Ainslie Tower is a ten-story, thirty-unit elevator apartment building built in 2009. This mixed-use building boasts twenty-nine residential units, all of which are occupied lofts with 20 foot ceilings. Six apartments are affordable housing units. The building has one commercial unit, a newly vacant 9,500 square foot store with an elevator asking $28,000/month. The building also has cellar storage space and a loading dock. Three levels of parking (60 parking spots) that bring in monthly rental income. There is potential to add 6,985 more square feet of parking on the second floor roof. The building measures 77,664 total square feet and sits on a lot measuring 96.08' x 183.33'. The building currently brings in a gross annual income of $2,039,498.76 and a net annual income of $1,763,665.18. The legal gross annual rent for the residential units amounts to $1,318,460. When combined with the commercial income, the property has the potential to achieve a total gross income of $2,154,860.76 The building has a 421A exemption that lasts until July 2038. This is an excellent opportunity to earn steady rental income in prime Williamsburg. Actual cap rate: 6.53%
