[Image via Streeteasy]
Here is information about the building between Avenue B and Avenue C … via Streeteasy (Marcus & Millichap has the listing):
249 East 2nd Street contains a gross square footage of 7,050. The property has frontage on both East 2nd Street and East Houston and is built 25 feet by 54 feet deep (Block: 00384 Lot: 0029 ). The property is zoned R8A and contains approximately 1,650 square feet of unused air rights.
The subject property is a five story multifamily building consisting of 20 studio apartments. Of the 20 units, 16 are free market and 4 are rent stabilized. The rent stabilized units provide an investor tremendous rental upside and immense potential for future rental growth.
The property represents a rare opportunity to acquire a cash flowing multifamily asset in the booming Alphabet City neighborhood. With a going-in cap rate at 3.5%, the asset provides strong current cash flow with long-term future upside.
The building is adjacent to the former Mobil station off of Avenue C and East Houston. The station, which closed last September, will be demolished. There are plans in the works for a 10-story building with ground floor retail here.
As for 249 E. Second St., the asking price is $6.95 million.