629-631 East 5th Street, New York, NY STAND-ALONE ELEVATOR BUILDING 6-Story, 24 Unit Free Market Apartment Buildling
FOR SALE PROPERTY INFORMATION Location:
North side of the East 5th Street cul-de-sac between Avenue B and Avenue C
Block / Lot:
387 / 153
Lot Size:
46.3' x 97.08'
Approx.
Lot Area:
4,494
Approx. SF
Building Size:
46.3' x 80'
Approx.
Stories:
6
Building Gross SF:
18,550
Residential Units:
24
Zoning:
R8-B
Approx. SF
Residential FAR:
bl ic 64 Sch o
Pu
East 5th Street
Avenue C
Avenue B
ol
East 6th Street
4.0
Assessment (15/16):
$
1,356,900
Taxes (15/16):
$
174,809
The subject property is a six-story elevator building, located on the north side of the East 5th Street cul-de-sac between Avenue B and Avenue C. The building is unique in that it is fully unobstructed by neighboring buildings which provides excellent light into the building. The building consists of approximately 18,550 gross square feet. There are 24 residential units, all of which are Free Market. The rents are performing at approximately 70% of market and considering the building is fully deregulated, an investor could quickly bring the units up to market rents since all of the tenancy is short term. Therefore, a gross annual income of around $985,000 could be achieved in a relatively short period. The current gross rents are approximately $696,000, with an estimated NOI of approximately $421,000. The estimated expenses are around $275,000 and the projected Net Operating Income is approximately $674,000. The possibility exists to add basement amenities such as laundry and storage. Located in the East Village, 629 East 5th Street benefits from a wide array of city’s best shopping, dining and nightlife options. The neighborhood has experienced rapid transformation in recent years that has attracted a younger population drawn to the area’s new developments.
Asking Price: $18,500,000
East 4th Street
For more information, please contact Exclusive Agents: Michael F. DeCheser Executive Director (212) 660 7772
[email protected] Darragh Clarke Associate Director (212) 660 7737
[email protected] Mei Ling Wong Associate Director (212) 660 7716
[email protected] Cushman & Wakefield 275 Madison Avenue, 3rd Floor New York, NY 10016 phone: 212 696 2500 nyinvestmentsales.com
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