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    5 Eldridge St New York, NY 10002

    Sponsored
    For Sale
    $8,000,000

    High-potential, 14-unit investment property

    Property size:
    8,768 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional mixed-use building at 5 Eldridge Street, New York, NY 10002, offers a compelling value-add opportunity. The 6-story, 8,768 square foot property, built in 1900, sits on a 1,950 square foot lot and boasts 3,330 square feet of air rights. Currently configured as six commercial and eight residential units with 72% occupancy, the building generates a current NOI of $151,000 and a pro-forma NOI of $290,000, representing a 1.89% cap rate and a pro-forma cap rate of 3.62%. The asking price is $8,000,000, or $571,428.57 per unit, and $912.41 per square foot. The property benefits from a prime Lower East Side location, near the intersection of Chinatown, the Bowery, and Two Bridges, with high foot traffic and excellent access to public transportation. Recent commercial tenants include art galleries and a motorcycle shop. Significant upside potential exists through piecemeal renovations or a larger-scale development project, including the addition of bedrooms in residential units and expansion of commercial space. The building's unobstructed views and proximity to the Manhattan Bridge provide lasting appeal. The property has a rich history, having been home to notable artists and serving as a filming location for a television show. Financial details and video tours are available upon request. The permitted zoning is C6-1G.

    Property Features for 5 Eldridge St

    General Information

    Property type
    Mixed-use properties
    Square Feet
    8,768 SF

    Building Details

    Year Built
    1900
    Buildings
    1
    Stories
    6
    Units
    14

    HighLights

    • Exceptional Value‑Add Potential
    • Stable, Long‑Term Mixed‑Use Investment
    • Strong Foundation; 40+ Years of Single Ownership
    • Abundant Natural Light & Air; Manhattan Bridge Views
    • Panoramic Unobstructed Views
    • Prime Location with Excellent Transit Access (Multiple Subway Lines)
    Property Profile Location Intelligence

    Current Use by Public Records

    Contractor Construction NYC General Contractor China Employment Agency Employment Agency New World Employment ... Employment Agency Jobs Employment Agency Shing Tao Employment ... Employment Agency

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Food Market Clothing Store Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9940229
    Latitude
    40.7145877

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    FAQs

    What type of property is this?
    Mixed-use property - High-potential, 14-unit investment property
    Where is this mixed-use property located?
    The property is located at 5 Eldridge St New York, NY.
    What is the asking price?
    The asking price for this property is $8,000,000.
    What are key features of this property?
    This property features: Exceptional Value-Add Potential; Stable, Long-Term Mixed-Use Investment; Strong Foundation; 40+ Years of Single Ownership
    (561) 777-5227
    Request Owner's contact information
    5 Eldridge St New York, NY 10002
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    5 Eldridge St New York, NY 10002
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