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Multifamily

98 Rivington St

98 Rivington St, New York, NY 10002

Listing Price: $6,250,000

Cap Rate
5.90%
Number of Units
5
GRM
28.31
Price/Unit
$1,250,000
Price/Gross SF
$1,136.36
Gross SF
5,500

Investment Overview

THE OFFERING

The New York Multifamily team is pleased to exclusively offer 98 Rivington Street for sale, in the heart of the Lower East Side neighborhood of Manhattan. Located on the Northwest corner of Rivington and Ludlow Street, this 5-unit mixed-use investment opportunity is comprised of approximately 5,500 square feet. The property is built 25’ x 65’ and sits on a 25’ x 66’ lot (Block: 411 Lot: 33). The property is zoned C4-4A.

THE OPPORTUNITY

The Opportunity. This three-story, mixed-use building contains 4 residential units and 1 commercial unit. There are 2 one-bedroom apartments and 2 two-bedroom apartments. All 4 free-market units offer long-term upside given the unparalleled demand for renters in this area & the overall strength of the current rental market. Finishes in most units include Hardwood Floors, Private Outdoor Space, Recessed Lighting, Marble Counter-tops, High Ceilings and Stainless-Steel Appliances.
Protected Tax Class. 98 Rivington falls into the highly desirable protected tax class: 2A. The property’s tax increases are capped at 8% annually and no more than 30% over any given 5-year period, providing additional income and expense security in the long-term.
Strong Retail Tenant. There is currently a lease out for a new restaurant tenant which already has an extremely successful Lower East Side location with a Michelin Star. The expected lease start date is March 1, 2024, with a strong in-place rent and reimbursements.
Value-Add Opportunity. Currently, there is 1,100 SF of additional air rights, which enables an investor to expand the number of bedrooms through a new pop-up mezzanine on the roof for units 3F and 3R. Additionally, Unit 2R has ample space for an additional bedroom. Both apartment 2F and 3R also have significant rental upside with renovations as both are old apartments.
Strategic Location. The Lower East Side in New York City is a vibrant and dynamic neighborhood with a rich history and a thriving arts and culture scene. It is known for its diverse dining and nightlife options, as well as its close proximity to many of the city's top attractions. All the best restaurants in the neighborhood including Dudley’s, Bario Chino, Cafe Katja and too many more to name; the hottest bars and clubs downtown including Hotel Chantelle, The DL, No Fun among others and 3 blocks from the F, M, J, Z subway lines on Delancey.

Investment Highlights

  • The Opportunity. This three-story, mixed-use building contains 4 residential units and 1 commercial unit. There are 2 one-bedroom apartments and 2 two-bedroom apartments.
  • Protected Tax Class. 98 Rivington falls into the highly desirable protected tax class: 2A. The property's tax increases are capped at 8% annually and no more than 30% over any given 5-year period.
  • Strong Retail Tenant. There is currently a lease out for a new restaurant tenant which already has an extremely successful Lower East Side location with a Michelin Star.

Exclusively Listed By

  • Joe Koicim

    Licensed Associate Real Estate Broker

    (212) 430-5147

    Email Joe

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

    Manhattan

  • Logan Markley

    Licensed Real Estate Salesperson

    (212) 430-5194

    Email Logan

    License(s): NY: 10401268674

    Manhattan

Financing By

Multifamily

98 Rivington St

Listing Price: $6,250,000

Cap Rate
5.90%
Number of Units
5
GRM
28.31
Price/Unit
$1,250,000
Price/Gross SF
$1,136.36
Gross SF
5,500

Investment Highlights

  • The Opportunity. This three-story, mixed-use building contains 4 residential units and 1 commercial unit. There are 2 one-bedroom apartments and 2 two-bedroom apartments.
  • Protected Tax Class. 98 Rivington falls into the highly desirable protected tax class: 2A. The property's tax increases are capped at 8% annually and no more than 30% over any given 5-year period.
  • Strong Retail Tenant. There is currently a lease out for a new restaurant tenant which already has an extremely successful Lower East Side location with a Michelin Star.

Investment Overview

THE OFFERING The New York Multifamily team is pleased to exclusively offer 98 Rivington Street for sale, in the heart of the Lower East Side neighborhood of Manhattan. Located on the Northwest corner of Rivington and Ludlow Street, this 5-unit mixed-use investment opportunity is comprised of approximately 5,500 square feet. The property is built 25’ x 65’ and sits on a 25’ x 66’ lot (Block: 411 Lot: 33). The property is zoned C4-4A. THE OPPORTUNITY The Opportunity. This three-story, mixed-use building contains 4 residential units and 1 commercial unit. There are 2 one-bedroom apartments and 2 two-bedroom apartments. All 4 free-market units offer long-term upside given the unparalleled demand for renters in this area & the overall strength of the current rental market. Finishes in most units include Hardwood Floors, Private Outdoor Space, Recessed Lighting, Marble Counter-tops, High Ceilings and Stainless-Steel Appliances. Protected Tax Class. 98 Rivington falls into the highly desirable protected tax class: 2A. The property’s tax increases are capped at 8% annually and no more than 30% over any given 5-year period, providing additional income and expense security in the long-term. Strong Retail Tenant. There is currently a lease out for a new restaurant tenant which already has an extremely successful Lower East Side location with a Michelin Star. The expected lease start date is March 1, 2024, with a strong in-place rent and reimbursements. Value-Add Opportunity. Currently, there is 1,100 SF of additional air rights, which enables an investor to expand the number of bedrooms through a new pop-up mezzanine on the roof for units 3F and 3R. Additionally, Unit 2R has ample space for an additional bedroom. Both apartment 2F and 3R also have significant rental upside with renovations as both are old apartments. Strategic Location. The Lower East Side in New York City is a vibrant and dynamic neighborhood with a rich history and a thriving arts and culture scene. It is known for its diverse dining and nightlife options, as well as its close proximity to many of the city's top attractions. All the best restaurants in the neighborhood including Dudley’s, Bario Chino, Cafe Katja and too many more to name; the hottest bars and clubs downtown including Hotel Chantelle, The DL, No Fun among others and 3 blocks from the F, M, J, Z subway lines on Delancey.

Exclusively Listed By

  • Joe Koicim

    Licensed Associate Real Estate Broker

    (212) 430-5147

    Email Joe

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

    Manhattan

  • Logan Markley

    Licensed Real Estate Salesperson

    (212) 430-5194

    Email Logan

    License(s): NY: 10401268674

    Manhattan

Financing By

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