Log In/Sign Up
Your email has been sent.
Canal Loft Hotel 94 Canal St 51 Room Hotel New York, NY 10002 $18,000,000 ($352,941/Room) 6.18% Cap Rate
Investment Highlights
- Prime Chinatown location, one block from the Manhattan Bridge and a 10-minute walk to Essex Crossing
- NNN lease to an experienced operator, backed by a full personal guarantee
- The Canal Street corridor in the Lower East Side (LES) is undergoing gentrification, with Chinatown becoming increasingly vibrant
Executive Summary
Canal Loft Hotel, an economy hotel in a prime Chinatown location, is being offered for sale. The offering includes the hotel portion with 51 keys, situated at the intersection of Canal Street and Eldridge Street.
The building features ground-floor retail, with residential units above the fourth floor. These components are held under separate ownership. The entire property was completed and placed into service in 2018.
In 2022, the hotel entered into a new NNN lease with its current tenant. The lease has approximately five years remaining, with an annual net rent of $1,112,400 currently and 3% escalation. The tenant holds a five-year renewal option with 3% annual rent escalations. The tenant provides a full personal guarantee covering entire lease term.
The building features ground-floor retail, with residential units above the fourth floor. These components are held under separate ownership. The entire property was completed and placed into service in 2018.
In 2022, the hotel entered into a new NNN lease with its current tenant. The lease has approximately five years remaining, with an annual net rent of $1,112,400 currently and 3% escalation. The tenant holds a five-year renewal option with 3% annual rent escalations. The tenant provides a full personal guarantee covering entire lease term.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $18,000,000 | Building Class | C |
| Price Per Room | $352,941 | Lot Size | 0.20 AC |
| Sale Type | Investment | Building Size | 18,917 SF |
| Cap Rate | 6.18% | No. Rooms | 51 |
| Sale Condition | 1031 Exchange | No. Stories | 12 |
| Property Type | Hospitality | Year Built | 2018 |
| Property Subtype | Hotel | Corridor | Interior |
| Zoning | C61G | ||
| Price | $18,000,000 |
| Price Per Room | $352,941 |
| Sale Type | Investment |
| Cap Rate | 6.18% |
| Sale Condition | 1031 Exchange |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 18,917 SF |
| No. Rooms | 51 |
| No. Stories | 12 |
| Year Built | 2018 |
| Corridor | Interior |
| Zoning | C61G |
Amenities
- High Speed Internet Access
- Public Access Wifi
- Smoke-Free
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Guest Room | 51 | $366.00 | - |
1 1
Exceptionally walkable
100/100
Somewhat drivable
30/100
Exceptional public transit
100/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 0292-1103 | Improvements Assessment | $107,077 |
| Land Assessment | $42,471 | Total Assessment | $149,548 |
Property Taxes
Parcel Number
0292-1103
Land Assessment
$42,471
Improvements Assessment
$107,077
Total Assessment
$149,548
1 of 6
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
Canal Loft Hotel | 94 Canal St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.