Own a piece of New York history with a 4.8% cap rate A distinguished turn-key investment property on a coveted West Village Street. Built in 1877, 21 Downing is an impressive newly renovated and fully leased 3-unit townhouse with ground floor retail that lends itself well to a number of uses including an owner/user scenario, investment property, a private single-family home or a 1031 exchange. This income generating property has all new mechanicals, a new roof, newly renovated residential units, newly remodeled hallways and a newly finished façade. Measuring 17 x 50, the building is completely gut renovated using the highest quality of materials across all levels. The building spans over 3600 interior square feet, features 1,100 square feet of outdoor space and an additional 850 square foot basement. With a cap rate of 4.8%, the breakdown of the units is as follows. Unit 1: Retail / Office Currently configured as a ground floor office space with a lower level. The ground floor has a bathroom, pantry, outdoor space and a dedicated HVAC unit, and the lower level has a half bath. The retail unit can be converted into residential. The ground floor recently signed a new 5-year lease with two 5-year options. Unit 2: Residential Floor through 1 bedroom / 1 bathroom with private outdoor space, two decorative fireplaces, washer/dryer, dishwasher and a split system AC unit. The bedroom features wood beamed ceilings and exposed brick, and the bathroom features Byzantine Subway tile. Unit 3: Residential Floor through 1 bedroom / 1 bathroom with private rooftop terrace, two decorative fireplaces, washer/dryer, dishwasher and a split system AC unit. The bedroom features exposed brick and a beautifully finished wood beamed ceiling. The newly renovated bathroom is outfitted with a standing glass shower and Byzantine Subway tile. Unit 4: Residential Floor through 1 bedroom / 1 bathroom with a private rooftop terrace featuring an outdoor shower, two decorative fireplaces, two skylights, washer/dryer, dishwasher and a split system AC unit. The bedroom features exposed brick, and the newly renovated bathroom features a skylight and is outfitted with Byzantine Subway tile. As 1 of only 12 townhouses on Downing Street, this distinctive building offers the new owner the ability to generate significant income. Downing Street is a distinctly private one-way enclave and home to Blue Ribbon, Café Clover, Emily, Windrose and stunningly charming carriage homes. Please email for a full set up and a list of all completed renovations / materials. The house can be delivered vacant.
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