4512 3rd Ave
Free Market Mixed-Use Multifamily | 6 Units | Low Rents | Value-Add
Investment highlights
No History of Rent Regulation: The property was previously converted from a 3-family over retail to a 5-family over retail and has never been subject to regulation.
Significant Upside in Rent Roll: Residential units are in livable condition, but would benefit from light renovation to maximize rents. Conservative projections suggest improvement in NOI to $170K+ in the near term, as tenants renew or apartments are renovated and re-leased.
Owner User Potential: Ground floor commercial unit and residential units have leases expiring within the next two years, presenting opportunity for future owner-occupancy.
Ground Floor Built Full: Ground floor is built full 20’ x 100’, providing ample space for retail and a valuable private terrace for the second floor residential unit
Mixed-Use Asset Profile: Residential units above commercial space provide diversified income streams and long-term demand from both tenants and owner-users
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