Listed by Marcus & Millichap - NYM Group
$23,000,000
245 East 30th Street
Details
APN 911-26
Property Type Multifamily
Sub Type Apartment Building
Square Footage 20,892
Units 29
Cap Rate 6.00%
NOI $1,380,000
Occupancy 86%
Tenancy Multi
Pro-Forma Cap Rate 6.30%
Price per SqFt $1,101
Class B
Year Built 1900
Buildings 1
Stories 6
Lot Size (SqFt) 4,200
Zoning R7B
Investment Type Stabilized
Multifamily | 29 Units | $793,103/unit
Marketing description
The New York Multifamily team of Marcus and Millichap is pleased to exclusively offer for sale 245 East 30th Street a purely residential property, which is strategically located in the Kips Bay neighborhood. Located on the North side of 30th Street between Second and Third Avenue, this 29-unit property is comprised of approximately 20,892 square feet with 50' of frontage. This property sits on a 50' x 98.75' lot (Block: 911 Lot: 26) and is built 50' x 84'. The property is zoned R7B.
Investment highlights
- Opportunity: 245 East 30th Street is a 29-unit, 6-story residential walk-up totaling approximately 20,892 square feet, ideally situated in one of Kips Bay's most sought-after pockets. With 50 feet of frontage the property has significant presence on the block. The building is purely residential, with a unit mix consisting of 6 two-bedroom, 11 three-bedroom, 11 four-bedroom, and 1 five-bedroom apartments. Of the 29 units, 25 are free market and 4 are rent regulated.
- Condo-Level Finishes: The free-market apartments have been newly renovated to a condominium standard, featuring stainless steel kitchens, dishwashers, hardwood floors, and high ceilings. Built pre-war and modernized with premium finishes, the building commands top-of-market rents while retaining the modern architectural character that tenants in this neighborhood prize. Building amenities include a rooftop terrace accessible to all residents, a video intercom system, and a laundry room.
- Long Term Value: With all 25 free-market apartments newly renovated this asset provides durable, income-generating performance with significant long-term value. Located in a high-demand neighborhood where rents have grown steadily over the last five years, 245 East 30th Street increased the rent roll 8.7% in 2025. The building's concentration of three and four-bedroom apartments averaging $5,583 and $7,500 per month, respectively drives exceptional revenue. Due to the larger size of the building and the fact that it is predominantly free market any prospective purchaser would have the immediate benefits of economies of scale and operational flexibility.
- Location & Transportation: Located in a prime pocket of Kips Bay, 245 East 30th Street benefits from one of Manhattan's most consistent and durable rental demand profiles. The building sits directly across the street from AMC Kips Bay 15 and Fairway Market, providing tenants with immediate convenience that enhances everyday livability. Kips Bay draws a steady mix of students, young professionals, and medical personnel anchored by the presence of major institutions, including NYU Langone and Baruch College. The neighborhood's blend of residential charm and urban accessibility makes it one of the borough's most dependable rental submarkets. The property is well-served by the 6 train at 28th and 33rd Streets, the M15 bus along First and Second Avenues, the M34 crosstown bus along 34th Street, and the East River Ferry.
Listing Contacts
Listed by Marcus & Millichap - NYM Group
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Loan Amount
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Annual Debt Service
$--
$--
Annual Cash Flow
$1,380,000.00
$115,000.00/mo
Valuation Metrics
0
DSCR
6%
Cap Rate
6%
ROI
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