90th Street is a well-maintained, 25' wide townhouse featuring 20 rental units, including 18 free market and 2 rent stabilized units. The building spans five stories and offers a variety of living options, including studios and one-bedroom apartments. Each unit is equipped with in-unit washers and dryers, and many boast high ceilings, hardwood floors, and natural light from large windows. Notably, four units have private outdoor spaces, including two roof decks and two duplexes with backyards.
Located just a block from Ruppert Park and Asphalt Green, the property is conveniently situated near the upcoming 2nd Avenue Subway stop at 86th Street. The building's current yearly net operating income (NOI) is $329,242, presenting a strong investment opportunity. Additionally, there are possibilities for conversion into a single-family mansion or continued operation as a rental property, with approximately 1000 square feet of unused air rights available for development.
The apartments are designed with quality finishes, including renovated kitchens with new appliances, exposed brick walls, and spa-like marble bathrooms. The building also features a new video security system and well-maintained mechanical systems, ensuring a secure and comfortable living environment. This property is ideal for investors looking for a turn-key asset or those seeking a residence in a vibrant Upper East Side neighborhood.
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