Listed by Alpha Realty NY
$15,250,000
Prime Chelsea Multifamily - 206 W 21st Street
Details
APN 00770-0045
Property Type Multifamily
Sub Type Apartment Building
Square Footage 13,318
Units 47
Cap Rate 6.40%
NOI $968,432
Year Built 1920
Stories 4
Zoning R8B, R8A, C2-5
Investment Type Stabilized
206 W 21st Street, New York City, NY 10011
Marketing description
206 W 21st St, New York, NY 10011 — Between 7th Avenue & 8th Avenue. 4-Story Residential Building | 47 Apartments | 13,318 SF. Located in Chelsea, a prime Manhattan neighborhood known for its extensive dining, shopping, and entertainment options, as well as convenient access to transportation. The building features a significant portion of gut-renovated units with high-end finishes and strong in-place cash flow from Rent Stabilized units performing at or near market-rate levels.
Investment highlights
- Building Structure: The property is a 4-story building containing a total of 47 apartments
- Renovation Status: A significant portion of the building has been updated, with 35 out of the 47 units having undergone gut renovations featuring high-end finishes
- Development Potential: The building comes with a total of 19,800 square feet of available air rights
- Location: It is situated in Chelsea, a prime Manhattan neighborhood known for its extensive dining, shopping, and entertainment options, as well as convenient access to transportation
- Strong In-Place Cash Flow: A high-performing rental asset featuring Rent Stabilized units with current rents already performing at or near market-rate levels
- Significant Discount to Replacement Cost: Offered at just $340,425 per unit—a 37% discount compared to the neighborhood average of $545,017/unit
Listing Contacts
Listed by Alpha Realty NY
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$968,432.00
$80,702.67/mo
Valuation Metrics
0
DSCR
6.35%
Cap Rate
6.35%
ROI
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