For Sale: Value-Add Multifamily Investment – 109 Eldridge Street, New York, NY 10002
Asking Price: $9,250,000
Price/Unit: $462,500
Cap Rate: 6.00%
GBA: 11,562 SF
Units: 20 Market-Rate Apartments
Stories: 6
Building Class: C
Building Type: 2-Star Mid-Rise Apartments
Sale Type: Investment
Location: Lower East Side / Chinatown – CBD Core
Status: Active
Property Overview:
109 Eldridge Street offers an exceptional opportunity to acquire a 20-unit, 6-story multifamily property in one of Lower Manhattan’s most dynamic and evolving neighborhoods—just off Delancey Street and steps from the Grand Street subway station. With 11,562 square feet of gross building area and all units market-rate, this asset offers a rare combination of stable cash flow and value-add upside in the heart of the city’s Central Business District (CBD).
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Situated in the Lower East Side/Chinatown corridor, the building enjoys access to strong residential demand, cultural vibrancy, and continued retail and development growth. The property generates a 6.00% cap rate, making it an attractive acquisition for investors seeking yield and long-term appreciation.
Key Features:
- 100% market-rate unit mix allowing for rental flexibility and upside
- Prime Lower East Side location with immediate access to transit (B/D, F/M, J/Z)
- Full brick façade with solid structure and long-term repositioning potential
- Surrounded by nightlife, restaurants, new hotels, and residential development
- Average floor size of 1,832 SF across six stories
Investment Highlights:
- Asking Price: $9,250,000
- Price/Unit: $462,500
- Cap Rate: 6.00% (in-place income)
- Gross Building Area: 11,562 SF
- Units: 20 (All Market-Rate)
- Building Class: C | Stories: 6
- Positioned in one of Manhattan’s most consistently high-demand rental markets
Conclusion:
109 Eldridge Street represents a rare opportunity to purchase a fully market-rate multifamily asset in a gentrifying core location with a healthy cap rate and long-term upside. Ideal for private investors or mid-size multifamily operators, the property offers a mix of stable income, strong location fundamentals, and repositioning potential in one of Manhattan’s most resilient neighborhoods.
Contact us today for the full offering memorandum, rent roll, or to schedule a private property tour.
