138-140 Ludlow St
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138-140 Ludlow St
29 Unit Apartment Building $21,000,000 ($724,138/Unit) 6.10% Cap Rate New York, NY 10002
Executive Summary
138 Ludlow is an 21,500 square foot, six-story mixed-use building with approximately 48 feet of frontage on
Ludlow Street (between Stanton and Rivington). The property lies in the epicenter of the LES, and two blocks
north of the $1.9 billion, two million square foot Essex Crossing development. The Property’s 27 residential units
consist of studios (4), one-bedrooms (1), two-bedrooms (6) and three-bedrooms (16), and two retail spaces
at street level. The ground floor consists of 2 stores and 2 apartments. The remaining floors (two through
six) contain 5 apartments per floor. Since current ownership acquired the Property in 2018, 138 Ludlow has
undergone an extensive interior renovation with a scope encompassing both unit renovations and base building
capex. The Property’s lobby, stairwells and 25 of the residential units have been renovated over the last few
years. 22 of the Property’s 27 residential units are currently free market (81%) and. Two RS units are first rents
at market. Today, approximately 90% of the Property’s residential income is derived from free market leases.
Ludlow Street (between Stanton and Rivington). The property lies in the epicenter of the LES, and two blocks
north of the $1.9 billion, two million square foot Essex Crossing development. The Property’s 27 residential units
consist of studios (4), one-bedrooms (1), two-bedrooms (6) and three-bedrooms (16), and two retail spaces
at street level. The ground floor consists of 2 stores and 2 apartments. The remaining floors (two through
six) contain 5 apartments per floor. Since current ownership acquired the Property in 2018, 138 Ludlow has
undergone an extensive interior renovation with a scope encompassing both unit renovations and base building
capex. The Property’s lobby, stairwells and 25 of the residential units have been renovated over the last few
years. 22 of the Property’s 27 residential units are currently free market (81%) and. Two RS units are first rents
at market. Today, approximately 90% of the Property’s residential income is derived from free market leases.
Property Facts
| Price | $21,000,000 | Apartment Style | Mid Rise |
| Price Per Unit | $724,138 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Cap Rate | 6.10% | Building Size | 21,500 SF |
| Gross Rent Multiplier | 12.71 | Average Occupancy | 100% |
| No. Units | 29 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 1903 |
| Property Subtype | Apartment |
| Price | $21,000,000 |
| Price Per Unit | $724,138 |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| Gross Rent Multiplier | 12.71 |
| No. Units | 29 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 21,500 SF |
| Average Occupancy | 100% |
| No. Stories | 6 |
| Year Built | 1903 |
Unit Amenities
- Heating
- Kitchen
- Refrigerator
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Walk Score ®
Walker's Paradise (100)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Biker's Paradise (97)
PROPERTY TAXES
| Parcel Number | 0411-0042 | Improvements Assessment | $2,079,540 |
| Land Assessment | $450,000 | Total Assessment | $2,529,540 |
PROPERTY TAXES
Parcel Number
0411-0042
Land Assessment
$450,000
Improvements Assessment
$2,079,540
Total Assessment
$2,529,540
zoning
| Zoning Code | C6-1 (C6 districts permit a wide range of high-bulk commercial uses requiring a central location) |
| C6-1 (C6 districts permit a wide range of high-bulk commercial uses requiring a central location) |
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138-140 Ludlow St
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