137 Allen St New York, NY 10002
- Retail properties
- 12,906 SF
Current Use by Public Records
- Charming Loft in Lower East Side / Serviced Apartment
- NEW Tian Tian Laundromat / Laundromat
Property Details for 137 Allen St
- Year built
- 1910
- Property size
- 12,906 SF
- Property type
- Retail properties
- Property subtype
- Office Properties & Spaces
Description
Prime Lower East Side investment opportunity: This six-story, 12,906 square foot building at 137 Allen Street offers a compelling blend of residential and commercial income streams. Built in 1910, the property features 22 residential units—a mix of rent-stabilized, free-market, and owner-occupied—generating a gross potential residential income of $552,662 annually. Three commercial units, including a laundromat and salon, contribute an additional $154,380 in gross potential annual income. Currently boasting a 92% occupancy rate and a Net Operating Income (NOI) of $484,742, this property presents an attractive current cap rate of 6.06%, projected to increase to 6.33% under pro forma projections. Situated on a 2,800 square foot lot (40' frontage) and zoned C4-4A, this property benefits from its prime location between Rivington and Delancey Streets, offering excellent access to multiple subway lines (6, N, Q, J, M, B, D) and proximity to Essex Crossing and other thriving destinations. The asking price is $8,000,000, translating to a price per square foot of $619.87. Value-add potential exists through rent stabilization adjustments, market-rate conversions, and strategic improvements. The property's location near significant developments further enhances its long-term appreciation potential. This is a rare chance to acquire a well-performing mixed-use asset in a rapidly developing Manhattan neighborhood.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9902
- Latitude
- 40.7203
