MiMo Gardens - Completely Renovated Multifamily | 6.6% CAP In-Place

Highlights:

• Completely renovated building, including roof, plumbing & electrical (2023)
• Income producing building located in the heart of the MiMo district.
• Stabilized property with an In-place NOI of $92,400
• All units are tastefully renovated
• Gated property. Includes Parking
• T4-R zoning permits the construction of additional units, in addition to the existing ones
• 40-year certification in place

Description:

Demian E. Pack, P.A. exclusively presents MiMo Gardens, a completely renovated multifamily building nestled in the vibrant Upper East Side/MiMo district—an area of substantial investment activity in recent years with numerous upcoming projects.

This classic 1950s building has undergone a complete restoration, blending modern amenities with mid-century charm. The extensive work performed includes a new roof, plumbing & electrical systems. The entire interior of the building has undergone a thorough renovation, including HVAC systems, Stainless Steel appliances, individual washer & dryer units, cabinets, floors, and bathrooms, among others.
Comprising 5 fully equipped units, each with independent access, MiMo Gardens received its 40-year certification and stands on a spacious lot with zoning permitting additional unit construction for increased income potential.
Providing a solid return in a high-demand submarket with limited inventory, this turnkey investment opportunity is offered at $1,395,000, boasting a current NOI of $92,400 and a CAP Rate of 6.6%. Seller financing is available.

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