224 Lafayette St #10FAM, New York, NY 10012

Introducing 224 Lafayette Street a legal 10 family (one unit was legally split into two) + 1 commercial store. The building is 24.5x46 on a 50 foot lot. You can build out back an additional four feet and you can build up an additional three floors. Seven units are currently vacant with 3 tenants remaining. Each of the 7 vacant units are currently FM. The pro forma RR would be 2900 for each 1br unit on the ground floor & 3200 for each remaining 2br unit x 8 additional apartments + 22,000 for the ground floor commercial. (NOI at full occupancy is 571,000 putting this at a 6.5% cap rate which is unheard of for soho) Brand new water boilers have been installed this year. This is a beautiful block & excellent investment opportunity for the right buyer. Expenses are only 75,000 yearly for the entire building.