Mixed-use complex in Manhattan, New York, USA

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Mixed-use complex in Manhattan, New York, USA

$5,500,000
$6,485 /m²
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  • Total area
    848 m²
  • Yield
    5.6%
Details
Financial performance
  • Annual income: $286,339

A residential and commercial complex in Manhattan.

Description

The complex consists of 2 buildings and a courtyard, which can be used as a common outdoor space.

The housing stock consists of 18 apartments (15 of them are rent-stabilized).

The property includes:

  • facade building (8 apartments)
  • rear building (10 studio apartments)
  • commercial unit (vacant)

Gas and electric systems have been recently updated.

Financial performance

The cost of the property is 5,500,000 $.

The projected absolute annual income is 308,624 $.

The projected yield is 5,6%.

Location and nearby infrastructure

The building is located on the Lower East Side (Manhattan). There is the Columbus Park and a transport interchange nearby.

Lower East Side — a historic district of New York with old brick houses and narrow streets. Traditional architecture is combined with modern shops, restaurants and design studios.

In the 2000s the area experienced rapid gentrification.

Currently, the area has a huge selection of luxury boutiques, cafes and restaurants with cuisines from different countries.

There are some of the city’s best attractions, such as the SoHo district with art galleries, museums, nightclubs, bars, and the Nolita area (“North Little Italy”) nearby.

Travel time to:

  • John F. Kennedy Airport — 30 minutes by taxi (without traffic jams)
  • La Guardia airport — 20 minutes by taxi (without traffic jams)
  • Times Square — 19 minutes by subway
  • Wall Street/ Financial District — 15 minutes by subway

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