For Sale: 232 Mulberry Street, New York, NY 10012
Asking Price: $9,995,000
Price/Unit: $526,053
Units: 19 (17 Rent-Stabilized)
Gross Building Area (GBA): 9,377 SF
Stories: 5
Class: C – Walk-Up, Masonry Construction
Sale Type: Investment
Location: Nolita / Central Business District (CBD)
Status: Active
Property Overview:
232 Mulberry Street offers a rare opportunity to acquire a stabilized, income-generating 19-unit multifamily building in the heart of Nolita, one of Manhattan’s most desirable downtown enclaves. This 5-story walk-up, originally built in 1900 and renovated in 2023, spans 9,377 square feet and includes 17 rent-stabilized units, offering long-term stability with future upside through continued capital improvements and turnover potential.
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Positioned between Prince and Spring Streets, the property benefits from consistent tenant demand, a strong residential base, and immediate access to top-tier retail, restaurants, and transit.
Key Features:
- Fully occupied 19-unit apartment building
- 17 rent-stabilized units, 2 free market
- Recent 2023 renovations including building systems and unit upgrades
- Solid masonry construction with individual metering
- Efficient unit mix and floor layouts across 5 stories
- Located in Nolita, one of NYC’s premier lifestyle districts
- Individually metered utilities for tenant responsibility
- No elevator – classic walk-up configuration
Investment Highlights:
- Asking Price: $9,995,000
- Cap Rate: In-place cap rate can be modeled upon request
- Stable cash flow from long-term tenancy
- GBA: 9,377 SF | Typical Floor Size: 1,650 SF
- Strong historical occupancy and low operating risk
- Steps from SoHo, Little Italy, NoHo, and multiple subway lines
Conclusion:
232 Mulberry Street represents a stable and strategically located multifamily asset with a significant presence in one of Manhattan’s strongest submarkets. With a blend of rent-stabilized units and recent capital upgrades, this property offers a solid in-place yield and potential long-term growth through future repositioning or natural turnover.
Contact us today for full financials, rent roll, or to schedule a confidential property tour.
