Prime Multi-Family Investment Opportunity – 302 Canal Street
Address: 302 Canal Street, New York, NY, 10013
Asking Price: $6,945,550 ($1,389,110/Unit)
Cap Rate: 5.75%
Sale Type: Investment
Property Type: 2-Star Mid-Rise Apartment Building
Location: Central Business District (CBD)
Number of Units: 5
Stories: 5
Class: C
Gross Building Area (GBA): 6,766 SF
Typical Floor Size: 1,128 SF
Number of Buildings: 1
Units per Acre: 167/AC
Market Segment: All
Rent Type: Market
Property Overview:
Located in the bustling Canal Street corridor, 302 Canal Street presents an exceptional multi-family investment opportunity in one of NYC’s most vibrant retail and residential districts. This five-unit mid-rise apartment building offers market-rate rental income, strong occupancy potential, and long-term appreciation in a high-traffic, high-demand area near Chinatown, Tribeca, and SoHo.
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Key Features:
Premier Canal Street Location:
- Situated on Canal Street, one of Manhattan’s busiest commercial and residential thoroughfares, ensuring consistent foot traffic and retail exposure.
- Steps from Chinatown, Tribeca, and SoHo, making it an ideal rental location for professionals, entrepreneurs, and long-term residents.
- Surrounded by retail shops, restaurants, and corporate offices, offering tenants a convenient and vibrant lifestyle.
Strong Investment Potential:
- Market-rate rental income with a 5.75% cap rate, ensuring steady cash flow and long-term appreciation.
- Five well-designed residential units, offering spacious layouts and tenant-friendly amenities.
- Potential for renovations and value-add improvements, allowing for higher rental income in a competitive market.
Efficient & Functional Building Layout:
- 6,766 SF total building area, spread across five floors, providing efficient and spacious unit layouts.
- Typical floor size of 1,128 SF, catering to modern tenant needs.
- Class C designation, allowing for customized upgrades to maximize investment returns.
Excellent Transit Access:
- Steps from major subway lines (J, Z, N, Q, R, W, 6), ensuring easy access to Midtown, Downtown, and Brooklyn.
- Located in a walkable, high-traffic neighborhood, making it highly desirable for renters and investors.
High-Demand Rental Market:
- The Canal Street area continues to attract professionals, students, and long-term residents, ensuring high occupancy rates.
- Ideal for market-rate rentals, short-term leasing, or long-term investment growth.
Highlights:
✔ $6,945,550 investment opportunity with market-rate rental income
✔ Five-unit, five-story mid-rise apartment building in a high-demand rental market
✔ 5.75% cap rate, providing strong investment returns
✔ 6,766 SF of residential space in a prime NYC location
✔ Located in a thriving cultural and business district with high tenant demand
✔ Convenient transit access, steps from multiple subway lines
Conclusion:
302 Canal Street presents an excellent opportunity for investors looking to acquire a high-income multi-family asset in a dynamic Manhattan neighborhood. With strong rental potential, a high-traffic location, and long-term appreciation prospects, this property is ideal for investors seeking a stable, high-yield investment in NYC.
Contact us today to schedule a private tour and secure this outstanding investment property!
