221 First Ave

A 21.5’ wide, 4-story plus basement mixed-use building with approximately 3,954 total above grade square feet consisting of 3 fully renovated three-bedroom apartments plus 1 store. All three residential units are free market and rent for an average of $4,965 per month. In addition, there is a 1,050 square foot retail store that is currently leased to Señor Pollo, a Latin American chicken and sandwich bistro, until January 2017 at a rent of approximately $156/SF. All three apartments have been renovated to include new and upgraded electric, installation of separate boilers for each unit, individual water heaters to each unit, new hardwood floors, marble tiles in the bathrooms, granite countertops and new appliances including dishwashers in the kitchens and washer/dryer in the units. Additionally, the units also benefit from having fireplaces, exposed brick and either a private roof deck and/or a large terrace, exceptionally high ceilings and sky lights in the 4th floor duplex apartment. The building is located in the highly coveted East Village neighborhood on the west side of First Avenue between East 13th and East 14th Streets. The tenants benefit from the properties meticulous renovations along with its proximity to nearby transportation, shopping, dining and parks. The building is suitable as a live/invest or a straight forward investment for a buyer seeking the perfect low management opportunity since all tenants pay their own utilities including heat, electric and hot water. Also, being assigned Tax Class 2A the annual real estate taxes remain exceptionally low and NYC cannot increase assessments on properties with ten units or fewer by more than 8 percent each year or more than 30 percent in five years within this Tax Class.