|Number of units||11|
JLL has been retained on an exclusive basis to market for sale 529 East 13th Street. Located in Manhattan’s East Village neighborhood, 529 East 13th Street is a 5-story, 11-unit multifamily walk-up building totaling 10,800 square feet. Of the 11 residential units, 8 are Free Market, while the remaining 3 are Rent Stabilized. These units consist of a mix between, 1-bedrooms (1), 2-bedrooms (2), 3 bedrooms (7), and one 4-bedroom unit. Nearly 95% of this property’s income is derived from the Free Market residential component, which is averaging $77/SF across the 8 FM units.
Investors could potentially benefit greatly from combining at least two units in order to move this property into the coveted Tax Class 2B and take advantage of capped annual tax increases. This northern portion of the East Village has experienced an immense transformation in recent years. This is illustrated by the number of luxury condominium and rental developments that have been built in the vicinity, as well as high-end restaurants and nightlife. With the potential to produce over $300K in Net Operating Income, 529 East 13th Street offers the opportunity to attain a turn-key investment property in a popular neighborhood with a history of strong rent growth and low vacancy.
- 75% free market
- Large unit layouts
- Opportunity to update building amenities
- Seller has maintained long-term ownership
- Value-add opportunity