91 Avenue D, New York, NY 10009

Alphabet City, NEW YORK, New York 10009

$1,400,000  

Listing ID Number

19536

Property Description

91 Avenue D is a 3 story mixed-use building that is available through an estate sale. There is one store and two residential units. The two apartments are currently vacant while the lease on the ground floor expires in June of 2011. The store is currently paying well below market rent. It is perfect for a user looking for a space to run their business and expand in the future.

This is a tremendous opportunity to buy an investment property with future development potential on a prime corner in the East Village. It is located in one of the most densely populated areas in Manhattan and benefits from the heavy pedestrian traffic.

Overview

Building Type:Mixed-Use Investment Buildings, Mixed-Use User Buildings, Special Use
Location:Southwest corner of Ave. D and 7th Street
Block/Lot:376/32
Lot Dimensions:25 x 39.75
Available Air Rights:2,418 SF (based on a FAR of 5.4)
Zoning:R8-A
FAR:5.4 base up to 7.2 w/inclusionary housing
Taxes:$3,636
2009/2010
Building Sq Ft:2,982
Building Dimensions:25' x 39.75'

Expenses

Real Estate Taxes:$3,6362009/2010
Insurance:$3,728$1.25/SF
Water/Sewer:$1,491$.50/SF
Fuel:$4,473$1.50/SF
Electric:$746$.25/SF
Repairs/Maintenance:$1,650$550/unit
Total Annual Expenses:$15,723

Investment Information

Gross Monthly Income:$7,400
Gross Annual Income:$88,800
Less Total Expenses:$15,723
Net Operating Income:$73,077

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Joseph Sitt
First Vice President of Sales
(212) 696-2500 x 7755
jsitt@masseyknakal.com

Michael F. DeCheser
First Vice President of Sales
(212) 696-2500 x 7772
mdecheser@masseyknakal.com

Philip Huang
Senior Associate
(212) 696-2500 x 7754
phuang@masseyknakal.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.