This listing arrived late last week at Massey Knakal:
A 5 story, walk up apartment building located on the south side of East Tenth Street between First Avenue and Avenue A. The building consists of 7 residential units of which 6 are free market and 1 is rent stabilized. The average in-place rent is $65/SF while rents in the area have achieved more than $80/SF.
The ground floor can be converted to retail as-of right in order to take advantage of a block that has seen retail rents reach over $130/SF. The property also benefits from approximately 3,724 square feet of air rights.
This represents an excellent opportunity for an investor who is looking for stable cash flow and tremendous future upside in the highly sought after East Village neighborhood. Alternatively, it could serve as an ideal user opportunity to create a triplex unit.
Price: $6.3 million