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$999,000 E Village Storefront Duplex Condo (New York)
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9% Projected Cap Rate
Unit Size: 1,850 Square Feet
The unit was previously rented for $10,000/month =$120,000 annually
$313/month common charges =$3,756 annually
Real Estate Taxes - $25,000
Insurance - $700
Total Owner Expenses- $29,456 annually
Possible NOI- $90,544 annually
Extremely high projected 9.1% cap rate once re-rented.
Description: The property is a condominium located in the East Village neighborhood. The building is situated within an R8A zoning district, which is primarily residential but allows for certain non-residential uses under specific conditions. The unit in question comprises approximately 1,850 square feet, with 350 square feet on the street level and 1,500 square feet on the lower level, with 3 separate entrances to the lower level, including elevator, lobby, and stairs directly from the street. The unit will be delivered vacant. The Unit is ADA compliant, providing accessibility to all users.
Zoning and Permitted Uses
Under the R8A zoning district, the following uses are generally permitted:
Community Facility Use: This encompasses a range of non-commercial uses that serve the community, such as:
a) Educational facilities (e.g., schools, libraries, educational and training)
b) Religious institutions
c) Medical facilities (e.g., clinics, hospitals, doctors, dentists, clinics, emergency services, counseling services, social services, homeless services, vocational training services, etc.)
d) Cultural institutions (e.g., museums, non-profit art galleries)
It's important to note that commercial uses are generally not permitted in R8A districts unless the property has a commercial overlay or a special permit is obtained. However, community facility uses are allowed and can include certain cultural institutions.
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