$7,700,000

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195 Tenth Avenue is situated in prime Chelsea right in the middle of New York City's vibrant art scene. In fact, it is literally around the corner from well-known
galleries such as Pace, Gagosian and Paula Cooper, to name a few, not to mention the artist collectives where up and comers show.

Looking south, the property is diagonally across the avenue from the Highline Hotel, ;itself located between the two beautiful Seminary blocks, among the prettiest in the
entire City. From there it's only a hop, skip and jump down to the Meatpacking District where the Whitney Museum, Little Island and world class shopping await.

;The Empire Diner is on the northern diagonal from the building. Chelsea Piers is a block away and there's a Whole Foods, Home Depot, the world renowned Chelsea Hotel and a plethora of fine dining options, as well as Madison Square Garden and the new Penn Station, all within walking distance. Clearly this property is situated in a sublime, happening neighborhood!

The property itself is a 25 foot wide, 5-story mixed use building that was built in 1905. It currently has 8 apartments and a restaurant which occupies the first floor and the building's garden. Each residential unit consists of 2 bedrooms ;and one bathroom. All the front apartments look directly at Clement Clarke Moore Park, a lovely neighborhood recreation area; the rear have a view of the High Line.

There is one rent controlled unit in the building and 5 of the apartments are rent stabilized. The remaining two units have been renovated; one is currently occupied by the owner; the other commands ;market rate. ;

According to a Co-Star report of sold and closed multi-family properties within the last year, the neighborhood ;cap rate varies from 4.90 to 5.70%. This property fits in that range. Best of all, at this moment the building nets almost $355,000 after expenses and there definitely is upside potential.

By all reasonable measures this is a profitable property in an A+ location. In other words, it's an excellent investment opportunity. What are you waiting for?

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Rent Roll, income & Expenses available upon request

Amenities

• Bedrooms: 0
• Full Bathrooms: 0
• Partial Bathrooms: 0
• Property Type: Residential
• Home size: 0 ft² / 0 m²
• MLS: 1-23539434
• Status: Active

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