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Type:
Mixed Use
Sq Ft:
27,528
Units:
Property Description
Investment Property Realty Group (IPRG) is pleased to exclusively represent the ownership of 91-93 Baxter Street, two mixed-use buildings located just south of Canal Street in the heart of Chinatown. The properties encompass a total of 27,528 square feet with 50 feet of frontage and include 44 residential units along with a shared retail space on the ground floor.
The ground-floor retail space spans 5,500 square feet and is currently leased to La Diaspora, a Latin American bar and restaurant. The tenant is in the third year of a 10-year lease, which includes 3% annual rent escalations and a 10% contribution toward real estate taxes.
The residential portion consists of 44 two-bedroom apartments, including 4 free market units and 40 rent stabilized units. Ownership has completed renovations on 16 units, along with upgrades to the common areas and mechanicals.
91-93 Baxter Street offers investors the attractive opportunity to acquire a 50’ foot wide apartment building at a favorable basis, delivering a high yield and limited downside risk in the thriving Chinatown submarket.
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Block & Lot:
00199-0007
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Neighborhood:
Chinatown
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Cross Streets:
Walker St & Bayard St
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Building Dimensions:
25 ft x 90 ft
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Lot Dimensions:
50 ft x 101 ft
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Units:
45
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Total Approx. SF:
27,528
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Zoning:
C6-1
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FAR:
3.44
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Tax Class:
2
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