49 Orchard Street and 48 Allen Street comprise a rare block-throughretail condominium on the Lower East Side - one of the onlyproperties of this scale with simultaneous frontage on both OrchardStreet and Allen Street. The two units together offer 1,995 SF ofground-floor retail, with an additional 584 SF of elevator-connected,ADA-compliant… Read More cellar space on the Allen Street side.The property is 100% occupied by New Ealam under two leasesexpiring simultaneously in May 2027. At the current asking price of$3,000,000, the in-place cap rate is 6.46% - a strong current-incomeprofile for a Manhattan retail condo in a corridor with near-zerovacancy and demonstrably rising rents.The 2027 lease expiration is the investment thesis. A buyer todaysecures in-place income at 6.46%, with a clear path to mark-to-marketrents or owner-occupancy when both leases roll simultaneously. Read Less
Listing Courtesy of: Jed Klebanow, Douglas Elliman Real Estate, 212-891-7000.
Listing Snapshot
Days Online
74
Last Updated
Property Type
Apartment
Full Baths
99
Partial Baths
2
Square Ft.
1,995
MLS Number
RLS20098702
Additional Details
Appliances & Equipment
WasherDryerAllowed
Building
Living area: 1995.0, Living area units: SquareFeet, 7 stories, Entry level: 1
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