116 Suffolk St 8 Unit Apartment Building $9,227,400 CAD ($1,153,425 CAD/Unit) 7.22% Cap Rate New York, NY 10002

116 Suffolk Street presents a fully occupied, renovated 9-unit mixed-use building in Manhattan’s Lower East Side. This five-story walk-up offers a compelling investment opportunity with an in-place 7.2% cap rate and significant upside potential through projected rent growth. The property consists of eight residential units and one ground-floor retail space, with 66% of the apartments at market rate and the remainder under stabilized or controlled status. Retail tenant is leased to a well known fashion brand.
The building benefits from recent renovations, including modernized interiors and updated systems, reducing near-term capital expenditure requirements. Located steps from vibrant restaurants, boutique shops, and cultural destinations, the property is two blocks from the Williamsburg Bridge and Essex Market, ensuring strong tenant demand. Excellent transit access via the F, M, J, and Z subway lines enhances connectivity to the rest of Manhattan and Brooklyn.
With protected Tax Class 2B status and a desirable Lower East Side address, this asset offers investors stable cash flow, long-term appreciation potential, and exposure to one of New York City’s most dynamic neighborhoods.