170 31st Street is a four-story brick mixed-use building on the corner of 4th Avenue and 31st Street. It has 18,000 square feet, 19 apartments and four ground-floor storefronts, and it’s being offered for the first time in many years.
The corner location gives the building frontage on two streets. The… Read More four storefronts face busy 4th Avenue and bring in $15,300 a month, about a third of gross income. The retail leases expire at staggered dates from 2027 through 2035, and one has built-in annual increases.
Upstairs, 19 rent-stabilized apartments provide steady, dependable income, and rents can rise within legal limits as leases renew. Gas is individually metered and the electric is separately metered. The building also has its original decorative brickwork, and the R train is a few blocks away at both 25th Street and 36th Street.
Gross income is $546,322 a year. The building is offered at a 6.32% cap rate (stabilized) and a 8.79× gross rent multiple, which works out to $267 per square foot and about $209,000 per unit.
It’s a long-held, well-located asset with income from both retail and residential tenants.
For the full offering memorandum, including the rent roll, lease terms and financials, contact the sales team: Read Less
Listing Courtesy of: Ian Mednick, Compass, 212-913-9058.
Listing Snapshot
Days Online
0
Last Updated
Property Type
MultiFamily
Beds
20
Full Baths
20
Square Ft.
18,000
Year Built
1916
MLS Number
RLS20124057
Additional Details
Building
Built in 1916, Living area: 18000.0, Living area units: SquareFeet, 4 stories, Entry level: 1
Information herein is deemed reliable but not guaranteed and is provided exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. RLS Data display by The Anwar Team at Compass. If you have any questions regarding the accuracy of this data, please contact us at [email protected]. Data updated:
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