94 8Th Ave New York, NY 10011
- Investment properties
- 2,226 SF
- 0.03 lot acres
Current Use by Public Records
- PAYOMATIC / Check Cashing Service / Bank
- Western Union / Money Transfer Service
- Payomatic0303 / Electronics Vending Machine
- Best Products Sales & Service, Inc. / Atm
Property Details for 94 8Th Ave
- Year built
- 1901
- Lot size
- 0.03 lot acres
- Property size
- 2,226 SF
- Zone code
- C16A
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- 00764-0074
- APU
- 7640074
Description
This exceptional mixed-use property, located at 94 8th Avenue in the vibrant Chelsea neighborhood of New York City, presents a compelling investment opportunity. The three-story, 2,850 square foot building, constructed in 1901, sits on a 1,424 square foot lot (19.37 x 73.5 ft) and boasts a permitted C1-6A zoning classification. Currently operating at 100% occupancy with two tenants – a commercial tenant (Pay-O-Matic Store) and a residential tenant (duplex unit) – the property generates a substantial net operating income (NOI) of $215,498 annually, representing a 4.10% cap rate. The commercial lease extends to November 13, 2029, with a five-year option, while the residential lease expires June 30, 2025. The asking price is $5,250,000, translating to $1,842.11 per square foot. The building's dimensions mirror those of the lot. The property's strategic location, one block from Google headquarters, in close proximity to the Meatpacking District, ensures strong rental demand. With a current annual income of $247,890 and annual operating expenses of $32,392, this property offers significant value-add potential, particularly given the upcoming residential lease expiration and the opportunity to increase rental income. The property's tax assessment for 2022/2023 was $28,390. The building's floor plan includes one commercial unit on the ground floor and a duplex residential unit above. This presents a unique opportunity for both owner-occupancy and investment. The building has a 4.00 FAR and 2,545 square feet of air rights, offering potential for future expansion (Buildable Sq Ft - 5,695).
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
- -74.0019
- Latitude
- 40.7401
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
