Listed by Ariel Property Advisors
$19,000,000
41 Avenue B
Details
Property Type Mixed Use
Sub Type Elevator Building
Square Footage 19,622
Units 24
Cap Rate 5.13%
NOI $974,807
Tenancy Single
Pro-Forma Cap Rate 6.57%
Price per SqFt $968
Year Built 1999
Stories 7
Lot Size (SqFt) 4,664
Zoning R7A / C1-5
Mixed Use | 5.13% CAP | 19,622 SqFt
Investment highlights
- Rare opportunity to acquire a predominantly free market, elevator mixed-use building in a premier Lower Manhattan location.
- Unique combination of strong, in-place cash flow and significant near term upside with limited capital expenditures.
- Built, owned and meticulously managed by an established, professional real estate developer and owner.
- Prime East Village location with abundant neighborhood
- amenities and convenient access to mass transportation.
- Short walk to Tompkins Square Park and the revitalized East River Park.
- Through the City of Yes, the property has approximately 3,743 sq. ft. of air rights that can be monetized in the future when sold to adjacent neighbors
- Ariel Property Advisors has been retained on an exclusive basis to arrange the sale of 41 Avenue B, a premier 7-story elevator mixed-use building located between E 3rd and E 4th Streets in the heart of the East Village.
- The Asset Constructed in 1999, 41 Avenue B is impeccably maintained & managed by the property’s original developer. The building contains 23 residential units over a ground commercial unit on the ground floor that is occupied by a popular, highly rated Japanese omakase restaurant.
- The residential unit mix consists of 10 one-bedroom units, 11 two-bedroom units, and 2 three-bedroom units. The expiration of a 421A tax abatement and unit turnover has led to 22 of the units enjoying free market status and the one remaining rent stabilized apartment will revert to free market status upon vacancy.
- Tenants enjoy a full amenity package that includes a virtual doorman, shared outdoor space in rear yard, a laundry room, and bicycle storage.
- Though all residential units are in excellent condition, enjoy abundant light and air and contain coveted private outdoor spaces, additional upside can be realized with modest cosmetic upgrades to the units and common areas.
- Dynamic East Village Location Located in the heart of the East Village— one of Manhattan’s most dynamic, “live-work-play” neighborhoods—41 Avenue B is ideally positioned to capitalize on the area’s surging rental demand. 41 Avenue B is steps away from the newly revitalized East River Park, Tompkins Square Park and many of the best retail, dining, and nightlife options that New York City has to offer. The property benefits from a host of nearby public transportation options, including the F/M and J/Z trains at the Delancey / Essex Street station, and the L train at the 1st Avenue station. The Williamsburg Bridge and FDR Drive provide multiple commuting options.
- The Opportunity 41 Avenue B presents investors with the ideal combination of strong, reliable existing cash flow and significant potential upside with limited capital requirements.
Listing Contacts
Listed by Ariel Property Advisors
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$974,807.00
$81,233.92/mo
Valuation Metrics
0
DSCR
5.13%
Cap Rate
5.13%
ROI
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