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615 E 6th St 9 Unit Apartment Building $10,745,002 CAD ($1,193,889 CAD/Unit) 6% Cap Rate New York, NY 10009
Executive Summary
The New York Multifamily team is pleased to exclusively offer for sale 615 East 6th Street, located in the Alphabet City neighborhood. Located on the North side of 6th Street between Avenue B and Avenue C, this 9-unit multifamily property is comprised of approximately 7,860 square feet with 25’ of frontage. This property sits on a 25’x90.83’ lot (Block: 389 and Lot: 53) and is built 62’ deep. The property is zoned R8B.
THE OPPORTUNITY
• Building Overview: This 5-story multifamily building features 25 feet of frontage on East 6th Street and contains 9 large, residential apartments. The unit mix consists of 6 two-bedroom apartments and 3 three-bedroom apartments.
• Tax Class Protected: 615 East 6th Street falls under the highly coveted protected tax class: 2B. By law, taxes cannot increase more than 8% year-over-year or 30% over any given 5-year period. This acts as a great hedge against future rising taxes.
• Newly Renovated with High End Finishes: Apartments contain a large living room area with newly finished hardwood floors, recessed lighting, custom cabinetry, marble countertops, stainless steel appliances, in-unit washer/dryer, bathrooms with luxury finishes, virtual doorman, video intercom, and keyless entry.
• 89% Free Market Status: This opportunity is 89% Free Market, giving potential buyers future rental upside and flexibility. Due to the mostly free market status of apartments, a buyer can feel comfortable knowing that they do not need take on burdensome management of many rent regulated apartments.
• Desirable Location: Alphabet City is a highly desirable neighborhood that attracts young professionals, students, and families. The building is in direct proximity of highly trafficked retail, restaurants, nightlife, and transportation. The building is steps away from Tompkins Square Park, East River Park, multiple gardens, and across the street from a school.
• Nearby Transportation: The building is within close walking distance of the L train line and bus lines: M9, M21, M14A-SBS.
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THE OPPORTUNITY
• Building Overview: This 5-story multifamily building features 25 feet of frontage on East 6th Street and contains 9 large, residential apartments. The unit mix consists of 6 two-bedroom apartments and 3 three-bedroom apartments.
• Tax Class Protected: 615 East 6th Street falls under the highly coveted protected tax class: 2B. By law, taxes cannot increase more than 8% year-over-year or 30% over any given 5-year period. This acts as a great hedge against future rising taxes.
• Newly Renovated with High End Finishes: Apartments contain a large living room area with newly finished hardwood floors, recessed lighting, custom cabinetry, marble countertops, stainless steel appliances, in-unit washer/dryer, bathrooms with luxury finishes, virtual doorman, video intercom, and keyless entry.
• 89% Free Market Status: This opportunity is 89% Free Market, giving potential buyers future rental upside and flexibility. Due to the mostly free market status of apartments, a buyer can feel comfortable knowing that they do not need take on burdensome management of many rent regulated apartments.
• Desirable Location: Alphabet City is a highly desirable neighborhood that attracts young professionals, students, and families. The building is in direct proximity of highly trafficked retail, restaurants, nightlife, and transportation. The building is steps away from Tompkins Square Park, East River Park, multiple gardens, and across the street from a school.
• Nearby Transportation: The building is within close walking distance of the L train line and bus lines: M9, M21, M14A-SBS.
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Property Facts
| Price | $10,745,002 CAD | Property Subtype | Apartment |
| Price Per Unit | $1,193,889 CAD | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6% | Lot Size | 0.05 AC |
| Gross Rent Multiplier | 14 | Building Size | 7,860 SF |
| No. Units | 9 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1939 |
| Zoning | R7-2, New York - Medium density residential | ||
| Price | $10,745,002 CAD |
| Price Per Unit | $1,193,889 CAD |
| Sale Type | Investment |
| Cap Rate | 6% |
| Gross Rent Multiplier | 14 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 7,860 SF |
| No. Stories | 5 |
| Year Built | 1939 |
| Zoning | R7-2, New York - Medium density residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 9 | - | - |
1 1
Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (100)
Bike Score®
Biker's Paradise (99)
Property Taxes
| Parcel Number | 0389-0053 | Improvements Assessment | $186,768 CAD |
| Land Assessment | $28,803 CAD | Total Assessment | $215,571 CAD |
Property Taxes
Parcel Number
0389-0053
Land Assessment
$28,803 CAD
Improvements Assessment
$186,768 CAD
Total Assessment
$215,571 CAD
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615 E 6th St
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