Introducing 224 Lafayette Street a legal 10 family (one unit was legally split into two) + 1 commercial store. The building is 24.5x46 on a 50 foot lot. You can build out back an additional four feet and you can build up an additional three floors. Seven units are currently vacant with 3 tenants remaining. Each of the 7 vacant units are currently FM. The pro forma RR would be 2900 for each 1br unit on the ground floor & 3200 for each remaining 2br unit x 8 additional apartments + 22,000 for the ground floor commercial. (NOI at full occupancy is 571,000 putting this at a 6.5% cap rate which is unheard of for soho) Brand new water boilers have been installed this year. This is a beautiful block & excellent investment opportunity for the right buyer. Expenses are only 75,000 yearly for the entire building.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
