Buy&Hold (Multifamily): 8 Units, 286 8th Ave, Chelsea-Manhattan, NY 10001 + $8,100,000
- Promise Land Realty
- 2 days ago
- 4 min read
Multifamily Investment Opportunity
Price
$8,100,000
OFF-MARKET | CHELSEA, MANHATTAN
286 8th Avenue – Mixed-Use Development Asset
6 Residential Units + Retail + Rooftop | Vertical Expansion Rights
Property Summary
Address: 286 8th Avenue, New York, NY 10001
Asking Price: $8,100,000
Building Type: 4-Story Mixed-Use Walk-Up
Income Streams: 7 Total (6 Residential + 1 Retail + Rooftop Cell Tower)
Residential Unit Mix
6 Residential Units
4 One-Bedroom Units
1 Studio Unit
1 Penthouse 3-Bedroom with Private Balcony
Lease Structure: Month-to-Month
Occupancy: 4 of 6 units occupied (67% vacancy)
Immediate Upside: Existing vacancy enables near-term lease-up and repositioning to market
Commercial & Rooftop Component
Ground-Floor Commercial: 100% occupied
Rooftop Retail: In-place cell tower lease
Annual Commercial + Rooftop Income: $307,550
High-margin income stream that materially offsets operating expenses and supports strong stabilized yield
Income Summary (Pro Forma)
Residential Income (Annual – Pro Forma): $379,095
Commercial & Rooftop Income (Annual): $307,550
Total Annual Rental Income (Pro Forma): $686,645
Operating Expenses
Total Annual Operating Expenses: $214,209
Real Estate Taxes: $158,508
Water: $2,720
Utilities: $11,954
Insurance, R&M, Management, Professional Fees, Misc.: Included
Net Operating Income (NOI)
Annual NOI (Pro Forma): $472,437
Monthly NOI: $39,370
Pro Forma Cap Rate at Asking: ~5.8%
Development & Zoning
Development Rights in Place: Ability to add 4 additional floors
Rights may be:
Allocated entirely to 286 8th Avenue, or
Split between 286 & adjacent 288 8th Avenue if acquired together
Value-Add & Strategic Considerations
Lease-up of vacant residential units
Repositioning of residential layouts toward full market rents
Vertical expansion utilizing available FAR
Ability to operate as a swing building in a combined assemblage strategy
Preliminary studies by a local architectural firm (20+ years experience) confirm zoning and development feasibility, including alignment with City of Yes / MIH affordability frameworks
Affordability & Policy Framework
Preliminary analysis indicates potential to:
Redevelop the site
Generate MIH / City of Yes affordability certificates
Monetize certificates via sale to adjacent developers seeking affordability compliance
Location Highlights
~5-minute walk to High Line and Madison Square Garden
~15-minute walk to Hudson Yards
One block from Chelsea Target
Positioned along a primary Chelsea corridor surrounded by newer construction
Asset Characteristics
Wider building footprint than many newer developments
Higher ceilings with loft-style layouts
Flexible interior configurations relative to recently built apartment product
Investment Highlights
Prime Chelsea location
Strong pro forma NOI with upside
Significant commercial and rooftop income
Vertical development rights in place
Multiple value-creation pathways (lease-up, repositioning, development, assemblage)
Investment Summary
286 8th Avenue presents a rare opportunity to acquire a Chelsea mixed-use asset with in-place income, meaningful vacancy-driven upside, and by-right vertical development potential—all within one of Manhattan’s most supply-constrained and institutionally sought-after neighborhoods.
Please submit all offers directly to:📧 investments@promiselandrealtyllc.com
Property Map
OFFICIAL PROMISELAND LENDING PARTNER
100% Financing for Rehab Projects
Powered by Residential Capital Partners
ResCap is a direct private lender offering zero-money-down loan options for 1-4 unit residential investment flips & rentals across the U.S.
🔹 100% Financing – Covers purchase + rehab
🔹 Fast Closings – ~10 days
🔹 Credit Requirements – 620+ FICO (Rehab), 660+ FICO (DSCR)
🔹 Loan Size – $75K–$1.25M
🔹 Rates – 10.9%–11.9% | 2–3% origination | 1st lien
🔹 Serviced In-House | Virtual Inspections | No Owner-Occ or Rural Props
Nationwide Coverage (Excludes: AK, AZ, NV, PA)
Proof of Funds Available
This listing is proudly sponsored by Residential Capital Partners – trusted lending for the nation’s best flippers.
For more info email sarter@promiselandrealtyllc.com or text (864) 762-2509
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PROMISELAND DISCLAIMER:
Promiseland Realty LLC is a nationwide real estate consulting firm specializing in off-market investment opportunities, strategic acquisitions, and real estate advisory services.
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All off-market properties are sold As-Is, Where-Is. Buyer is responsible for conducting their own due diligence. Properties are conveyed via warranty deed, and Promiseland Realty LLC is selling its assignable contractual interest.
Proof of Funds is required with all offers. Earnest Money Deposit (EMD) is due within 48 hours of an accepted offer. All closings are facilitated through a licensed title company or closing attorney.
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