Two-Building Multifamily
115 Ludlow Street New York, NY 10002
115 Ludlow Street, New York, NY, 10002
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For Sale
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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 Market15
Property Features for 115 Ludlow Street
General Information
- Standard status
- Active
- Size
- 15,897 SF
- Property subtype
- Mixed Use
Building Details
- Year Built
- 1910
Listing agency
Keller Williams NYC
(845) 928-8000
Listed by
Edward Kalisvaart · License #NY #10301210475
Source
Crexi
Added: Jul 7 Updated: Jul 20 at 7:36PM Checked: Jul 20 at 7:36PM
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.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $951.9k | $59.88 |
| − Vacancy | −$44.7k | −$2.81 |
| EGI | $907.2k | $57.07 |
| − OpEx | −$408.2k | −$25.68 |
| NOI | $498.9k | $31.39 |
15,897 SF · lease $59.88/SF/yr · vacancy 4.70% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
C From Viet ...
Restaurant
Shop Smart
Grocery & Convenience Store
Similar For Sale Nearby
FAQs
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.
