90 Elizabeth Street, New York City, NY, 10310-2324
Mixed Use | 5.60% CAP | 10,670 SqFt
Marketing description
Grand & Co. is pleased to offer 90 Elizabeth Street—a well-maintained, 6-story, 21-unit mixed-use building in the heart of Chinatown / Little Italy, Manhattan.
With 10,670 SF, a strong unit mix of free market and regulated apartments, and two commercial spaces at grade, this property offers immediate cash flow with significant upside.
The building features 8 free market units (52% of income), 9 rent stabilized units, 2 rent controlled units, and 2 commercial spaces. The current cap rate is 5.55% with a pro forma cap rate of 6.51%—achievable through modest lease-up of below-market commercial rents and free market unit turnover.
Priced at $521/SF and $265K/unit, 90 Elizabeth presents a compelling basis for investors seeking stable income in one of Manhattan's most dynamic and rapidly appreciating neighborhoods.
Investment highlights
- Cash-Flow: Strong current income with 5.55% cap rate and stable tenant base
- Value-Add: Mark-to-market commercial rents and turn free market units at premium rents
- Long-Term Hold: Regulated rent growth plus Chinatown's continued appreciation trajectory
- Income upside: Commercial Unit 1 is month-to-month at $7,000/mo vs. pro forma $9,500/mo. Unit 1R Unit 1R is now vacant; pro forma $4,500/mo. Combined commercial upside of ~$41K annually.
- Residential upside: 8 free market units averaging $2,696/mo with potential to push $2,800–$3,000/mo on turnover. 2 Vacant resi units.
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