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116 Suffolk St 8 Unit Apartment Building $6,995,000 ($874,375/Unit) 6.71% Cap Rate New York, NY 10002
Investment Highlights
- Recently renovated apartments with updated finishes and modern amenities.
- Located two blocks from the Williamsburg Bridge and Essex Market, near major retail and dining.
- Excellent transit access with F, M, J, and Z subway lines within walking distance.
Executive Summary
116 Suffolk Street presents a fully occupied, renovated 9-unit mixed-use building in Manhattan’s Lower East Side. This five-story walk-up offers a compelling investment opportunity with an in-place 6.71% cap rate and significant upside potential through projected rent growth. The property consists of eight residential units and one ground-floor retail space, with 66% of the apartments at market rate and the remainder under stabilized or controlled status.
The building benefits from recent renovations, including modernized interiors and updated systems, reducing near-term capital expenditure requirements. Located steps from vibrant restaurants, boutique shops, and cultural destinations, the property is two blocks from the Williamsburg Bridge and Essex Market, ensuring strong tenant demand. Excellent transit access via the F, M, J, and Z subway lines enhances connectivity to the rest of Manhattan and Brooklyn.
With protected Tax Class 2B status and a desirable Lower East Side address, this asset offers investors stable cash flow, long-term appreciation potential, and exposure to one of New York City’s most dynamic neighborhoods.
The building benefits from recent renovations, including modernized interiors and updated systems, reducing near-term capital expenditure requirements. Located steps from vibrant restaurants, boutique shops, and cultural destinations, the property is two blocks from the Williamsburg Bridge and Essex Market, ensuring strong tenant demand. Excellent transit access via the F, M, J, and Z subway lines enhances connectivity to the rest of Manhattan and Brooklyn.
With protected Tax Class 2B status and a desirable Lower East Side address, this asset offers investors stable cash flow, long-term appreciation potential, and exposure to one of New York City’s most dynamic neighborhoods.
Property Facts
| Price | $6,995,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $874,375 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.06 AC |
| Cap Rate | 6.71% | Building Size | 9,000 SF |
| No. Units | 8 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1910 |
| Property Subtype | Apartment | ||
| Zoning | R7A - Located in the Lower East Side neighborhood of Manhattan between Rivington St & Delancy St near the Essex St subway station. | ||
| Price | $6,995,000 |
| Price Per Unit | $874,375 |
| Sale Type | Investment |
| Cap Rate | 6.71% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 9,000 SF |
| No. Stories | 5 |
| Year Built | 1910 |
| Zoning | R7A - Located in the Lower East Side neighborhood of Manhattan between Rivington St & Delancy St near the Essex St subway station. |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 4 | - | - |
| 3+1 | 3 | - | - |
| 3+2 | 1 | - | - |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 0348-0010 | Improvements Assessment | $223,351 |
| Land Assessment | $24,784 | Total Assessment | $248,135 |
Property Taxes
Parcel Number
0348-0010
Land Assessment
$24,784
Improvements Assessment
$223,351
Total Assessment
$248,135
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