Buy&Hold (Multifamily): 14 Units, 288 8th, Chelsea-Manhattan, NY 10001 + $6,000,000
- Promise Land Realty
- 2 days ago
- 3 min read
Updated: 2 days ago
Multifamily Investment Opportunity
Price
$7,000,000
OFF-MARKET | CHELSEA, MANHATTAN
288 8th Avenue – Mixed-Use Investment
12 Residential Units + 2 Commercial | 4-Story Walk-Up
Property Summary
Address: 288 8th Avenue, New York, NY 10001
Asking Price: $6,000,000
Building Type: 4-Story Mixed-Use Walk-Up
Total Units: 14 (12 Residential + 2 Commercial)
Residential Unit Mix
12 Residential Units
6 One-Bedroom Units
6 Studio Units
Lease Structure: Month-to-Month
Rent Regulation: 2 Rent-Stabilized | 10 Free-Market
Occupancy: 11 of 12 units occupied (92% residential occupancy)
Commercial Component
2 Ground-Floor Commercial Units
Occupancy: 100%
Annual Commercial Income: $182,015
Income Summary (Pro Forma)
Residential Income (Annual): $280,384
Commercial Income (Annual): $182,015
Total Annual Rental Income: $462,400
Operating Expenses
Total Annual Operating Expenses: $93,469
Real Estate Taxes: $78,769
Water: $5,600
Utilities: $9,100
Net Operating Income (NOI)
Annual NOI: $369,930
Monthly NOI: $30,744
Cap Rate at Asking: ~6.1%
Development & Zoning
No independent rooftop development rights
Assemblage potential exists only if acquired in conjunction with the adjacent 286 8th Avenue
Value-Add & Strategic Considerations
Month-to-month leases provide near-term operational flexibility
Majority free-market residential unit mix
Well-suited as a tenant relocation / swing building in an assemblage strategy
Preliminary architectural studies indicate feasibility for MIH / City of Yes affordability certificate strategies when paired with the adjacent property
Location Highlights
~5-minute walk to High Line and Madison Square Garden
~15-minute walk to Hudson Yards
One block from Chelsea Target
Positioned along a major Chelsea corridor amid ongoing and recent new construction
Asset Characteristics
Wider building footprint and higher ceilings than many newer builds
Flexible interior layouts compared to recent apartment product
Stable mixed-use configuration in a supply-constrained submarket
Transaction Terms
Earnest Money Deposit (EMD): $350,000
Offer Requirements: Lender approval or Proof of Funds required with submission
Financing: Cash or Hard Money only
No seller financing
No creative financing structures
Investment Summary
288 8th Avenue presents a compelling opportunity to acquire a stabilized Chelsea mixed-use asset with durable in-place income, strong street-level retail, and long-term strategic optionality through potential assemblage—located in one of Manhattan’s most supply-constrained corridors.
Please submit all offers directly to:📧 investments@promiselandrealtyllc.com
Property Map
OFFICIAL PROMISELAND LENDING PARTNER
100% Financing for Rehab Projects
Powered by Residential Capital Partners
ResCap is a direct private lender offering zero-money-down loan options for 1-4 unit residential investment flips & rentals across the U.S.
🔹 100% Financing – Covers purchase + rehab
🔹 Fast Closings – ~10 days
🔹 Credit Requirements – 620+ FICO (Rehab), 660+ FICO (DSCR)
🔹 Loan Size – $75K–$1.25M
🔹 Rates – 10.9%–11.9% | 2–3% origination | 1st lien
🔹 Serviced In-House | Virtual Inspections | No Owner-Occ or Rural Props
Nationwide Coverage (Excludes: AK, AZ, NV, PA)
Proof of Funds Available
This listing is proudly sponsored by Residential Capital Partners – trusted lending for the nation’s best flippers.
For more info email sarter@promiselandrealtyllc.com or text (864) 762-2509
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Promiseland Realty LLC is a nationwide real estate consulting firm specializing in off-market investment opportunities, strategic acquisitions, and real estate advisory services.
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All off-market properties are sold As-Is, Where-Is. Buyer is responsible for conducting their own due diligence. Properties are conveyed via warranty deed, and Promiseland Realty LLC is selling its assignable contractual interest.
Proof of Funds is required with all offers. Earnest Money Deposit (EMD) is due within 48 hours of an accepted offer. All closings are facilitated through a licensed title company or closing attorney.
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