Thursday, April 10, 2014

629 E. 5th St. arrives on the market for $12.5 million



There's a new listing for 629 E. Fifth St., a building on the north side of the cul-de-sac between Avenue B and Avenue C.

Per Massey Knakal:

The building consists of approximately 18,550+/- gross square feet. There are 24 residential units, all of which are Free Market. Of the 24 apartments, 13 are month-to-month, 6 expire at the end of April, 3 are currently vacant and 2 expire between May and July. The rents are performing at less than 75% of market and considering the building is fully deregulated, an investor could quickly bring the units up to market rents as the leases expire. Therefore, a gross annual income of around $930,000 could be achieved in a relatively short period.

And that price: $12.5 million.
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1 comment:

  1. AnonymousApril 10, 2014 at 8:45 AM

    I lived next door to this building between 82"-84". At that time the only options to leave the cul-de-sac was through a rubble filled lot to the north or along the schoolyard wall to the south which had a constant line of young junkies looking to buy. The infamous calls of "red light" "blue light" came from lookouts as you entered the block. My two bedroom apartment which faced a sunny southern view was $325. I wonder what rents will be like once this building's new owner puts a "party space" on the roof?

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