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.
