Free market property: 10-unit building without any rent regulations mean future owners can capture the full-upside in residential and commercial units. Most tenants do not have leases. DHCRs are available upon request. Great value add potential: Residential rents are 40% below market and present an opportunity to add value to the Property. Direct path to upside: Entire second floor delivered vacant to buyer means renovations can begin as soon as closing date & prospective investors can get higher returns, quickly. Loss-to-lease also promises rapid rent increases for the purchaser. Low Taxes now and in the future: the property benefits from lower taxes today than most comparable buildings on 5th Avenue and thanks to its 2B tax class status, future tax hikes are also limited. Prized location: The Property sits on 5th Avenue and 59th Street, where just a few blocks north, national credit tenants anchor the streets. The express N,R train are just one block away on 4th avenue. Finally, the property benefits from its proximity to the Brooklyn Chinatown on 7th and 8th avenues.
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.
