SIX STORY RENOVATED MIXED USE BUILDING FOR SALE
OPPORTUNITY ZONE
85-87 PITT STREET NEW YORK, NEW YORK
Location: West side of Pitt Street between Rivington and Stanton Streets
Block: 344
Lot: 68
Lot Size: 50’ x 60’
Building Size:
Basement: 50’ x 47’irr = 2,000 sq. ft.
Store: 50’ x 47’irr = 2,000 sq. ft.
2nd Floor: 50’ x 47’irr = 2,000 sq. ft.
3rd Floor: 50’ x 47’irr = 2,000 sq. ft.
4th Floor:
5th Floor:
6th Floor:
50’ x 47’irr = 2,000 sq. ft.
50’ x 47’irr = 2,000 sq. ft.
50’ x 47’irr = 2,000 sq. ft
Stories: Six (6) Plus Full Basement Gross Square Feet: 12,000 (Approximately)
Zoning: (FAR) R7A (4.0)
Assessment:
Real Estate Taxes:
$1,566,450 (23/24)
$195,837.60
Description: A 50’ wide 21 unit six (6) story renovated mixed- use building. The building has three stores on the ground floor and twenty-one apartments above. Each floor has four apartments they are a mixture of one and two bedroom units. Each unit is individually metered, the tenants pay there own electric and gas for cooking. New Laundry room, intercom system, new gas boiler, new courtyard and common areas. The property is also in a opportunity zone which has big capital gains benefits. This is a prime investment opportunity because the units are free market with short term leases. Since the building is renovated an investor will save on capital improvements. The building is close to Delancey Street which has all the fine retail stores.
Revenue:
Unit Description Unit Type Revenue LXP Ground Floor: Store 1 Commercial $3,193.00 2/28/33
Store 2-Grocery Store, Commercial, $6,200.00, 3/31/29
Apt 1-2 Bedroom with yard, Rent Stabilized, $935.24, 8/31/24
Second Floor:
Apt 2 - One Bedroom, Rent Stabilized, $906.83, 10/31/24
Apt 3 - One Bedroom, Free Market, $2,950, 4/30/25
Apt 4 - Two Bedroom, Free Market, $3,800, 6/30/24
Apt 5 - Two Bedroom, Free Market, $3,600, 3/31/25
Third Floor:
Apt 6 - One Bedroom Free Market, $2,900, 10/31/24
Apt 7 - One Bedroom, Free Market, $3,200, 5/31/24
Apt 8 - Two Bedroom, Free Market, $3,750, 6/30/24
Apt 9 - One Bedroom, Free Market, $4,000, 6/30/24
Fourth Floor:
Apt 10 - Two Bedroom Free Market $2,950, 2/28/25
Apt 11- One Bedroom, Free Market, $3000, 7/31/24
Apt 12 - Two Bedroom, Free Market, $4300, 7/31/24
Apt 13 - Two Bedroom, Free Market, $3,400, 4/30/24
Fifth Floor:
Apt 14 - One Bedroom, Free Market, $2750, 4/30/25
Apt 15 - One Bedroom, Free Market, $3150, 4/30/25
Apt 16 - Two Bedroom, Free Market, $3300, 4/30/25
Apt 17 -Two Bedroom, Free Market. $3100, 4/30/25
Sixth Floor: Apt 18 -One Bedroom, Free Market, $2750,4/30/25
Apt 19 - One bedroom, Rent Stabilized, $1003.05.01/31/25
Apt 20 - Two Bedroom, Free Market, $3300, 4/30/25
Apt 21 - Two Bedroom, Free Market, $4100, 5/31/24
Cell Tower $1,123.90
Total Monthly Income: $73,662.02
Annual Water Reimbursement: $3,856.00
Total Annual Income: $887,800.24
Note: Cell tower lease expires in 3/31/29
Expenses:
Real Estate Taxes: $195,837.60
Water & Sewer: $23,000
Insurance: $8,000
Fuel gas: $12,000
Electric: (common areas) $3,000
Repairs & Maintenance: $5,000
Super: $2,300
Management 2%: $17,756
Total Annual Expenses: $266,893.6
Net Operating Income: $620,906.64
ASKING PRICE: $10,999,000 CAP RATE: 6%
| Attachment | Size |
|---|---|
| Setup of the building (1.34 MB) | 1.34 MB |