East Village Manhattan Storefront Duplex Condominium Community Facility Unit

Description:

The property at 229 East 2nd Street, Manhattan, NY 10009, is a condominium building located in the East Village neighborhood. The unit in question is Non-Residential and comprises approximately 1,850 square feet, with 350 square feet on the street level and 1,500 square feet on the lower level.

Option A: Delivered Vacant – Massive Upside Potential
➤ $999,000 Sale Price All-Cash “As-Is”
➤ Ideal for owner-user (medical, dental, nonprofit, wellness)
➤ Projected Cap Rate: 9.4% at $10,000/month rent

➤ Up to 25.3% at $25,000/month rent (via shared med-spa/micro-leasing model: Botox, aesthetics, tattoo, wellness suites)
➤ Proof of concept confirmed; suitable for multiple sub-tenants paying $1K–$3K/month each

Option B: Sale-Leaseback – Passive Income
➤ Seller leases back at $10,000/month absolute NNN
➤ 10-year, non-terminable lease, personally guaranteed
➤ Seller may sublease and retain rent upside (target: $25K/month from micro-tenants)
➤ Buyer receives $120,000/year bonded NOI from closing
➤ Priced at 5% Cap Rate = $2,400,000 Sale Price
➤ 5% non-refundable deposit; immediate close upon title & lease execution

MAKE AN OFFER!

Financial Highlights:
• $120,000 stabilized annual rent
• $25,838/year expenses (RE taxes, CC, insurance)
• $94,162 NOI at $10K /month = 9.4% Cap
• Up to $274,162 NOI at $25K/month = 25.3% Cap
• Common charges: $313/month

Unit Features:
• 337 SF street level + 1,507 SF lower level = 1,850 SF total

Permitted uses include:
• Medical, dental, and urgent care
• Physical therapy, acupuncture, and counseling
• Daycare, religious, nonprofit, vocational/educational

Commercial uses (e.g., retail spa) are not permitted unless structured under a nonprofit or clinical framework


3D Tour, Floorplans & Photos:
View Listing
https://www.homes.com/property/229-e-2nd-st-new-york-ny-unit-1/dl2zp7b3jx9s8/

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