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.
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