338 11th St New York, NY 10003-7428

Property Details for 338 11th St

Year built

1900

Lot size

0.05 lot acres

Property size

9,125 SF

Zone code

R8B

Property type

Retail residential properties

APN

00452-0026

APU

4520026

Description

This exceptional East Village investment opportunity presents two adjacent, five-story mixed-use buildings totaling approximately 20,215 square feet. The property boasts 50 feet of frontage on East 11th Street between 1st and 2nd Avenues, and comprises 42 units: 16 studios, 20 one-bedrooms, one two-bedroom, and one four-bedroom apartment. Five units are rent-stabilized, with the remaining 33 operating on free-market terms. The rent-regulated units command a strong average monthly rent of approximately $1,931. Many units feature desirable finishes including exposed beams, exposed brick, recessed lighting, and renovated kitchens and bathrooms. The buildings are zoned R8B and sit on two lots, each measuring 25' x 94.75'. The property offers a compelling 6.6% cap rate at the asking price of $13,500,000 ($668/sq ft and $321,429/unit). Its strategic location in the heart of the East Village provides unparalleled access to an abundance of restaurants, nightlife, parks (including Union Square and Tompkins Square Park), and excellent public transportation (4, 6, C, F, L, N, Q, R, and W subway lines). This presents a rare chance to acquire a substantial, cash-flowing multifamily asset in one of Manhattan's most desirable neighborhoods. The property's size and location make it ideal for both first-time Manhattan buyers and seasoned investors seeking to expand their portfolio.

Location Insight

City

New York

County

New York

State

New York

Longitude

-73.9847

Latitude

40.7295

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments