Marcus & Millichap is pleased to offer the following opportunity to own prime real estate with 25 feet of frontage on Mulberry Street, in the heart of the historic Little Italy neighborhood. Prominently located on the west side of Mulberry Street, between Hester and Canal Streets, 121 Mulberry contains 8,985 gross square feet with two buildings sitting on the 25 by 100 foot lot. The front building is built 25 feet by 50 feet deep and the rear building is built 25 feet by 30 feet (Block: 00206 Lot: 0019). The property is zoned C6-2G/LI and contains approximately 6,065 square feet of unused air rights. The subject property contains two separate front and rear buildings. The front building is a 5-story, mixed-use, walk-up building containing 8 residential units and 1 ground floor retail unit. The rear building is a 5-story walk-up building containing 5 residential units. Of the 13 apartments, there are two studio apartments and eleven 2-bedroom apartments. Five of the apartments are rent stabilized and contain an average rent of approximately $1,572, providing an investor significant rental upside. The property contains one retail tenant, Il Cortile Restaurant, which occupies 1,500 square feet in the retail unit, with a lease that expires in 2020 with a 10 year option. The Restaurant is paying approximately $40 per square foot, which is well below market of $180 per square foot on the bustling Mulberry Street retail corridor. This offering represents a rare opportunity to acquire a mixed-use building with tremendous rental and retail upside in the Little Italy neighborhood of Manhattan. The property features 6,065 square feet of additional air rights and is located within five blocks of the B, D, 1, 6, N, Q, R, J and Z trains. Investment Highlights * Two 25 Foot Wide Mixed-Use buildings on Mulberry Street: 5-story mixed-use and rear 5- story walk-up building * Long Term Ownership: First Sale in Over 80 Years of Ownership * Tax Class 2B: Increase Capped at 8% Per Year and No More Than 30% Over Any Given 5-Year Period * Tremendous Rental Upside: Average Rent of 12 Rent Stabilized Apartments is $1,572 per month * One Retail Unit: Well Below Market Paying $40 Per Square Foot - Market is $180 Per Square Foot * 6,065 Square Feet of unused air rights * Located within five blocks of the B, D, 1, 6, N, Q, R, J and Z trains.
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