64 West 85th Street is a classic 19’-wide Renaissance Revival style townhouse built in 1889 and designed by architect Gilbert A. Schellenger. The property is currently configured as 10 residential units spread across six floors including the lower level, approximately 7,200 square feet, and roughly 1,200 square feet per floor. 6 of the 10 units have been renovated by the current ownership. 9 units are FREE market and 1 unit remains as a rent stabilized unit offering further upside potential.
The possibilities are endless at 64 West 85th Street. Based on current income and expenses, the asking price reflects an approximate 3% cap rate with approximately $293,000.00 in Net Operating Income. The price per square foot for the total interior square footage is approximately $1,200, allowing a buyer many options for the property. It is possible to convert the property to an Owners duplex with six rental apartments, an Owners triplex with four rental apartments, or an Owners quadraplex with two rental apartments for income to help offset the property expenses.
The property also comes with proposed plans to convert to an expansive and luxurious single-family townhouse. There is an option to finish the rooftop as a terrace, or, in a single-family conversion, an option with a rooftop pop-up addition that would open to a finished rooftop terrace. The upside, in addition to owning a townhouse half of a block from the entrance to Central Park on the historical Upper West Side of Manhattan, is that there are many options available to purchasers for this pristine, well-maintained property at a great location.