The property has a total approximate square footage of 3,900 and is located on the north side of East 1st Street between First Avenue and Avenue A. The property is built approximately 20 feet by 65 feet and is situated on a 20 foot by 105 foot lot (Block: 00429 Lot: 0043) The Property is zoned C2-5/R8A and contains an additional 9,000 square feet of air-rights.THE OPPORTUNITYThe subject property is a four story mixed-use building located on East 1st Street between First Avenue and Avenue A. The property is a unique investment, as it can be viewed as a cash flowing asset, retail-user opportunity, or a development site. Cash Flow Opportunity: The property contains a total of three free market apartments and one retail space. The residential portion consists of one three-bedroom, one two-bedroom and one one-bedroom. All three apartments are on month to month leases and tenants are responsible for their own heat. All the residential units have been renovated, are in fantastic condition and offer great details such as exposed bricks and decorative fire places. The 1,300 square foot retail space on the ground floor is currently vacant, with a projected rent of $12,000 per month ($111 per square foot). The property features a brand new faade, rooftop deck and a tremendous pro forma cap rate of over 4.5%Retail User Opportunity: The 1,300 square foot retail spaces ideal user would be for a restaurant/bar, with an approximate 800 square foot court yard/garden. The property features highly coveted East Houston frontage and is located directly across from the famed Katzs Delicatessen and steps away from Whole Foods. Development Site: The property contains an approximate 9,000 square feet of additional air rights. Feasibility studies done over the past couple years have determined a new structure could be built with approximately 12,500 square feet. The property is subject to the sliver law, however, in the past year there has been Zoning Reports from the city that have ruled 118 east 1st street as being on a Wide Street, due to East Houston Frontage. This development potential provides a user or developer an opportunity to create a new structure in a prime east village location which is steps away from the B,D,M and F Trains.
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