589 11Th AveNew York, NY 10036

This exceptional 17,878 square foot, Class B restaurant building at 589 11th Ave, New York, NY 10036, is offered for sale at $11,995,000. Built in 2020, this multi-tenant property boasts a 5.39% cap rate and a pro-forma cap rate of 6.54%. The building features six units, a modified lease type, and currently has 10% occupancy, with a pro-forma NOI of $784,000. The 3,000 square foot lot includes 125 feet of corner frontage. The property includes a completed Certificate of Occupancy (CofO) and benefits from a prime location in a rapidly developing neighborhood, across from a major UPS distribution warehouse. A lease is already in place for additional space with a national tenant, and there is potential for further leasing opportunities. The building is equipped with top-of-the-line features including Trane HVAC systems, LED lighting, high-speed internet wiring, 3-phase power, and a large gas service. A freight-sized elevator and a beautiful rooftop with stunning city views add to its appeal. The property is zoned M2-4 and offers significant value-add potential, particularly given the possibility of residential conversion in the coming years and the potential impact of a nearby casino project. The building is currently under replacement cost and presents a unique opportunity for an owner-user or investor. Rent bumps are set at 5%. The sale includes a 4 AM liquor license for the ground floor and basement.