Two-Building Multifamily
For Sale
Contact for pricing
115 Ludlow Street, New York, NY 10002
Two adjacent walk-up buildings offer 18 residential units plus two ground-floor commercial spaces formerly used as a grocery store.
Property Size15,897 SF
Price / SF$597.60
Days on Market61
Property Features for 115 Ludlow Street
General Information
Standard status
Active
Size
15,897 SF
Property subtype
Mixed Use
Zoning
C4-4A / R7A equiv.
Lease Type
Modified Gross
Net Operating Income
$261,807
Additional Details
Multifamily Units
18
Building Details
Year Built
1910
Buildings
2
Stories
6
Units
20
Tenancy
Multi
Listing Agency:
Keller Williams NYC
Listed By:
Edward Kalisvaart · License #NY #10301210475
(845) 928-8000
Source:
Crexi
Added: Jul 7
Changed: Aug 24
Last Checked: Sep 3 at 8:42AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams NYC
Investment Insights
Based on property information with market context.
This two-building multifamily portfolio is offered together as a single package and includes two adjacent walk-up buildings. The property totals 18 residential units, comprised of eight two-bedroom apartments and 10 three-bedroom apartments. Unit mix includes 10 RS and eight FM.
The portfolio also features two ground-floor commercial spaces. Together, the commercial storefront spans 2,900 sf and was previously operated as a grocery store, presenting immediate commercial lease-up opportunity for a new owner.
The buildings are configured for combined residential and street-level retail, supporting an owner seeking a multi-asset income profile within the Lower East Side of Manhattan.
The portfolio also features two ground-floor commercial spaces. Together, the commercial storefront spans 2,900 sf and was previously operated as a grocery store, presenting immediate commercial lease-up opportunity for a new owner.
The buildings are configured for combined residential and street-level retail, supporting an owner seeking a multi-asset income profile within the Lower East Side of Manhattan.
Key Highlights
- Two adjacent walk‑up multifamily buildings offered together as a single package.
- 18 residential units: 8 two‑bedroom and 10 three‑bedroom apartments.
- Unit mix includes 10 RS and 8 FM apartments.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$498,945
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.25%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$9,978,900
$10.0M
Cap Rate 7%
$7,127,786
$7.1M
Cap Rate 9%
$5,543,833
$5.5M
Market Conditions
NOI Build-Up for 15,897 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$951.9K $59.88/SF
− Vacancy
−$44.7K −$2.81/SF
EGI
$907.2K $57.07/SF
− OpEx
−$408.2K −$25.68/SF
NOI
$498.9K $31.39/SF
Area
ZIP 10002
Vacancy
4.70%
Lease Rate
$59.88 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$9,978,900
Cap Rate 7%
$7,127,786
Cap Rate 9%
$5,543,833
Alternative Uses
Best Use
Specialty Retail
$39.57M
$34.62M – $46.16M
NOI $2,769,893 @ 7.0% cap · market cap 29.16%
Second Best
Retail
$32.24M
$28.21M – $37.61M
NOI $2,256,462 @ 7.0% cap · market cap 23.75%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
24,917
Businesses Nearby
Explore this area
Business Placement
Demographics for 10002, NY
82,155
Population
39,646
Households
2.1
Avg Household Size
41
Median Age
39%
College-Educated
71%
High-School Grad
0.8 sq mi
ZIP Area
102,694
Density / Sq Mi
$46,525
Median Household Income
$51,425
Median Earnings
$1,207
Median Rent
$808,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two adjacent walk-up buildings offer 18 residential units plus two ground-floor commercial spaces formerly used as a grocery store.
Where is this apartment building located?
The property is located at 115 Ludlow Street New York, NY.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: Two adjacent walk‑up multifamily buildings offered together as a single package.; 18 residential units: 8 two‑bedroom and 10 three‑bedroom apartments.; Unit mix includes 10 RS and 8 FM apartments.
