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Multifamily

133 Eldridge St

133 Eldridge St, New York, NY 10002

Listing Price: $6,500,000

Cap Rate
9.30%
Number of Units
5
GRM
36.11
Price/Unit
$1,300,000
Price/Gross SF
$586.75
Gross SF
11,078

Investment Overview

Marcus & Millichap is pleased to exclusively offer 133 Eldridge Street, a 5-story, mixed-use building located on the west side of Eldridge street between Broome Street and Delancey Street. This property is comprised of approximately 11,078 square feet with 27’ of street frontage. The building is 27’ x 98’ and sits on a 27’ x 100’ lot (Block: 419; Lot: 68). The property is zoned R8B.


Building Overview: Profile & Layout
133 Eldridge Street is mixed-use, walk-up building currently configured as five floor-through units with a usable basement & sub-cellar. There is a pop-up art gallery in the retail space with the four floors above, currently laid out as single unit, floor-through spaces. There was previously a floor-through apartment on the second floor, two studio apartments on the third floor, and a duplex on floors four & five. Floors one, two, and three are currently built 27x98 (approx. 2,650 SF), while floors four & five are approximately 27x50 (approx. 1,350 SF). Finally, the basement is 27x98 (approx. 2,650 SF) and the sub-cellar is 27x74 (approx. 2,000 SF).

Delivered 100% Vacant: Blank Canvas
Delivered fully vacant, this asset offers immense flexibility given the current configuration and large floorplates. The current pop-up art gallery (Harsh Collective LLC) is on a short-term lease, expiring 7/1/24, allowing any purchaser to immediately reposition/re-tenant the space to achieve a market rent, significantly increasing the asset’s potential cash-flow. Comprehensive work has already been done to floors two through five, which involved the complete removal of interior finishes, leaving only the structural framework intact. This allows any potential purchaser the optionality to reposition the upstairs portion as they see fit. With a blank canvas like this, you are not just buying a building, you are buying the ability to create your vision.

Low Taxes
This property falls under a highly desirable tax class: Tax Class 1. By law, the assessed value of a tax class 1 property cannot increase more than 6% year over year or 20% over any given 5-year period. This creates a strong hedge against rising taxes as they are capped, regardless of the significant income this property will generate in the future.

Low Taxes
This property falls under a highly desirable tax class: Tax Class 1. By law, the assessed value of a tax class 1 property cannot increase more than 6% year over year or 20% over any given 5-year period. This creates a strong hedge against rising taxes as they are capped, regardless of the significant income this property will generate in the future.

Location & Transportation
Ideally located in the Lower East Side on the border of NoLIta, this property is surrounded by high-energy nightlife, shopping, and a strong restaurant scene. Notable restaurants nearby include Katz Delicatessen, Beauty & Essex, Russ & Daughters, Freemans, and too many more to name. Well known nightlife venues such as Mr. Purple, Attaboy, PUBLIC Hotel, The Moxy Hotel, and Mothers Ruin are in an immediate walking distance, to name a few. 133 Eldridge Street is within a 5 minute walk of the F, M, J, Z, B, D subway lines and within a 10 minute walk of the 6 train. Nearby buses include the M15, B39, M103, M9, M14A-SBS, and M15-SBS lines.

Investment Highlights

  • 133 Eldridge Street is mixed-use, walk-up building currently configured as five floor-through units with a usable basement & sub-cellar.
  • Delivered fully vacant, this asset offers immense flexibility given the current configuration and large floorplates.
  • Having never been subject to rent regulation in the past, this asset presents stability and peace of mind for any developer or investor.

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

133 Eldridge St

Listing Price: $6,500,000

Cap Rate
9.30%
Number of Units
5
GRM
36.11
Price/Unit
$1,300,000
Price/Gross SF
$586.75
Gross SF
11,078

Investment Highlights

  • 133 Eldridge Street is mixed-use, walk-up building currently configured as five floor-through units with a usable basement & sub-cellar.
  • Delivered fully vacant, this asset offers immense flexibility given the current configuration and large floorplates.
  • Having never been subject to rent regulation in the past, this asset presents stability and peace of mind for any developer or investor.

Investment Overview

Marcus & Millichap is pleased to exclusively offer 133 Eldridge Street, a 5-story, mixed-use building located on the west side of Eldridge street between Broome Street and Delancey Street. This property is comprised of approximately 11,078 square feet with 27’ of street frontage. The building is 27’ x 98’ and sits on a 27’ x 100’ lot (Block: 419; Lot: 68). The property is zoned R8B. Building Overview: Profile & Layout 133 Eldridge Street is mixed-use, walk-up building currently configured as five floor-through units with a usable basement & sub-cellar. There is a pop-up art gallery in the retail space with the four floors above, currently laid out as single unit, floor-through spaces. There was previously a floor-through apartment on the second floor, two studio apartments on the third floor, and a duplex on floors four & five. Floors one, two, and three are currently built 27x98 (approx. 2,650 SF), while floors four & five are approximately 27x50 (approx. 1,350 SF). Finally, the basement is 27x98 (approx. 2,650 SF) and the sub-cellar is 27x74 (approx. 2,000 SF). Delivered 100% Vacant: Blank Canvas Delivered fully vacant, this asset offers immense flexibility given the current configuration and large floorplates. The current pop-up art gallery (Harsh Collective LLC) is on a short-term lease, expiring 7/1/24, allowing any purchaser to immediately reposition/re-tenant the space to achieve a market rent, significantly increasing the asset’s potential cash-flow. Comprehensive work has already been done to floors two through five, which involved the complete removal of interior finishes, leaving only the structural framework intact. This allows any potential purchaser the optionality to reposition the upstairs portion as they see fit. With a blank canvas like this, you are not just buying a building, you are buying the ability to create your vision. Low Taxes This property falls under a highly desirable tax class: Tax Class 1. By law, the assessed value of a tax class 1 property cannot increase more than 6% year over year or 20% over any given 5-year period. This creates a strong hedge against rising taxes as they are capped, regardless of the significant income this property will generate in the future. Low Taxes This property falls under a highly desirable tax class: Tax Class 1. By law, the assessed value of a tax class 1 property cannot increase more than 6% year over year or 20% over any given 5-year period. This creates a strong hedge against rising taxes as they are capped, regardless of the significant income this property will generate in the future. Location & Transportation Ideally located in the Lower East Side on the border of NoLIta, this property is surrounded by high-energy nightlife, shopping, and a strong restaurant scene. Notable restaurants nearby include Katz Delicatessen, Beauty & Essex, Russ & Daughters, Freemans, and too many more to name. Well known nightlife venues such as Mr. Purple, Attaboy, PUBLIC Hotel, The Moxy Hotel, and Mothers Ruin are in an immediate walking distance, to name a few. 133 Eldridge Street is within a 5 minute walk of the F, M, J, Z, B, D subway lines and within a 10 minute walk of the 6 train. Nearby buses include the M15, B39, M103, M9, M14A-SBS, and M15-SBS lines.

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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