Multi-family

Stabilized Multifamily Investment on the Lower East Side – 24 Allen Street

Address: 24 Allen Street, New York, NY, 10002
Asking Price: $8,500,000 ($566,667/unit)
Cap Rate: 3.00%
Sale Type: Investment Sale
Type: 2-Star Mid-Rise Apartments
Location: CBD – Lower East Side / Chinatown
Units: 15
Stories: 6
Building Class: C
Gross Building Area (GBA): 10,270 SF
Typical Floor Plate: 1,712 SF
Number of Buildings: 6
Units per Acre: 277/AC
Rent Type: Market Rate
Market Segment: Long-Term Investors, 1031 Exchange, Private Capital, Multi-Asset Portfolio Holders

Property Overview:

24 Allen Street presents a rare opportunity to acquire a well-maintained, income-producing multifamily property in Manhattan’s bustling Lower East Side. With 15 fully market-rate units across six buildings totaling over 10,000 SF, this asset offers both immediate income and future upside in one of New York’s most culturally vibrant neighborhoods.

Investment Highlights:

✔ Asking Price: $8.5M or $566,667 per unit
✔ Cap Rate: 3.00% – stable income from fully market-rate tenancy
✔ Building Size: 10,270 SF across 6 buildings – providing operational flexibility
✔ Unit Mix: 15 residential units – prime for future rent growth and repositioning
✔ Efficient Layout: Typical floor plates of 1,712 SF with solid construction and long-term durability

Location Benefits:

✔ Located near the intersection of Allen Street and Canal Street – high foot traffic and excellent visibility
✔ Walking distance to Essex Market, Chinatown, Dimes Square, and East Broadway
✔ Surrounded by galleries, nightlife, tech offices, and trendy restaurants
✔ Convenient access to the F, B, D, J, M, and Z subway lines

Highlights:

✔ 100% market-rate units with full upside control
✔ Strong long-term rental demand in a thriving downtown neighborhood
✔ Ideal for family offices, private investors, or portfolio expansion in a high-barrier market
✔ Strategic location with retail, residential, and hospitality synergy

Conclusion:

24 Allen Street delivers a stable yet flexible investment opportunity in one of New York City’s most dynamic neighborhoods. With steady income, solid fundamentals, and significant future value potential, this multifamily asset is well-positioned for both defensive investing and strategic long-term growth.

Request the full financial package or schedule a property tour today.