137 Allen StNew York, NY 10002

Property Details for 137 Allen St

Year built

1910

Property size (Sq ft)

12,906 SF

Property type

Retail properties

Property subtype

Office properties

Description

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.

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7203

Longitude

-73.9902

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