20-Unit Market-Rate Multifamily Asset – 247 Broome Street
Address: 247 Broome Street, New York, NY, 10002
Asking Price: $8,000,000 ($400,000/Unit)
Cap Rate: 5.50%
Sale Type: Investment
Asset Type: 2-Star Mid-Rise Apartments
Location: CBD – Lower East Side
Units: 20
Average Unit Size: 426 SF
Stories: 5
Building Class: C
Gross Building Area (GBA): 10,030 SF
Typical Floor Size: 1,741 SF
# of Buildings: 1
Units per Acre: 401/AC
Rent Type: Market
Property Overview:
247 Broome Street offers investors the opportunity to acquire a market-rate, 20-unit multifamily property in one of Manhattan’s most sought-after rental corridors. Located in the heart of the Lower East Side, this well-positioned 5-story building offers strong in-place income, efficient unit layouts, and significant long-term upside in an area undergoing rapid development and gentrification.
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Investment Highlights:
✔ Prime LES Location: Located between Ludlow and Orchard Streets, steps from Essex Market, The Market Line, and the Delancey/Essex subway hub. Surrounded by trendy restaurants, nightlife, and boutique retail.
✔ All Market-Rate Units: Full control over leasing and rents. No rent-stabilized units or legacy restrictions—ideal for repositioning or continued income growth.
✔ Efficient Footprint & Layout: 20 compact units across 10,030 SF. Average unit size ~426 SF—appealing to students, young professionals, and pied-à-terre tenants.
✔ Attractive In-Place Income: Generating a 5.50% cap rate, with near-term upside through unit updates and area appreciation.
✔ Transit-Connected Neighborhood: Minutes to F, M, J, Z trains at Delancey–Essex; convenient for Brooklyn and Manhattan commuters
Property Summary:
- Price: $8,000,000
- Units: 20
- Cap Rate: 5.50%
- Stories: 5
- GBA: 10,030 SF
- Avg Unit Size: 426 SF
- Typical Floor Size: 1,741 SF
- Building Class: C
- Rent Type: Market
Conclusion:
247 Broome Street is a well-located, market-rate multifamily investment in the energetic core of the Lower East Side. With reliable cash flow, minimal regulatory overhead, and long-term growth potential, this property is ideal for investors seeking a scalable, income-producing asset in a high-demand Manhattan neighborhood.
Request the Offering Memorandum and schedule a private tour today.
