183 Avenue B

Acquire a classic East Village, mixed-use building, with unbelievably low taxes of $4029 annually. The building features six income producing studio apartments over a vacant retail store ready for immediate occupancy, a large garden, and substantial build-able air rights. The residential portion is fully occupied, providing income from day one, with all tenants on one-year 'free-market' leases. The retail component is in the heart of the East Village and a short walk from densely populated Stuyvesant town. For a user it's exceptional - the store will be delivered vacant, allowing for immediate operation. 183 Avenue B has the potential to be almost doubled in size with 3400 SF of additional build-able air rights and no landmark restrictions, making it an ideal live/work opportunity. Gut renovated four years ago, this is a clean, solid investment asset, with room to grow. Financials: Income: $199,500 Expenses: $22,994 NOI: $176,506 Cap Rate: 3.7%