233 E 34th St Immeuble residentiel 9 lots 8 498 415 € (944 268 €/Lot) Taux de capitalisation 5,80 % New York, NY 10016

The New York Multifamily team of Marcus and Millichap is pleased to exclusively offer for sale 233 East 34th Street, located in the Murray Hill neighborhood. Located on the North side of 34th Street between Second Avenue and Third Avenue, this 9-unit mixed-use property is comprised of approximately 7,500 square feet with 25’ of frontage. This property sits on a 25’ x 98.75’ lot (Block: 915 Lot: 21) and is built 25’ x 98.75’ on the first floor and 25’ x 50’ on floors two through five. The property is zoned C1-9A.
THE OPPORTUNITY
• Opportunity: 9-Unit Mixed-Use, Property Spanning Roughly 7,500 Square Feet.
• Unit Mix: There are 4 Two-Bedroom Units, 4 One-Bedroom Units, and 1 Retail Unit. This asset is 100% Free Market.
• Tax Class Protected 2B Status: 233 East 34th Street falls under the highly desirable Tax Class 2B status. By law, the taxes cannot increase more than 8% year-over-year or 30% over any given 5 year period.
• Retail Repositioning Opportunity: The retail space of 233 East 34th Street is built full to the lot-line and is now vacant. There is 2,200 square feet of ground floor retail space plus an additional 1,200 square feet of basement space. Previously occupied by Row House, there is currently a partially built out fitness space and has the potential for 12-foot ceilings. This is a highly trafficked two-way street with many uses conforming to the certificate of occupancy, including restaurants.
• 100% Free Market & Long-Term Ownership: This asset has been owned and managed by the same ownership group for 35+ years. As a fully free market asset with less than 10 units, there is an immediate opportunity to modernize the units to increase rents. It is also worth noting that all of the units currently contain stainless steel appliances, granite countertops, dishwashers, washers/dryers, exposed brick, and AC units, creating strong, natural cash-flow.
• Location & Transportation: Located in the low vacancy Murray Hill neighborhood, 233 East 34th Street has endless natural rental demand. Located directly across the street from CVS and Crunch Fitness, the building is located within walking distance to numerous main-brand retailers, bars, restaurants and convenience stores, including Chipotle, Starbucks, Dunkin’ Donuts, Little Ruby’s, Bubo, Blue Haven East, The Flying Cock, 7-Eleven, and Sweetgreen. The building is within a 10 minute walk to The Empire State Building, Grand Central, St. Vartan Park, AMC Kips Bay 15, and NYU Langone Health Hospital. The property is also in close proximity to the 33rd Street 6 Subway line, M34-SBS, BM5, M34A-SBS, M101, M102, andM103 Bus lines, along with the East River Ferry.