222 E 31st St. New York, NY 10016 Kips Bay, Manhattan, New York

$6,200,000
For Sale
Property type: Multifamily
Rooms
11
Bedrooms
3.5
Bathrooms
5

Summary

  • Year Built : 1901
  • Zoning: R7B
  • Building Class: S2 - Multi-use Residence
  • Lot Dimensions: 19.25 ft x 98.75 ft
  • Lot Square Footage: 1,901 SF
  • Building Dimensions: 19.25 ft x 50 ft
  • Style: Townhouse
  • Finished Square Footage:: 4,774 SF
  • Commercial Units: 2
  • Commercial Square Footage: 1,924
  • Residential Units: 2
  • Basement Grade: Below Grade
  • Number of Stories: 5
  • Block / Lot: 911 / 52

Amenities

  • Central Air Conditioning
  • Roof Deck
  • Washer & Dryer

Description

Looking to own a beautiful legal two family mix-used brownstone in the heart of Murray Hill? This 5-story brownstone can be yours. 6-Unit, 6,775 SF walk-up apartment building is located on the south side of East 31st Street between 2nd and 3rd Avenues. The ground floor is built 98.75′ deep and contains a medical office that also has use of the excavated finished basement. This unit is leased until 2023, when the 10 year lease comes to fruition. The 2nd floor is built 60′ deep and contains front and rear units currently occupied by a medical office. The 3rd floor is built 60′ deep and contains a 2-bedroom floor-through apartment currently occupied by the owner. The 4th floor is duplexed and contain 3 bedrooms, a kitchen and a large living area. The duplex also has access to a 1,000 SF private roof deck. The duplex features hardwood floors, a top of the line kitchen with granite countertops and stainless steel appliances.

RENT ROLL
1st Floor – Doctor’s Office – 10 yr lease, 7yr balance on lease – $11,000/mo
2nd Floor – Medical Lab – Lease expires this year – $6,000/mo
3rd Floor – Owner Occupied – $6,000/mo (projected)
4th Floor – $11,000/mo

FINANCIALS
Gross Scheduled Income: $408,000
Total Expenses: $65,000
NOI: $343,000
Cap Rate: 5.5%
Asking: 6.2M + 1% fee.

Contact the Agent

Rowen Giles

New York Licensed Real Estate Salesperson
Rowen Giles is a New York Licensed Real Estate Salesperson and represents owners of single and multi-family residential homes, as well as apartment buildings and mixed-used commercial properties anywhere in the State of New York. When it comes to the complexities of selling real estate, no one is more qualified than Rowen. Prior to real estate, Rowen was a computer systems engineer and technology manager for 18 years working for small and large fortune 500 companies, including stints at Microsoft Corporation and the Federal Reserve Bank of New York. Rowen’s career in technology saw many challenges such as sizing large technical infrastructure, solving complex technology problems, and deploying sophisticated software solutions. Rowen met each challenge with success as a result of careful planning, organizing, directing and managing. Rowen is a results-driven and highly organized professional with strong attention to details. Once a property is on the market, Rowen applies advanced techniques to connect clients to thousands of buyers, investors, mortgage brokers, and real…