Mixed-Use
404 East 73rd Street
404 E 73rd St, New York, NY 10021
Listing Price: $6,200,000
Investment Overview
Marcus & Millichap is pleased to exclusively offer 404 East 73rd Street, a 20-unit mixed-use property located in the Upper East Side’s Lenox Hill neighborhood. The property features 18 one bedroom residential units (14 free-market and 4 rent-stabilized) and 2 ground-floor commercial spaces. With approximately 9,731 square feet, this pre-war walk-up building offers investors an attractive combination of strong in-place income, efficient expenses, and long-term upside.
404 East 73rd Street
Investment Highlights
- Prime Upper East Side location between First and York Avenues, steps from the Q and 6 trains and the M72 crosstown bus
- Proximity to New York–Presbyterian / Weill Cornell and Hospital for Special Surgery, major demand anchors supporting consistent tenant base.
- 18 residential units with current average rent of approximately $2,300/month, below market levels of ~$2,700/month, providing immediate rent upside.
- Recent building upgrades within the last 2 years include new gas lines, new gas meters, three new water heaters, and new electrical meters.
- Heating is tenant-paid electric, reducing ownership expenses and improving NOI margins.
- Commercial tenants currently landlord-paid for water/sewer; new leases will shift these costs to tenants, further improving efficiency.
- $200K Letter of Intent for Air rights sale from adjacent property owner.
- First time available in decades—family-owned asset offering rare long-term stability and appreciation potential.
Listing Price: $6,200,000
Investment Highlights
- Prime Upper East Side location between First and York Avenues, steps from the Q and 6 trains and the M72 crosstown bus
- Proximity to New York–Presbyterian / Weill Cornell and Hospital for Special Surgery, major demand anchors supporting consistent tenant base.
- 18 residential units with current average rent of approximately $2,300/month, below market levels of ~$2,700/month, providing immediate rent upside.
- Recent building upgrades within the last 2 years include new gas lines, new gas meters, three new water heaters, and new electrical meters.
- Heating is tenant-paid electric, reducing ownership expenses and improving NOI margins.
- Commercial tenants currently landlord-paid for water/sewer; new leases will shift these costs to tenants, further improving efficiency.
- $200K Letter of Intent for Air rights sale from adjacent property owner.
- First time available in decades—family-owned asset offering rare long-term stability and appreciation potential.
Investment Overview
Marcus & Millichap is pleased to exclusively offer 404 East 73rd Street, a 20-unit mixed-use property located in the Upper East Side’s Lenox Hill neighborhood. The property features 18 one bedroom residential units (14 free-market and 4 rent-stabilized) and 2 ground-floor commercial spaces. With approximately 9,731 square feet, this pre-war walk-up building offers investors an attractive combination of strong in-place income, efficient expenses, and long-term upside.
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