A few details from the listing:
Of the 20 residential units, 5 apartments (25%) are Rent Stabilized with an average monthly rent of $1,016, which represents over a 50% discount to current market rates. The remaining fifteen (15) one, two, and three bedroom apartments (75%) are free market with an average monthly rent of $2,903. 8 of the units have a washer and dryer and 3 units are duplexed with rooftop terraces. In total, the 20 occupied apartments are renting at well below market rates with an overall average monthly rent of $2,431, offering tremendous upside to new ownership.
In summary, the in-place rents at the Property are substantially below market and the building is in excellent physical condition. It has been very well maintained, evidenced by its continuous 100% occupancy. Located in one of Manhattan’s most desirable submarkets, the Property offers an opportunity for investors to reposition the building and capture the significant upside potential.
The listing notes that No Relation "recently signed a new 5-year lease with no options, 3% increases per annum."
Asking price: $13 million.