153 Norfolk Street
6-story, 22,500 gross square foot elevator multifamily building located between Stanton Street and Rivington Street in Manhattan’s Lower East Side.
The subject property contains 47 apartment units, of which 37 are free market and 10 are rent-stabilized. The unit mix consists of 27 1-bedroom units, 4 2-bedroom units, and 16 flex 2-bedroom units, providing investors with the ability to increase revenue by optimizing layouts. The private rear setback provides additional potential value that can be realized by incorporating patios into the rear units. Investors can further maximize revenues by renovating the below-grade space, which is directly accessible via the elevator and features standard ceiling heights. This sizable space can generate income through renting the existing professional office space that accounts for only a portion of the area, as well as repurposing the space to provide amenities such as a laundry facility or storage lockers. The building also features a spacious, co-op style lobby area with arched passageways and exceptional ceiling heights that can be renovated.
Multiple building upgrades have recently been completed, including the installation of a new, high-performance dual fuel boiler that currently runs on #2 oil. Ownership also installed new gas lines throughout the basement, and upgraded the elevator machinery. The floors and hallway areas have also been re-done.
TOTAL ANNUAL INCOME $1,086,278
GROSS OPERATING EXPENSES $451,850
Asking Price: $20,000,000