437 12Th StNew York, NY 10009

This six-story mixed-use building at 437 East 12th Street in New York City's East Village offers a compelling value-add investment opportunity. The property boasts 18,732 square feet and features 41 units: 39 residential apartments (38 one-bedroom, 1 two-bedroom) and two ground-floor retail spaces currently leased to a restaurant/bakery and a tutoring center. 64% of the residential units are free-market, offering significant upside potential for rental income. The remaining units are rent-stabilized (33%) and rent-controlled (3%). The building benefits from a 48.5-foot frontage on East 12th Street and includes 1,300 square feet of air rights. Recent capital improvements include an extensive façade restoration and a new boiler (completion expected Summer 2024). The property, which sits on a 100% fee simple interest, has not been sold in nearly 40 years, presenting a rare chance to acquire a well-maintained asset in a prime location. The current NOI is $675,788, with a pro-forma NOI of $928,098, resulting in a current cap rate of 6.44% and a pro-forma cap rate of 8.84%. The asking price is $10,500,000. The permitted zoning is R8B.