Alpha Realty secured the exclusive listing for 518 East 83rd Street, a five‑story, 20‑unit multifamily building in Yorkville. The property is 95 percent free market and generates more than $720,000 in effective gross income. Investors gain immediate cash flow, rental upside, and long‑term value potential.
— Alpha Realty brings to market 518 East 83rd Street, a five‑story, 20‑unit multifamily building located between York Avenue and East End Avenue in the Yorkville section of Manhattan’s Upper East Side.
The property offers a rare chance to acquire a predominantly free‑market asset in one of Manhattan’s most stable and supply‑constrained rental markets. Built in 1910 and spanning approximately 8,120 square feet, the building generates more than $720,000 in effective gross income. Current rents sit an estimated 15 to 20 percent below market levels, creating clear value‑add potential through lease turnover and targeted unit upgrades.
The property is offered at $8,500,000, representing a 6.25 percent cap rate and 11.8x GRM on current income.
“518 East 83rd Street gives investors scale on the Upper East Side with immediate cash flow and long‑term upside,” said Lev Mavashev, Principal of Alpha Realty. “Free‑market buildings with this level of rental growth potential are increasingly difficult to find in today’s market.”
The building sits near the Second Avenue Subway and multiple bus lines and is surrounded by major institutional employers including New York‑Presbyterian, Weill Cornell Medical Center, and Memorial Sloan Kettering. This concentration supports consistent rental demand and long‑term stability.
Investment Highlights
20 residential units across 8,120 square feet
95 percent free‑market tenancy
More than $720,000 in effective gross income
Rents estimated 15 to 20 percent below market
On‑site laundry income
Stable tenant base
Favorable R8B zoning for long‑term flexibility
Alpha Realty’s investment sales team, led by Lev Mavashev, is handling the exclusive marketing of the property.
About the company: Alpha Realty is a New York City commercial real estate brokerage specializing in the sale of multifamily and mixed‑use properties across Manhattan, Brooklyn, and the surrounding boroughs. The firm advises owners, investors, and developers on acquisitions, dispositions, and long‑term value strategies with a focus on market knowledge and hands‑on execution.
Contact Info:
Name: Lev Mavashev
Email: Send Email
Organization: Alpha Realty – Investment-Sales | NYC Multifamily
Address: 164 20th St Suite 3D, Brooklyn, NY 11232
Phone: (212) 658-0955
Website: https://www.alpharealtyny.com/
Release ID: 89195796
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