132 Mulberry StNew York, NY 10013

Property Details for 132 Mulberry St

Property size (Sq ft)

3,888 SF

Zone code

C62G

Property type

Flex space

APN

00237-1006

APU

2371006

Description

This exceptional investment opportunity presents a five-unit, 100% occupied retail condominium totaling 10,000 square feet on Mulberry Street in Manhattan's Little Italy. The property boasts 100 linear feet of prime retail frontage, featuring four vented restaurant spaces and one additional storefront, all individually metered for utilities. The legendary Umberto's Clam House, operating since 1972, is among the tenants. All five tenants are under modified leases with annual rent increases, ensuring a stable income stream. The property benefits from exceptionally high foot traffic, further amplified by the annual Feast of San Gennaro, attracting over one million visitors. Built in 1915, this single-story building sits on a 10,000 square-foot lot and is situated beneath a larger residential condominium. The largest unit measures 3,200 square feet, while the four restaurant spaces average 1,700 square feet each. With a current NOI of $1,057,183 and a pro-forma NOI of $1,093,941, this asset offers a 7.00% cap rate and a pro-forma cap rate of 7.24%. The asking price is $15,100,000, translating to $1,510 per square foot. This minimal-management asset presents a rare opportunity to acquire a multi-tenant retail condominium in a highly sought-after location with significant tourist traffic and established, successful tenants. The property's APN is 237/1001.

• CAP approach

  CAP return

  Valuation

  6%

  $1,434,270

  6.5%

  $1,323,940

  7%

  $1,229,370

• Comparable approach

  Method

  Valuation

  Relative Method

  $812,810

  Geo Method

  $812,810

• Alternative Use

  Use

  Valuation

  Retail / Commercial

  $678,910

  Mixed-Use / Specialty

  $676,489

  Hospitality / Lodging

  $496,319

  Office

  $672,470

  Institutional / Educational

  $703,276

  Residential Income

  $822,833

  Multifamily

  $986,862

  Automotive / Energy

  $602,808

  Parking / Income-Based Land

  $208,022

  Restaurant / Food Service

  $351,847

  Healthcare / Senior Housing

  $693,727

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7185

Longitude

-73.9975

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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