Key Features
Prime Location in the Lower East Side
Situated in one of Manhattan’s most rapidly developing neighborhoods, 138-140 Ludlow Street offers access to the vibrant lifestyle and culture of the Lower East Side. This location is known for its proximity to top-tier restaurants, nightlife, galleries, and boutique shops, making it an attractive spot for renters.
Investment-Grade Property
With 15 well-sized units, each averaging 659 square feet, this six-story building offers a great mix of residential living spaces, which are easily adaptable to the changing demands of the market. The property is a strong candidate for investors seeking reliable, long-term rental income in a sought-after area of the city.
Solid Cap Rate
At a cap rate of 6.10%, this investment offers an appealing return relative to the current market, particularly in such a high-demand location. The property’s competitive cap rate reflects its strong potential for consistent revenue generation from market-rate rents.
Efficient Use of Space
The building’s total gross building area of 21,500 square feet provides ample room for the 15 units. Each floor averages 3,583 square feet, ensuring efficient floorplans that maximize both the living space and the potential for revenue.
Class C Building with Growth Potential
The property, classified as a Class C building, is a mid-rise structure that offers potential for value appreciation and minor renovations. Investors may explore opportunities for improving the property and potentially increasing its market value.
Conclusion
138-140 Ludlow Street represents an excellent opportunity for investors to capitalize on a prime Lower East Side location with solid rental income potential. With 15 units, a competitive cap rate, and a growing neighborhood, this property is well-suited for those looking to expand their portfolios in one of New York City’s most dynamic areas.
