Studio • 1 Baths • 11,785 ft2
Tax (Monthly):
$8,852
Building & Unit Features
Investors' Dream Opportunity in Little Italy/ NoLita
Investors' Dream Opportunity385 Broome Street is a mixed-use Free-Market Rental CORNER building located in the heart of Little Italy/NoLita, New York City, right at the high-traffic corner of Mulberry Street and Broome Street ideally situated among Little Italy, NoLita and SoHo, three of the most desirable neighborhoods close to public transportation, major employment hubs, and all the cultural attractions that Manhattan has to offer.
Investment Highlights
- Most valuable corner with high traffic and visibility in the heart of Little Italy/NoLita.
- Large approx. 26' x 100' frontage
- Well-maintained building with a mix of 2 commercial and 5 residential units.
- Building was renovated with new stairs, plumbing & electrical in 2005.)
- All units are FREE Market rentals, sub-metered, central air, W/D in unit, high ceilings, large windows, and extremely popular. Retail "Caffe Roma" and "Mulberry Street Bar" are both established.
- Residential units can be delivered vacant.
- Lofty Prewar with lots of charm and renovated in excellent condition.
- Still Below market-rate rents. Upside income growth opportunity.
- Good track record of historical appreciation.
- Value-add opportunities, such as renovating the 2FL and 5FL or converting to condominium. There are proven successful records around the buildings. (Note: Perfect timing for developers to acquire both 385 and 383 Broome Street together at 50 ft x 100 ft lot size.)
Nolita and Little Italy are two adjacent neighborhoods in Lower Manhattan, New York City. They are both known for their charming historic buildings, trendy shops and restaurants, and vibrant culture.
Real estate market characteristics
- High demand: Both Nolita and Little Italy are in high demand from buyers and renters alike. This is due to their desirable locations, historic character, and amenities.
- Limited supply: The supply of real estate in both neighborhoods is limited, which drives up prices.
High prices: Real estate in Nolita and Little Italy is among the most expensive in Manhattan. However, it is still less expensive than the immediate neighboring Tribeca and SoHo, hence it is appealing.
- Strong investment potential: Real estate in Nolita and Little Italy has historically appreciated in value, making it a good investment choice.
Both neighborhoods offer a variety of housing options and amenities, and they are both good investment choices.
Parking:
Street
Space: building
Floor: 5
Total Rooms: 2
Pet Policy: Case By Case
