54th St New York, NY 10019

This exceptional mixed-use building, located on W 54th St in Manhattan (zip code 10019), presents a compelling investment opportunity. The property, totaling 15,000 square feet, boasts a blend of commercial and residential space. It comprises a ground-floor restaurant/retail space and six studio apartments, currently operating at 100% occupancy. The building, constructed in 1915 and extensively renovated in 2023, features five stories and is situated on a lot ranging from 1,600 to 1,700 square feet. The current lease structure is a gross lease with a remaining term of approximately 1.7 years, expiring August 1, 2026. The current Net Operating Income (NOI) is $600,000, with a pro-forma NOI projected at $700,000, yielding a pro-forma cap rate of 8%. The asking price is $10,000,000, translating to a price per square foot of $666.67. Significant upside potential exists, with an additional 7,400 square feet of air rights available for future development. The land value is estimated at $1,000 to $2,000 per square foot. The property is zoned C5-P, MiD i. This is a value-add opportunity for an owner/user, offering a strong current income stream and substantial future development potential in a highly desirable Manhattan location. The building features new electrical and plumbing systems. Each apartment generates approximately $4,500 in annual income, while the commercial space brings in $300,000 annually.