40-44 Ave B

Three adjacent 24’ wide buildings combine for 72’ of frontage along Avenue B in the heart of the East Village. The properties are five-story plus basement walk-up mixed-use apartment buildings. The buildings combine for approximately 23,697 total above grade square feet. There are 4 stores and 33 apartments of which 1 is rent stabilized, 2 are rent controlled and the remaining 33 units are all free market. The buildings consist of 25 one-bedroom apartments and 11 two-bedroom units. The rent regulated units have average rents of $652 per month versus the average rent of a free market (renovated) one-bedroom apartment of $2,430 per month. The average rent of the two-bedroom units is $3,316 per month. In addition there are four retail stores that have leases expiring between February 2103 and June 2022. The average rent for the four stores is $62/SF, nearly 50% of what market rents are for retail along the Avenue B corridor. All of the free market units have been renovated to include new hardwood floors, marble tiles in the bathrooms, granite countertops and new appliances including dishwashers in the kitchens and washer/dryer in the units. Many of the units also benefit from having exposed brick. The tenants benefit from the properties meticulous renovations along with the proximity to nearby transportation, shopping, hospitals and parks. These properties are ideal for an investor seeking a beautifully renovated building with a quality tenant base and a consistent income stream. Expenses are extremely low as the tenants in 40-42 have their own individual boilers and pay for their own heat and hot water. Vacancies at these buildings are few and far between.