Besen & Associates, as exclusive agent for Ownership, is pleased to offer for sale 506 East 6th Street, New York, NY 10022 (the “Property”) located in the East Village neighborhood of New York City.
The existing Property consists of a 5-story walkup building with 14 apartments (11 FM / 3 RS), totaling approximately 6,825± square feet. Built circa 1920 and renovated in 1987, the Property is ideally located on the south side of East 6th Street between Avenue A & Avenue B in the heart of the East Village, and within walking distance of the M14A bus, the L train on 14th Street, the 6 train at Astor Place, and the 2nd Avenue F train along Houston Street.
The 100% occupied Property, which is situated one block south of Tompkins Square Park and minutes from the FDR Drive, is comprised of nine (9) studios and five (5) one-bedroom residential units. The studios are averaging $1,700/month and the one-bedroom units are averaging $2,375/month, which represent a 25%-30% discount to current market rates. The 14 apartments overall are renting at well below market rates with an average monthly rent of $1,950, offering significant upside to new ownership.
In summary, the in-place rents at the Property are substantially below market and the building is in good physical condition and has been very well maintained, evidenced by its continuous 100% occupancy. As the East Village continues to develop, 506 East 6th Street is well positioned to take advantage of the continued high demand for this neighborhood, the increasing market rents, and the opportunity for an investor to reposition the tenancy and capture the upside potential.
