146-148 28Th StNew York, NY 10001

This exceptional mixed-use property, located at 146-148 West 28th Street in the vibrant Chelsea neighborhood of Manhattan, presents a compelling investment opportunity. The seven-story brick building encompasses 28,250 square feet and sits on a 0.106-acre lot. It features fourteen units: twelve residential units (two 2-bedroom/1-bathroom, one 3-bedroom/1-bathroom, and nine 3-bedroom/2-bathroom units), and two 1,100 square foot ground-floor retail spaces. Eleven residential units are free-market, and one is rent-stabilized. The building boasts renovated apartments with luxury finishes and an elevator. Both retail units are currently leased until January 2028, with 3% annual rent increases and pro-rata tax reimbursements. The property enjoys a strong NOI of $1,187,718, resulting in a 4.75% cap rate. The asking price is $25,000,000, or $1,785,714 per unit, and $884.96 per square foot. Built in 1910 and renovated in 1987, this asset benefits from its prime location, offering convenient access to multiple subway lines, bus routes, and major roadways, including the Lincoln and Queens Midtown Tunnels. The property is also within close proximity to numerous amenities, including restaurants, shops, parks, schools, and major employment centers. An assumable loan of $14,885,000 (with a 1% assumption fee) is available, originating in February 2021 with a 3.75% fixed interest rate and a 30-year amortization schedule. The surrounding area boasts exceptional demographics, with over 217,000 people within a one-mile radius and an average income exceeding $245,008. This property offers a rare chance to acquire a well-maintained asset in one of the nation's top-performing real estate markets.