Investment Overview

Marcus & Millichap is pleased to exclusively offer 146-150 Tenth Avenue for sale, located in one of Manhattan’s most desirable neighborhoods, West Chelsea. Located on the North-East corner of West 19th Street & Tenth Avenue, this 48 unit mixed-use investment opportunity is comprised of approximately 25,875 square feet. All three contiguous properties are built 25’ x 66’ and are each situated on a 25’ x 80’ lot, creating a total building footprint of 75’ x 66’ on a 75’ x 80’ lot (Block:717 Lots:1-3). The properties are zoned R8A. Rare Offering With Future Upside. The offering contains 39 free market apartments, 8 rent stabilized apartments, 1 rent controlled apartment, and 2 commercial retail spaces. With roughly 80% of the apartments being free market, the new buyer will be able to capitalize on a strong existing stream income while preserving the ability to capture future upside in the 20% of the units that are well below market value. Retail Repositioning Opportunity. The 5,000 square foot retail space will be delivered vacant, creating a blank canvas for any potential purchaser. The current “L” shape of the space provides tenants with several potential unique layouts. It can be operated as a single, large 5,000 SF space or can be split into two smaller spaces, creating flexibility when renting. This space is ideal for a restaurant given the open floor plan. Additionally, there is 2,893 SF of basement space allocated for the retail tenant(s). Retail rents here command between $165-$225/SF, confirming the demand for premium locations like this. It is also worth noting that a tenant has the ability to paint a portion of the south side of the building. Economies of scale. With 48 units + retail space spread over approximately 26,000 square feet, this offering allows an investor to gain a large footprint in Chelsea immediately. Any buyer will gain a substantial presence in the neighborhood by owning 75’ of frontage on 10th Avenue and 80’ of property frontage on the North side of West 19th Street. Irreplaceable Location. Located in the heart of Chelsea, 146-150 Tenth Avenue sits in one the city’s most coveted neighborhoods among renters. This quiet tree-line block in West Chelsea attracts high profile owners and tenants who enjoy this exclusive neighborhood’s attraction and proximity to endless gourmet dining, mass transit, and the prestigious Avenues: The World School. It is conveniently located within walking distance to The High Line, Chelsea Piers, and the A, C, E, L, 1, 2 subway lines. Finished Product. This property has been significantly renovated from top to bottom. Ownership has repositioned the common spaces, apartments, and retail space in order to create a modern & technologically efficient building. Additions include new appliances, floors, doors, security systems, LED lighting systems, and structural/mechanical upgrades. Please continue to the next page to see notable improvements to the property.