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115-117 Ludlow St 20 Unit Apartment Building $9,500,000 ($475,000/Unit) 6.28% Cap Rate New York, NY 10002
Investment Highlights
- Two side by side buildings
Executive Summary
KW Commercial has been exclusively retained for the sale of this two-building multifamily portfolio on the Lower East Side of Manhattan, offered together as a single package.
The offering comprises two adjacent walk-up buildings totaling 18 residential units and two ground-floor commercial spaces. The 18 residential units consist out of 8 two bedrooms and 10 three bedroom apartments of which 10 are RS and 8 FM. The store front spanning a combined 2,900 sf was a former grocery store and offers immediate commercial lease-up upside for a new owner.
The offering comprises two adjacent walk-up buildings totaling 18 residential units and two ground-floor commercial spaces. The 18 residential units consist out of 8 two bedrooms and 10 three bedroom apartments of which 10 are RS and 8 FM. The store front spanning a combined 2,900 sf was a former grocery store and offers immediate commercial lease-up upside for a new owner.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$952,982
|
$59.95
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$34,389
|
$2.16
|
| Effective Gross Income |
$918,593
|
$57.78
|
| Taxes |
$179,144
|
$11.27
|
| Operating Expenses |
$143,018
|
$9.00
|
| Total Expenses |
$322,162
|
$20.27
|
| Net Operating Income |
$596,431
|
$37.52
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $952,982 |
| Annual Per SF | $59.95 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $34,389 |
| Annual Per SF | $2.16 |
| Effective Gross Income | |
|---|---|
| Annual | $918,593 |
| Annual Per SF | $57.78 |
| Taxes | |
|---|---|
| Annual | $179,144 |
| Annual Per SF | $11.27 |
| Operating Expenses | |
|---|---|
| Annual | $143,018 |
| Annual Per SF | $9.00 |
| Total Expenses | |
|---|---|
| Annual | $322,162 |
| Annual Per SF | $20.27 |
| Net Operating Income | |
|---|---|
| Annual | $596,431 |
| Annual Per SF | $37.52 |
Property Facts
| Price | $9,500,000 | Property Subtype | Apartment |
| Price Per Unit | $475,000 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.28% | Lot Size | 0.09 AC |
| Sale Condition | Bulk/Portfolio Sale | Building Size | 15,897 SF |
| Gross Rent Multiplier | 10.3 | No. Stories | 6 |
| No. Units | 20 | Year Built | 1910 |
| Property Type | Multifamily | ||
| Zoning | C4-4A - R7A equiv. | ||
| Price | $9,500,000 |
| Price Per Unit | $475,000 |
| Sale Type | Investment |
| Cap Rate | 6.28% |
| Sale Condition | Bulk/Portfolio Sale |
| Gross Rent Multiplier | 10.3 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.09 AC |
| Building Size | 15,897 SF |
| No. Stories | 6 |
| Year Built | 1910 |
| Zoning | C4-4A - R7A equiv. |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | - | - |
| 3+1 | 10 | - | - |
1 1
Exceptionally walkable
100/100
Somewhat drivable
30/100
Exceptional public transit
100/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Numbers | Total Assessment | $1,440,190 | |
| Land Assessment | $240,722 | Annual Taxes | $179,144 ($11.27/SF) |
| Improvements Assessment | $1,199,468 | Tax Year | 2026 |
Property Taxes
Parcel Numbers
Land Assessment
$240,722
Improvements Assessment
$1,199,468
Total Assessment
$1,440,190
Annual Taxes
$179,144 ($11.27/SF)
Tax Year
2026
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115-117 Ludlow St
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