629-631 East 5th Street

The subject property is a six-story elevator building, located on the north side of the East 5th Street cul-de-sac between Avenue B and Avenue C. The building is unique in that it is fully unobstructed by neighboring buildings which provides excellent light into the building. The building consists of approximately 18,550 gross square feet. There are 24 residential units, all of which are Free Market. The rents are performing at approximately 70% of market and considering the building is fully deregulated, an investor could quickly bring the units up to market rents since all of the tenancy is short term. Therefore, a gross annual income of around $1,050,000 could be achieved in a relatively short period. The current gross rents are approximately $708,000, with an estimated NOI of approximately $433,000. The estimated expenses are around $275,400 and the projected Net Operating Income is approximately $731,100. The possibility exists to add basement amenities such as laundry services, a fitness area, storage and more. Located in the East Village, 629-631 East 5th Street benefits from a wide array of city’s best shopping, dining and nightlife options. The neighborhood has experienced rapid transformation in recent years that has attracted a younger population drawn to the area’s new developments.