We are excited to offer 19 Allen Street, a 2-star mid-rise apartment building available for purchase in the highly sought-after Lower East Side of Manhattan. Priced at $5,500,000, this property offers a compelling investment opportunity with a cap rate based on affordable, rent-stabilized units and a price of $366,667 per unit.
Property Overview:
- Address: 19 Allen Street, New York, NY, 10002
- Sale Price: $5,500,000 ($366,667/Unit)
- Property Type: 2-Star Mid-Rise Apartments
- Location: CBD (Central Business District)
- Units: 15
- Stories: 5
- Class: C
- Gross Building Area (GBA): 6,495 SF
- Typical Floor Area: 1,299 SF
- Number of Buildings: 1
- Units per Area: 396/AC
- Market Segment: All
- Rent Type: Affordable (Rent Stabilized)
- Affordable Units: 14
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Key Features:
- Prime Lower East Side Location: Situated in the heart of Manhattan’s Lower East Side, 19 Allen Street offers access to a vibrant neighborhood known for its dynamic arts scene, diverse dining options, and excellent public transportation.
- Affordable Housing Opportunity: With 14 out of 15 units rent stabilized, this property provides a reliable and predictable income stream from long-term tenants benefiting from affordable housing policies.
- Investment Potential: Priced at $366,667 per unit, this property offers an attractive entry point for investors seeking properties with stable cash flow from affordable units, as well as the potential for long-term appreciation.
- Strategic Urban Setting: The building is located in the Central Business District, providing proximity to major business hubs, cultural landmarks, and entertainment venues, which enhance the demand for rental properties in this thriving neighborhood.
- Unit Layout and Size: The building spans 6,495 square feet with units averaging 1,299 square feet per floor. The spacious units cater to a range of tenant needs and are designed for long-term occupancy.
Conclusion:
19 Allen Street offers an exceptional investment opportunity in one of New York City’s most vibrant and sought-after neighborhoods. With 14 rent-stabilized units, a strategic Lower East Side location, and strong potential for both stable rental income and future appreciation, this mid-rise apartment building presents a rare opportunity for investors looking to acquire a solid, income-generating asset. Don’t miss out on this valuable addition to your real estate portfolio.
