Multi-family

Mixed-Income Multifamily Asset in Lower East Side – 137–139 Allen Street

Address: 137–139 Allen Street, New York, NY, 10002
Asking Price: $8,000,000 ($333,333/unit)
Cap Rate: 6.06%
Sale Type: Investment Sale
Type: 3-Star Mid-Rise Apartments
Location: CBD – Lower East Side / Chinatown Border
Units: 24
Stories: 6
Building Class: B
Gross Building Area (GBA): 12,906 SF
Typical Floor Plate: 2,151 SF
Number of Buildings: 1
Units per Acre: 400/AC
Rent Type: Market & Affordable
Affordable Type: Rent Stabilized (18 of 24 units)
Market Segment: Workforce Housing, Value-Add Investors, Preservation Funds, Private Equity

Property Overview:

137–139 Allen Street presents a stabilized 24-unit multifamily building with strong in-place cash flow and a well-balanced rent roll. With 18 rent-stabilized units and 6 market-rate apartments, this asset combines long-term affordability compliance with operational upside. Located in the heart of the Lower East Side, the building is well-positioned for steady performance and strategic capital appreciation.

Investment Highlights:

✔ Price: $8,000,000 ($333,333/unit)
✔ Cap Rate: 6.06% – strong in-place return with stable tenancy
✔ Unit Mix: 75% rent stabilized (18 units), 25% market-rate (6 units)
✔ Building Size: 12,906 SF across six stories with efficient 2,151 SF floorplates
✔ Construction: Solid mid-rise walkup with Class B designation and updated mechanicals

Location Benefits:

✔ Located on Allen Street near Delancey and East Houston – in the heart of the LES
✔ Walkable to Essex Crossing, Dimes Square, and vibrant nightlife, dining, and cultural hubs
✔ Near major transit options: F, M, J, Z, B, and D subway lines
✔ High rental demand from young professionals, students, and creatives

Highlights:

✔ Stabilized income-producing asset with a 6.06% cap rate
✔ Significant future upside through natural turnover of regulated units
✔ Long-term preservation potential for socially responsible portfolios
✔ Located in a dynamic, high-demand Manhattan submarket with strong fundamentals

Conclusion:

137–139 Allen Street is a well-located, mixed-income multifamily investment in one of Manhattan’s most enduring rental markets. With stable returns, affordable housing protections, and strong long-term fundamentals, this property is ideally suited for investors seeking a balanced, reliable asset with upside opportunity in the Lower East Side.

Request financials, a rent roll, or schedule a confidential tour today.