437 12Th StNew York, NY 10009

Property Details for 437 12Th St

Property size (Sq ft)

18,732 SF

Property type

Investment properties

Property subtype

Other mixed-use properties

Description

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.

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7295

Longitude

-73.9817

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].