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Multifamily

119 Orchard St

119 Orchard St, New York, NY 10002

Listing Price: $14,750,000

Cap Rate
4.40%
Number of Units
21
Price/Unit
$702,381
Price/Gross SF
$889.68
Gross SF
16,579

Investment Overview

Marcus and Millichap is pleased to exclusively offer for sale 119 Orchard Street, a 21-unit free market mixed-use elevator building on Manhattan’s Lower East Side. The Property contains 16,579 square foot across 12 floors (10 usable floors above grade and two below grade) and enjoys block through frontage on both Allen and Orchard Streets, between Delancey and Rivington, two blocks west of the two million square foot Essex Crossing development. The Property, which was built in 2017 as a 16-key boutique hotel, is presently operated as a mixed-use residential and retail asset. The Property benefits from two CO’s allowing transient daily rentals, as well as long term traditional residential leases. Recent capital improvements include light renovations to the residential units, converting the community facility space into a gym amenity, installing six new stacked washer dryer units on the first floor, and signing a long-term lease with a highly successful Manhattan restaurant operator.

Investment Highlights

  • The Property is located steps from Delancey Street at Orchard and Allen Street, which is one of the primary entertainment corridors in the hip and popular Lower East Side neighborhood.
  • Built in 2017, 119 Orchard boasts new HVAC units, a new roof, a modernized elevator, new hot water tanks, new plumbing risers, and a new electrical system.
  • In lieu of standard 3% rental increases, the recently signed retail lease at the Property features $1,000 (~9.5%) annual rent increases for the first two years of the lease term.

Exclusively Listed By

  • Joe Koicim

    Licensed Associate Real Estate Broker

    (212) 430-5147

    Email Joe

    License(s): NY: 10311201039, NY: 10301208718

    Manhattan

  • Peter Von Der Ahe

    Licensed Associate Real Estate Broker

    (212) 430-5114

    Email Peter

    License(s): NY: 10301209838, NY: 31VO0942643

    Manhattan

  • Logan Markley

    Licensed Real Estate Salesperson

    (212) 430-5194

    Email Logan

    License(s): NY: 10401268674

    Manhattan

Financing By

Multifamily

119 Orchard St

Listing Price: $14,750,000

Cap Rate
4.40%
Number of Units
21
Price/Unit
$702,381
Price/Gross SF
$889.68
Gross SF
16,579

Investment Highlights

  • The Property is located steps from Delancey Street at Orchard and Allen Street, which is one of the primary entertainment corridors in the hip and popular Lower East Side neighborhood.
  • Built in 2017, 119 Orchard boasts new HVAC units, a new roof, a modernized elevator, new hot water tanks, new plumbing risers, and a new electrical system.
  • In lieu of standard 3% rental increases, the recently signed retail lease at the Property features $1,000 (~9.5%) annual rent increases for the first two years of the lease term.

Investment Overview

Marcus and Millichap is pleased to exclusively offer for sale 119 Orchard Street, a 21-unit free market mixed-use elevator building on Manhattan’s Lower East Side. The Property contains 16,579 square foot across 12 floors (10 usable floors above grade and two below grade) and enjoys block through frontage on both Allen and Orchard Streets, between Delancey and Rivington, two blocks west of the two million square foot Essex Crossing development. The Property, which was built in 2017 as a 16-key boutique hotel, is presently operated as a mixed-use residential and retail asset. The Property benefits from two CO’s allowing transient daily rentals, as well as long term traditional residential leases. Recent capital improvements include light renovations to the residential units, converting the community facility space into a gym amenity, installing six new stacked washer dryer units on the first floor, and signing a long-term lease with a highly successful Manhattan restaurant operator.

Exclusively Listed By

  • Joe Koicim

    Licensed Associate Real Estate Broker

    (212) 430-5147

    Email Joe

    License(s): NY: 10311201039, NY: 10301208718

    Manhattan

  • Peter Von Der Ahe

    Licensed Associate Real Estate Broker

    (212) 430-5114

    Email Peter

    License(s): NY: 10301209838, NY: 31VO0942643

    Manhattan

  • Logan Markley

    Licensed Real Estate Salesperson

    (212) 430-5194

    Email Logan

    License(s): NY: 10401268674

    Manhattan

Financing By

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