94 8Th AveNew York, NY 10011

Property Details for 94 8Th Ave

Year built

1901

Lot size

0.03 AC

Property size (Sq ft)

2,226 SF

Zone code

C16A

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

00764-0074

APU

7640074

Description

This exceptional mixed-use property, located at 94 8th Avenue in the vibrant Chelsea neighborhood of New York City, presents a compelling investment opportunity. The three-story, 2,850 square foot building, constructed in 1901, sits on a 1,424 square foot lot (19.37 x 73.5 ft) and boasts a permitted C1-6A zoning classification. Currently operating at 100% occupancy with two tenants – a commercial tenant (Pay-O-Matic Store) and a residential tenant (duplex unit) – the property generates a substantial net operating income (NOI) of $215,498 annually, representing a 4.10% cap rate. The commercial lease extends to November 13, 2029, with a five-year option, while the residential lease expires June 30, 2025. The asking price is $5,250,000, translating to $1,842.11 per square foot. The building's dimensions mirror those of the lot. The property's strategic location, one block from Google headquarters, in close proximity to the Meatpacking District, ensures strong rental demand. With a current annual income of $247,890 and annual operating expenses of $32,392, this property offers significant value-add potential, particularly given the upcoming residential lease expiration and the opportunity to increase rental income. The property's tax assessment for 2022/2023 was $28,390. The building's floor plan includes one commercial unit on the ground floor and a duplex residential unit above. This presents a unique opportunity for both owner-occupancy and investment. The building has a 4.00 FAR and 2,545 square feet of air rights, offering potential for future expansion (Buildable Sq Ft - 5,695).

• CAP approach

  CAP return

  Valuation

  6%

  $368,024

  6.5%

  $339,715

  7%

  $315,449

• Comparable approach

  Method

  Valuation

  Relative Method

  $290,849

  Geo Method

  $290,849

• Alternative Use

  Use

  Valuation

  Residential

  $421,246

  Hospitality

  $385,859

  Educational

  $321,030

  Medical

  $332,071

  Retail

  $499,381

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7401

Longitude

-74.0019

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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