257 West 12 Street   Unit HOUSE

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a 25' wide, five-story plus lower level, walk-up apartment building located on the north side of West 12th Street between Greenwich Avenue and West 4th Street. The building has been owned and operated by current ownership for over 10 years. The property consists of 11 large railroad-style apartments of which nine are FM and two are RS. The average in-place rent is approximately $59 per square foot which is 40% below market. There is substantial upside in rents by renovating the common areas and converting the apartments into two-bedroom units (currently only four of them are two-bedrooms). Additionally, if the property can be vacated, it would make for an expansive single family townhouse conversion opportunity on a block that commands in excess of $2,200 per square foot for similar assets. It is located steps from popular neighborhood spots such as Wallflower, Monument Lane, Corner Bistro, and Beatrice Inn as well as area amenities such as Equinox, St. Vincent's Park, and Bleecker Playground. Additionally, it is three blocks south of the 14th Street stops to the A, C, E, L, 1, 2, and 3 trains. This is a rare opportunity to acquire an investment property with strong in-place cash flow and immediate upside in the rents with additional long-term upside as a single family conversion on one of the best blocks in the West Village.