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?
Rent Roll, income & Expenses available upon request
