212 East 29th Street
Mixed Use Building in Kips Bay- 6.58% Cap Rate
Marketing description
Investment Property Realty Group, LLC has been exclusively retained by ownership to market 212 East 29th Street, a 93% deregulated mixed-use property located in the heart of Kips Bay, one of Manhattan’s most established and centrally positioned neighborhoods.
Situated between Third and Second Avenue, the property benefits from immediate access to the 6 train, multiple bus lines, and close proximity to Midtown South, NoMad, and Gramercy. The neighborhood is anchored by NYU Langone Medical Center and surrounded by a strong mix of residential density, national retailers, restaurants, and neighborhood services, creating consistent foot traffic and long-term tenant demand.
The building consists of 13 apartments and 2 retail stores, with 11 of the 13 residential units deregulated. The high percentage of free-market units provides insulation against future expense increases while offering the next owner significant flexibility in driving rental growth.
Offered at a 6.17% cap rate at the asking price, this investment presents a rare opportunity to acquire a core Manhattan asset at an above-market return.
Investment highlights
- Efficient, Highly Desirable Layouts: Spacious 2-bedroom/2-bathroom and 3-bedroom/2-bathroom configurations with in- unit washer & dryer, a rarity for walk-up buildings, enhancing tenant demand and long-term rent growth potential.
- Attractive In-Place Yield: Offered at a 6.58% cap rate, providing investors with a strong going-in return for a core Manhattan asset.
- Individually Metered Heating Systems: Each residential unit is equipped with its own boiler, with tenants responsible for heat, minimizing owner exposure to rising utility expenses and improving expense control.
- Prime Kips Bay Location: Situated just blocks from Baruch College, Bellevue Hospital, and NYU Langone Medical Center, the property benefits from a deep and consistent renter pool. Additionally, the asset offers convenient access to major subway lines and is a short commute to Midtown South and Manhattan’s premier office districts.
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