5 Eldridge St New York, NY 10002

Property Details for 5 Eldridge St

Year built

1900

Lot size

0.04 lot acres

Property size

8,370 SF

Zone code

C61G

Property type

Retail residential properties

APN

00292-0029

APU

2920029

Description

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.