This property was originally built as The Vinograd Hotel ( Grapes in Russian) in 1927 and includes 27 apartment units and three retail spaces. The property underwent a renovation in 2016 which included the fully permitted addition of kitchens to all 25 studio units. The unit mix also includes one 2 bd / 1 ba apartment and one 1 bd / 1 ba apartment for a total of 27 residential units and three retails units (yogurt shop, cell phone shop and apparel kiosk). 21 out of the 27 residential units have been renovated within the last two years.
All residential utilities are master metered and 20 of the units are currently rented fully furnished.
The property is being offered at an attractive 5.32% cap rate and 10.46 gross rent multiplier with the potential to achieve an additional 14.5% upside in rents with annual 5% rent controlled increases for residential tenants and renegotiation of under market retail lease.
Buyer must do their own due diligence and independently verify all information.