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41 Avenue B
New York, NY 10009
Adam's Court · Multifamily Property For Sale
·
21 Units
Executive Summary
Ariel Property Advisors has been retained on an exclusive basis to arrange the sale of 41 Avenue B, a premier 7-story elevator mixed-use building located between E 3rd and E 4th Streets in the heart of the East Village.
The Asset
Constructed in 1999, 41 Avenue B is impeccably maintained & managed by the property’s original developer. The building contains 23 residential units over a ground commercial unit on the ground floor that is occupied by a popular, highly rated Japanese omakase restaurant.
The residential unit mix consists of 10 one-bedroom units, 11 two-bedroom units, and 2 three-bedroom units. The expiration of a 421A tax abatement and unit turnover has led to 22 of the units enjoying free market status and the one remaining rent stabilized apartment will revert to free market status upon vacancy.
Tenants enjoy a full amenity package that includes a virtual doorman, shared outdoor space in rear yard, a laundry room, and bicycle storage.
Though all residential units are in excellent condition, enjoy abundant light and air and contain coveted private outdoor spaces, additional upside can be realized with modest cosmetic upgrades to the units and common areas.
Dynamic East Village Location
Located in the heart of the East Village— one of Manhattan’s most dynamic, “live-work-play” neighborhoods—41 Avenue B is ideally positioned to capitalize on the area’s surging rental demand. 41 Avenue B is steps away from the newly revitalized East River Park, Tompkins Square Park and many of the best retail, dining, and nightlife options that New York City has to offer. The property benefits from a host of nearby public transportation options, including the F/M and J/Z trains at the Delancey / Essex Street station, and the L train at the 1st Avenue station. The Williamsburg Bridge and FDR Drive provide multiple commuting options.
The Opportunity
41 Avenue B presents investors with the ideal combination of strong, reliable existing cash flow and significant potential upside with limited capital requirements.
For more information, please contact the exclusive sales agents.
The Asset
Constructed in 1999, 41 Avenue B is impeccably maintained & managed by the property’s original developer. The building contains 23 residential units over a ground commercial unit on the ground floor that is occupied by a popular, highly rated Japanese omakase restaurant.
The residential unit mix consists of 10 one-bedroom units, 11 two-bedroom units, and 2 three-bedroom units. The expiration of a 421A tax abatement and unit turnover has led to 22 of the units enjoying free market status and the one remaining rent stabilized apartment will revert to free market status upon vacancy.
Tenants enjoy a full amenity package that includes a virtual doorman, shared outdoor space in rear yard, a laundry room, and bicycle storage.
Though all residential units are in excellent condition, enjoy abundant light and air and contain coveted private outdoor spaces, additional upside can be realized with modest cosmetic upgrades to the units and common areas.
Dynamic East Village Location
Located in the heart of the East Village— one of Manhattan’s most dynamic, “live-work-play” neighborhoods—41 Avenue B is ideally positioned to capitalize on the area’s surging rental demand. 41 Avenue B is steps away from the newly revitalized East River Park, Tompkins Square Park and many of the best retail, dining, and nightlife options that New York City has to offer. The property benefits from a host of nearby public transportation options, including the F/M and J/Z trains at the Delancey / Essex Street station, and the L train at the 1st Avenue station. The Williamsburg Bridge and FDR Drive provide multiple commuting options.
The Opportunity
41 Avenue B presents investors with the ideal combination of strong, reliable existing cash flow and significant potential upside with limited capital requirements.
For more information, please contact the exclusive sales agents.
Property Facts
| Price Per Unit | $904,762 | Lot Size | 0.11 AC |
| Sale Type | Investment | Building Size | 17,646 SF |
| No. Units | 21 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 6 |
| Property Subtype | Apartment | Year Built | 1999 |
| Apartment Style | Mid-Rise | Opportunity Zone |
Yes
|
| Building Class | B | ||
| Zoning | R7A | ||
| Price Per Unit | $904,762 |
| Sale Type | Investment |
| No. Units | 21 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.11 AC |
| Building Size | 17,646 SF |
| Average Occupancy | 100% |
| No. Stories | 6 |
| Year Built | 1999 |
| Opportunity Zone |
Yes |
| Zoning | R7A |
Amenities
Unit Amenities
- Air Conditioning
- Crown Molding
- Granite Countertops
- Hardwood Floors
- Stainless Steel Appliances
- Wheelchair Accessible (Rooms)
Site Amenities
- Laundry Facilities
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 11 | - | 500 |
| 1+1 | 5 | - | 650 |
| 2+1 | 5 | - | 800 |
Property Taxes
| Parcel Number | 0386-0003 | Improvements Assessment | $1,907,640 |
| Land Assessment | $315,000 | Total Assessment | $2,222,640 |
Property Taxes
Parcel Number
0386-0003
Land Assessment
$315,000
Improvements Assessment
$1,907,640
Total Assessment
$2,222,640
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