Listed by Marcus & Millichap - NYM Group, Marcus & Millichap - Manhattan
$15,750,000
123-125 Mulberry Street and 186 Hester Street
Details
Property Type Multifamily, Mixed Use
Sub Type Apartment Building
Square Footage 15,109
Units 11
Cap Rate 5.3%
NOI $834,750
Price per SqFt $1,042
Year Built 1910
Buildings 2
Zoning C6-2G
Ground Lease No
About This Property
Marketing description
The New York Multifamily team is pleased to exclusively offer 123-125 Mulberry Street and 186 Hester Street, located in prime Little Italy/NoLita. These assets are located off the Northwest corner of Mulberry Street and Hester Street, spanning a total of 15,109 square feet, offering a combined 11 total units: 1 commercial and 10 Residential between both assets. These properties are zoned C6-2G, located in the Little Italy District. 123-125 Mulberry Street is Tax Class 2B Protected, and 186 Hester Street is Tax Class 2A Protected. (Block: 206, Lot: 17 and 14
Investment highlights
- Tax Class Protected 2A and 2B: The properties benefit from the highly coveted Tax Class 2A and Tax Class 2B designation, providing exceptional tax stability. Under this classification, real estate taxes are capped at a maximum increase of 8%annually and no more than 30% over any five-year period, offering investors predictable expenses and long-term downside protection in a rising tax environment
- Core Plus: 123–125 Mulberry Street and 186 Hester Street present a compelling Core-Plus investment opportunity, offering immediate in-place income with clear pathways to drive long-term value through strategic unit reconfiguration and operational optimization. A key driver of future value lies at 186 Hester Street, where the building’s larger unit layouts provide a unique opportunity to reposition select apartments into highly desirable two- and three-bedroom configurations. By optimizing existing floor plans and modernizing interiors over time, a new owner can meaningfully enhance rental income while maintaining occupancy stability.
- Premier Retail Anchor – Il Cortile: Combined and anchored by Il Cortile, a world-renowned Italian restaurant that has operated in Little Italy for decades, serving as the flagship retail tenant spanning from the neighboring building at 121Mulberry Street through 186 Hester Street interior. Its longstanding presence and destination status generate consistent foot traffic from both locals and tourists, reinforcing the strength and visibility of the retail component. From an investment perspective, Il Cortile provides stable, legacy tenancy and positions the asset as a differentiated mixed-use investment, combining dependable retail income with strong residential fundamentals in one of Manhattan’s most established corridors.
- Trophy Location: World Renown as one of the best streets in Little Italy, 123-125 Mulberry Street and 186 Hester Street is perfectly positioned between the charm of SoHo, the energy on Chinatown, and the culture of NoLIta. Situated just steps from Elizabeth Street Garden, The Old St. Patrick’s Cathedral, high-profile retailers in SoHo, and world-famous Little Italy restaurants, any purchaser or investor will benefit from this location for generations to come. Given all these compelling factors, high-profile residents, restaurants, including tenant Il Cortile, and retailers are eager to pay a premium for all this location has to offer.
Listing Contacts
Listed by Marcus & Millichap - NYM Group, Marcus & Millichap - Manhattan
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$834,750.00
$69,562.50/mo
Valuation Metrics
0
DSCR
5.3%
Cap Rate
5.3%
ROI
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