249 East 2nd Street

Located on the south side of the street between Avenue B and C, 249 East 2nd Street contains a gross square footage of 7,050. The property has frontage on both East 2nd Street and East Houston and is built 25 feet by 54 feet deep (Block: 00384 Lot: 0029 ). The property is zoned R8A and contains approximately 1,650 square feet of unused air rights. The subject property is a five story multifamily building consisting of 20 studio apartments. Of the 20 units, 16 are free market and 4 are rent stabilized. The rent stabilized units provide an investor tremendous rental upside and immense potential for future rental growth. The property represents a rare opportunity to acquire a cash flowing multifamily asset in the booming Alphabet City neighborhood. With a going-in cap rate at 3.5%, the asset provides strong current cash flow with long-term future upside. The property is located steps away from a new proposed 46-unit residential building. The new 10-story elevator building will contain about 8,000 square feet of retail on the ground floor. The subject property is located steps away from both Hamilton Fish Park, East River Park. The property is located 3 blocks from the F train. Investment Highlights: • Prime 5-story, multifamily building on East 2nd Street • 20 Studio Apartments: 16 free market and 4 rent stabilized • Rental Upside: Four Rent Stabilized Apartments • Block through property: frontage on both East 2nd Street and Houston Street • Features Approximately 1,650 Square Feet of additional air rights. • Located adjacent to brand new development: will feature 46 residential units and 8,000 square feet of retail space