For Sale
$8,000,000

137 Allen StNew York, NY 10002

25-Unit Mixed-Use Building, High NOI

Overview

Added:
Jan 24
Days on market:
73
Prime Lower East Side investment opportunity: This six-story, 12,906 square foot building at 137 Allen Street offers a compelling blend of residential and commercial income streams. Built in 1910, the property features 22 residential units—a mix of rent-stabilized, free-market, and owner-occupied—generating a gross potential residential income of $552,662 annually. Three commercial units, including a laundromat and salon, contribute an additional $154,380 in gross potential annual income. Currently boasting a 92% occupancy rate and a Net Operating Income (NOI) of $484,742, this property presents an attractive current cap rate of 6.06%, projected to increase to 6.33% under pro forma projections. Situated on a 2,800 square foot lot (40' frontage) and zoned C4-4A, this property benefits from its prime location between Rivington and Delancey Streets, offering excellent access to multiple subway lines (6, N, Q, J, M, B, D) and proximity to Essex Crossing and other thriving destinations. The asking price is $8,000,000, translating to a price per square foot of $619.87. Value-add potential exists through rent stabilization adjustments, market-rate conversions, and strategic improvements. The property's location near significant developments further enhances its long-term appreciation potential. This is a rare chance to acquire a well-performing mixed-use asset in a rapidly developing Manhattan neighborhood.

Highlights

  • Prime Lower East Side Manhattan location, near Essex Crossing and multiple subway lines (6, N, Q, J, M, B, D).
  • Strong financial performance with a current NOI of $484,742 and a 6.06% cap rate, projected to increase to $500,841 and 6.33%, respectively.
  • Diverse income streams from 22 residential units (mix of rent-stabilized and free-market) and 3 commercial units (including a laundromat and salon), generating a combined gross potential income of $707,042.
  • Value-add potential through rent stabilization adjustments, market-rate conversions, and strategic improvements.
  • Exceptional neighborhood growth fueled by nearby developments like Essex Crossing and 208 Delancey Street.
  • C4-4A zoning and Tax Class 2 classification offer flexibility and potential tax assessment stability.

Property Details for 137 Allen St

Property type
Retail properties, Office properties
Square Feet
12,906 SF
Year Built
1910
Buildings
1
Stories
6
Units
25

Location Insight

City
New York
County
New York
State
New York
Latitude
40.7203107
Longitude
-73.9901882
137 Allen St, New York, New York

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137 Allen St
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