321-327 First Ave

Five contiguous 4-story plus basement mixed-use buildings with 92' of frontage along First Avenue wrapping around the corner onto 19th Street with an additional 80' of frontage. The buildings contain 30 residential apartments and 6 stores. Of the 30 apartments 24 are 1-bedroom units while the remaining 6 are studios (all of which are located in 356 East 19th Street). There is significant upside in the residential rents being that only 16 units are currently 'free market', some well below market rate, while 14 units are rent stabilized, many of which are paying preferential rents and have legal rents above $2,000. The average free market unit rent is $39.92/SF versus the average rent stabilized unit rent of $27.85/SF. The gross annual income is $854,893 resulting in a net operating income of approximately $610,341. There are also approximately 10,490 SF of unused air rights which could potentially be beneficial given the properties superb corner location.