304 Bleecker Street 304 Bleecker St 4 Unit Apartment Building $10,921,750 CAD ($2,730,438 CAD/Unit) 5.50% Cap Rate New York, NY 10014

Marcus & Millichap is the exclusive sales broker for 304 Bleecker Street (the “Property”), a mixed-use walk-up building on Bleecker Street between Grove Street and Seventh Avenue South in the West Village. The Property has twenty feet of frontage on Bleecker Street and is fully built on a 20-foot by 80-foot C2-6/C1-6-zoned lot. The Property has approximately 1,700 square feet of unused development rights and is part of the Greenwich Village Historic District.
The Property’s unit mix is comprised of a 1,550 square foot ground floor commercial space with a similarly sized finished cellar occupied until 2032 by Joe & the Juice, a global coffeeshop chain with over 250 locations worldwide. The upper floors house four recently renovated free-market apartments made up of one two-bedroom two-bath unit with outdoor space and a washer/dryer on the second floor; a one-bedroom and a studio with outdoor space on the third floor; and a two-bedroom two-bath with washer/dryer on the fourth floor.
The Property offers an investor the exceptional opportunity to own an institutionally managed West Village building on an established downtown retail corridor which has also been a dynamic incubator of new retail concepts in recent years. Moreover, the Property has never been subject to apartment rent regulations while its high-quality condo-quality finishes attract a superior caliber of tenant who pay some of the highest rents per square foot in the city to live in a neighborhood with historic appeal, cultural and architectural charm, and extensive high-end retail offerings. Finally, due to its being in the West Village Historic District which protects the neighborhood from new development, the Property will have little long-term competition from newly built rental apartments and commercial space in the future keeping supply very tight and rents elevated.
Located on Bleecker Street between Grove Street and Seventh Avenue South, the Property is surrounded by high-end boutiques, critically acclaimed restaurants and popular nightlife that attract a high volume of locals and tourists to the immediate area as well as national tenants such as Chase, Starbucks, Bank of America and CVS. The Property is one block from the West Village’s only subway station at Christopher Street (1 line); it is two blocks west of the major West 4th Street subway hub (A, B, C, D, E, F, M lines) and two blocks east of the Christopher Street PATH train station. These three stations supply a constant stream of locals and tourists to the Property’s vicinity and provide the Property’s residential tenants with convenient transportation options.