67 Ludlow Street is a 21-unit mixed-use walk-up offered for sale for the first time in over four decades. The property comprises 20 rent-stabilized residential units and one ground-floor retail space, fully occupied at 100%, generating $368,737 in gross income and $214,693 in net operating income. At the asking price of $3,300,000, the asset reflects a 6.5% cap rate on in-place actuals, a $157,143 price per unit, and approximately $340 per gross square foot.
The building is positioned in the heart of Manhattan's Lower East Side, within two blocks of the Delancey-Essex Street transit hub and the Essex Crossing development. The lot measures 25 by 87 feet with C4-4A zoning. The ground-floor commercial tenant operates under a long-term lease through 2043 with contractual 3% biennial escalations.
This offering presents a sophisticated investor with a stabilized Manhattan cash-flow asset at a sub-$3.5M entry point, with operational optimization opportunities available to a buyer experienced in rent-stabilized portfolio management.