Highlights
• Mixed-use walk-up building in the Lower East Side • Includes 2,900 SF of vacant retail space with 40 feet of frontage • Residential component with 18 apartments: ten 3-bedroom units and eight 2-bedroom units • Prime location near Essex Crossing development • Excellent access to extensive nearby transportation options
Description
Marcus & Millichap is exclusively representing the sale of 115 & 117 Ludlow Street, two adjacent mixed-use walk-up buildings located between Rivington and Delancey Streets in the heart of the Lower East Side. 115 Ludlow spans 20 by 70 feet on a 20 by 88-foot lot, while 117 Ludlow measures 25 by 74 feet on a 25 by 88-foot lot; both are zoned C4-4A, have minimal unused development rights, and are not within a historic district. Together, the properties feature one large ground-floor commercial space of approximately 2,900 square feet—formerly a family-owned grocery store and now vacant—along with a total of eighteen apartments (eight two-bedroom units at 115 Ludlow and ten three-bedroom units at 117 Ludlow). This offering provides investors the chance to acquire long-term family-owned assets with strong value-add potential through professional management, operational improvements, and repositioning of the retail space in a neighborhood renowned for its restaurants and nightlife. Surrounded by trendy boutiques, acclaimed dining, and vibrant entertainment venues, the properties benefit from heavy foot traffic and strong tenant demand. Additionally, the location offers excellent connectivity just two blocks from the Delancey-Essex subway station (F, M, J, Z lines) and near Essex Crossing, a 1.65-million-square-foot mixed-use development featuring residential units, offices, retail, the Essex Street Market, cultural attractions, and community amenities.
Listing Details
- Cap Rate
5.34%
- Tenancy
Multi
- Space Type
mixed-use
- Sub Category
mixed-use-multifamily / mixed-use-retail
- Sale Type
Investment Sale
- Date Listed
9/4/2025
- Net Operating Income
$586,908
- Ground Lease
No
Property Specifics
- Property Name
115 & 117 Ludlow Street
- Property Class
C
- No of Buildings
2
- No of Stories
5
- No of Units
19
- Year Built
1910
- Building Size
15,897 SF
- Lot Size
3,967 SF
- Zoning
C4-4A