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Listing Courtesy of Compass
$4,800,000
Est. payment /mo
20 Beds
20 Baths
18,000 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 18,000 sqft
Price per Sqft $266
Subdivision Greenwood Heights
MLS Listing ID RLS20124057
Bedrooms 20
Full Baths 20
HOA Y/N Yes
Year Built 1916
Annual Tax Amount $81,180
Property Sub-Type Multi Family
Property Description
170 31st Street is a four-story brick mixed-use building on the corner of 4th Avenue and 31st Street. It has 18,000 square feet, 19 apartments and four ground-floor storefronts, and it's being offered for the first time in many years.
The corner location gives the building frontage on two streets. The four storefronts face busy 4th Avenue and bring in $15,300 a month, about a third of gross income. The retail leases expire at staggered dates from 2027 through 2035, and one has built-in annual increases.
Upstairs, 19 rent-stabilized apartments provide steady, dependable income, and rents can rise within legal limits as leases renew. Gas is individually metered and the electric is separately metered. The building also has its original decorative brickwork, and the R train is a few blocks away at both 25th Street and 36th Street.
Gross income is $546,322 a year. The building is offered at a 6.32% cap rate (stabilized) and a 8.79× gross rent multiple, which works out to $267 per square foot and about $209,000 per unit.
It's a long-held, well-located asset with income from both retail and residential tenants.
For the full offering memorandum, including the rent roll, lease terms and financials, contact the sales team:
The corner location gives the building frontage on two streets. The four storefronts face busy 4th Avenue and bring in $15,300 a month, about a third of gross income. The retail leases expire at staggered dates from 2027 through 2035, and one has built-in annual increases.
Upstairs, 19 rent-stabilized apartments provide steady, dependable income, and rents can rise within legal limits as leases renew. Gas is individually metered and the electric is separately metered. The building also has its original decorative brickwork, and the R train is a few blocks away at both 25th Street and 36th Street.
Gross income is $546,322 a year. The building is offered at a 6.32% cap rate (stabilized) and a 8.79× gross rent multiple, which works out to $267 per square foot and about $209,000 per unit.
It's a long-held, well-located asset with income from both retail and residential tenants.
For the full offering memorandum, including the rent roll, lease terms and financials, contact the sales team:
Location
State NY
County Kings
Interior
Furnishings Unfurnished
Fireplace No
Laundry See Remarks
Exterior
View Y/N No
Private Pool No
Building
Dwelling Type Multi Family,Mixed Use
Story 4
New Construction No
Others
Tax ID 00677-0006
Ownership None
Monthly Total Fees $6, 765
Pets Allowed Building No, No
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