Residential Investment Property for Sale – 211 Henry Street, New York, NY 10002
Asking Price: $7,300,000 ($730,000 / Unit)
Cap Rate: 6.28%
Sale Type: Investment
Property Type: 2-Star Mid-Rise Apartments
Location: CBD – Lower East Side (10002)
Availability: Immediate
Property Overview
211 Henry Street presents a 10-unit multifamily investment opportunity in Manhattan’s Lower East Side, one of the city’s most culturally vibrant and high-demand residential submarkets. The 5-story, 7,590 SF building was originally built in 1900 and fully renovated in 2018, offering updated finishes while retaining its classic character.
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With all market-rate units, the property provides investors with stable in-place income and attractive upside potential supported by neighborhood rental growth.
Key Features
- Total Units: 10
- Asking Price per Unit: $730,000
- Stories: 5
- Gross Building Area (GBA): 7,590 SF
- Typical Floor Size: ~1,745 SF
- Building Class: C (2-Star Mid-Rise)
- Units per Acre: ~250
- Construction: Masonry, walk-up configuration
- Roof: Flat
- Siding: Brick
- Sprinklers: None
- Metering: Individually metered utilities
- Year Built: 1900
- Renovated: 2018
Market Profile
- Rent Type: 100% Market-rate units
- Tenant Base: Mix of professionals, students, and long-term renters drawn to Lower East Side lifestyle
- Neighborhood Demand: LES remains one of Manhattan’s strongest rental submarkets, fueled by young professionals, nightlife, dining, and proximity to downtown employment hubs
- Competitive Advantage: Fully renovated in 2018, individually metered units, and market rents position this building for strong NOI stability and growth
Financial Highlights
- Asking Price: $7,300,000
- Price per Unit: $730,000
- Price per SF: ~$962
- Cap Rate: 6.28% (stabilized returns for a Manhattan asset)
- Upside Potential: Ability to raise rents in line with ongoing LES rental growth and long-term appreciation
Location Advantages
- Neighborhood: Lower East Side – a vibrant cultural and residential hub
- Proximity: Essex Market, Seward Park, East River waterfront, and multiple dining/nightlife destinations
- Transit: Served by F, J/Z, B/D trains at Delancey/Essex and East Broadway station (F)
- Tenant Demand: High demand from professionals, artists, and students due to location and connectivity
Summary
The 10-unit, 7,590 SF property at 211 Henry Street offers investors a stabilized 6.28% cap rate and long-term upside in Manhattan’s Lower East Side. Priced at $7.3M (~$730K/unit), this fully renovated, market-rate walk-up represents a core-plus multifamily acquisition with strong income, individually metered utilities, and prime neighborhood appeal.
