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155 Rivington St 6 Unit Apartment Building $11,483,640 CAD ($1,913,940 CAD/Unit) 5.67% Cap Rate New York, NY 10002
Investment Highlights
- Fully Free Market Mixed Use Building in Lower East Side
- Efficient expense profile, with tenants responsible for heat and hot water; approximately 18% tax expense ratio
- Recently constructed asset with minimal anticipated capital expenditures
- Fully deregulated, statutorily free market asset following office-to residential conversion
- Mark-to-market opportunity in the retail component, with current rent negotiated during the COVID-19 pandemic
Executive Summary
Investment Property Realty Group, LLC is pleased to present the exclusive offering of 155 Rivington Street, a fully deregulated mixed-use asset located in the heart of Manhattan’s Lower East Side. The property is offered at $8,400,000, representing a 5.67% going-in cap rate.
The building spans approximately 8,800 square feet and consists of six free market residential units and one ground-floor retail space.
Originally converted from office to residential use, the property features a desirable unit mix of two-bedroom/one-bath and four bedroom/two-bath layouts, catering to strong rental demand in the submarket.
The approximately 2,200 square foot retail space is leased to WhitFit NYC, a boutique infrared fitness and Pilates studio with a loyal and growing membership base. The tenant has a long-term lease in place through August 2032, providing stable and predictable income.
Situated just steps from the J, M, Z, and F subway lines, 155 Rivington Street is surrounded by the Lower East Side’s vibrant dining, nightlife, and retail corridors. The neighborhood continues to experience strong residential demand and increasing institutional interest, driven by ongoing luxury development and its prime downtown location. 155 Rivington Street presents investors with a compelling opportunity to acquire a fully free market asset with stable in-place cash flow and meaningful upside potential.
The building spans approximately 8,800 square feet and consists of six free market residential units and one ground-floor retail space.
Originally converted from office to residential use, the property features a desirable unit mix of two-bedroom/one-bath and four bedroom/two-bath layouts, catering to strong rental demand in the submarket.
The approximately 2,200 square foot retail space is leased to WhitFit NYC, a boutique infrared fitness and Pilates studio with a loyal and growing membership base. The tenant has a long-term lease in place through August 2032, providing stable and predictable income.
Situated just steps from the J, M, Z, and F subway lines, 155 Rivington Street is surrounded by the Lower East Side’s vibrant dining, nightlife, and retail corridors. The neighborhood continues to experience strong residential demand and increasing institutional interest, driven by ongoing luxury development and its prime downtown location. 155 Rivington Street presents investors with a compelling opportunity to acquire a fully free market asset with stable in-place cash flow and meaningful upside potential.
Property Facts
| Price | $11,483,640 CAD | Property Subtype | Apartment |
| Price Per Unit | $1,913,940 CAD | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.67% | Lot Size | 0.05 AC |
| Gross Rent Multiplier | 12.67 | Building Size | 8,800 SF |
| No. Units | 6 | No. Stories | 4 |
| Property Type | Multifamily | Year Built/Renovated | 1910/1989 |
| Zoning | R7-A | ||
| Price | $11,483,640 CAD |
| Price Per Unit | $1,913,940 CAD |
| Sale Type | Investment |
| Cap Rate | 5.67% |
| Gross Rent Multiplier | 12.67 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 8,800 SF |
| No. Stories | 4 |
| Year Built/Renovated | 1910/1989 |
| Zoning | R7-A |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 3 | - | - |
| 4+2 | 3 | - | - |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 0348-0017 | Improvements Assessment | $1,244,485 CAD |
| Land Assessment | $84,820 CAD | Total Assessment | $1,329,305 CAD |
Property Taxes
Parcel Number
0348-0017
Land Assessment
$84,820 CAD
Improvements Assessment
$1,244,485 CAD
Total Assessment
$1,329,305 CAD
Contacts
-
Justin Zeitchik -
Adam Lobel -
Zachary Ziskin -
Christian Ingenito -
Investment Property Realty Group
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155 Rivington St
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