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239 Elizabeth St 12 Unit Apartment Building $7,000,000 ($583,333/Unit) 6.70% Cap Rate New York, NY 10012
Investment Highlights
- 6.7% cap on in-place income
- 7,670 SF mixed-use building
- Protected Tax Class 2B designation
- Prime Elizabeth Street location between Prince & Houston
Executive Summary
239 Elizabeth Street is a meticulously maintained, mixed-use trophy asset spanning a total of 7,670 square feet. Falling into the highly desirable tax class 2B protected status, assessed values can increase by no more than 8% annually, and by no more than 30% over any given 5-year period. The asset comprises 11 residential units over ground-floor retail, with a diverse mix of studio, one, and two-bedroom apartments. Additionally, two rent-stabilized apartments will be delivered vacant upon sale, providing flexibility for future ownership to house friends & family members.
239 Elizabeth Street recently underwent a significant, top-to-bottom renovation since acquisition. The free-market residential units offer brand new high-end finishes that rival condominium-level quality. Features include hardwood flooring, custom kitchen cabinetry, stainless steel appliances, and modern bathroom fixtures. All free-market units have been updated with luxury-grade materials to appeal to discerning renters seeking premium living spaces in NoLIta. Asking a 6.7% CAP rate, any investor can capitalize on a strong existing stream of cash flow while capturing the increase in demand for both retail and residential in Manhattan's most premier submarket.
World-renowned as one of the best blocks in NoLIta, let alone New York City, 239 Elizabeth Street is nestled on the prime retail corridor between Prince & East Houston Streets where retail rents command over $300/sf and residential rents continue to boom. Strategically & conveniently located steps from SoHo, Little Italy, the Elizabeth Street Garden, New York University, Washington Square Park, and internationally-acclaimed bars & restaurants, any purchaser or investor will benefit from this location for generations to come. Additionally, given its immediate and central proximity to incredible transportation, restaurants, and other amenities in the NoLIta neighborhood, high-profile renters are eager to pay a premium for all this location has to offer.
239 Elizabeth Street recently underwent a significant, top-to-bottom renovation since acquisition. The free-market residential units offer brand new high-end finishes that rival condominium-level quality. Features include hardwood flooring, custom kitchen cabinetry, stainless steel appliances, and modern bathroom fixtures. All free-market units have been updated with luxury-grade materials to appeal to discerning renters seeking premium living spaces in NoLIta. Asking a 6.7% CAP rate, any investor can capitalize on a strong existing stream of cash flow while capturing the increase in demand for both retail and residential in Manhattan's most premier submarket.
World-renowned as one of the best blocks in NoLIta, let alone New York City, 239 Elizabeth Street is nestled on the prime retail corridor between Prince & East Houston Streets where retail rents command over $300/sf and residential rents continue to boom. Strategically & conveniently located steps from SoHo, Little Italy, the Elizabeth Street Garden, New York University, Washington Square Park, and internationally-acclaimed bars & restaurants, any purchaser or investor will benefit from this location for generations to come. Additionally, given its immediate and central proximity to incredible transportation, restaurants, and other amenities in the NoLIta neighborhood, high-profile renters are eager to pay a premium for all this location has to offer.
Property Facts
| Price | $7,000,000 | Property Subtype | Apartment |
| Price Per Unit | $583,333 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.70% | Lot Size | 0.04 AC |
| Gross Rent Multiplier | 11.1 | Building Size | 7,670 SF |
| No. Units | 12 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 1914 |
| Zoning | C6-2, New York (C7) | ||
| Price | $7,000,000 |
| Price Per Unit | $583,333 |
| Sale Type | Investment |
| Cap Rate | 6.70% |
| Gross Rent Multiplier | 11.1 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.04 AC |
| Building Size | 7,670 SF |
| No. Stories | 6 |
| Year Built | 1914 |
| Zoning | C6-2, New York (C7) |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 12 | - | - |
1 1
Exceptionally walkable
100/100
Somewhat drivable
30/100
Exceptional public transit
100/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 0508-0042 | Improvements Assessment | $628,967 |
| Land Assessment | $35,006 | Total Assessment | $663,973 |
Property Taxes
Parcel Number
0508-0042
Land Assessment
$35,006
Improvements Assessment
$628,967
Total Assessment
$663,973
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