49 Orchard Street / 48 Allen Street
Retail | 6.46% CAP | 1,995 SqFt
Marketing description
49 Orchard Street and 48 Allen Street comprise a rare block-through retail condominium on the Lower East Side — one of the only properties of this scale with simultaneous frontage on both Orchard Street and Allen Street. The two units together offer 1,995 SF of ground-floor retail, with an additional 584 SF of elevator-connected, ADA-compliant cellar space on the Allen Street side.
The property is 100% occupied by New Ealam under two leases expiring simultaneously in May 2027. At the current asking price of $3,000,000, the in-place cap rate is 6.46% — a strong current-income profile for a Manhattan retail condo in a corridor with near-zero vacancy and demonstrably rising rents.
The 2027 lease expiration is the investment thesis. A buyer today secures in-place income at 6.46%, with a clear path to mark-to-market rents or owner-occupancy when both leases roll simultaneously.
Investment highlights
- True block-through frontage — simultaneous street presence on Orchard Street and Allen Street, a configuration rarely available at this scale in Manhattan
- Full condo ownership structure — no ground lease, no co-op approvals, no landlord above you; the asset is fully controlled and freely transferable
- 100% occupied with $249,000 gross annual income; in-place NOI of $193,940 generating a 6.46% return at the $3M ask
- Elevator-connected ADA-compliant cellar on the Allen Street side — 584 SF of below-grade selling or storage space with direct unit access
- Both leases expire May 2027 simultaneously — a clean, defined runway to mark rents to market, reconfigure, or take owner-occupancy without staggered transitions
- In-place rents of $124.81/SF sit below current LES market asking rents of $110–$160/SF, with clear upside at the 2027 rollover
- F, M, J, Z trains within 5-minute walk; Williamsburg Bridge and FDR Drive provide immediate vehicular access
- Surrounded by marquee neighbors: Katz's Delicatessen, Nine Orchard Hotel, Bode Fine Tailoring, Colbo, Supreme, Tenement Museum, The Ludlow Hotel
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