49 Orchard St Unit RETAIL, New York, NY 10002
- $3,000,000
- 100
- BA
- 1,995
- SqFt
- List Price
- $3,000,000
- Bathrooms
- 100
- Half-baths
- 2
- Status
- ACTIVE
- Common Charges
- $100
- Neighborhood
- Lower East Side
- Region
- Manhattan
- MLS#
- RLS20098702
Property Description
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 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.
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Additional Information
- Monthly Maintenance
- 100
- Pets Allowed
- Yes, No
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Listing courtesy of Douglas Elliman Real Estate.
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