For the first time in five decades, this 32-foot wide prime mixed-use property is now on the market for sale. This is an extremely rare opportunity for a buyer to secure a property located in the thriving St. Marks Place corridor. Originally built in 1830, this five-story plus basement property has over 6,000 square feet of prime retail space. The building has a mixture of original detail with contemporary updates. There are high-beamed ceilings, exposed brick walls, and a soaring spiral staircase that is a classic example of mid-century architecture. 9 St. Marks Place is currently comprised of three retail tenants and three floor-through live/work spaces above. The three retail tenants have two bathrooms each and the three live/work spaces each have one bathroom. The asset is being offered at a 5% cap rate. Since the commercial tenants cover most of the property expenses (including the real estate taxes), 9 St. Marks costs little to operate and has a NOI of approximately $1.4M. The next owner can benefit from the strong growth in rent plus the continued evolution of the block.
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.
