206 W 21st Street

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206 W 21st Street

Prime Chelsea Multifamily

$16,000,000 Sales price

6.0% Cap Rate

Building Structure: The property is a 4-story building containing a total of 47 apartments
Renovation Status: A significant portion of the building has been updated, with 35 out of the 47 units having undergone gut renovations featuring high-end finishes
Development Potential: The building comes with a total of 19,800 square feet of available air rights
Location: It is situated in Chelsea, a prime Manhattan neighborhood known for its extensive dining, shopping, and entertainment options, as well as convenient access to transportation
Strong In-Place Cash Flow: A high-performing rental asset featuring Rent Stabilized units with current rents already performing at or near market- rate levels
Significant Discount to Replacement Cost: Offered at just $340,425 per unit—a 37% discount compared to the neighborhood average of $545,017/unit