Located in the heart of Chelsea, this five-story elevator building at
123-125 W 20th St offers a rare mixed-use investment opportunity with
strong income potential and condo conversion opportunity. Spanning over
17,149 sq ft above ground plus a 4,749 sq ft finished cellar. Which it includes
3,416 sq ft of retail space. This modern, low-maintenance brick building currently
includes 9 total units: five residential, two commercial storefronts,
and two offices currently being converted to residential. Eight units
will be delivered vacant, and all residential units are free market with
private outdoor space, two full bathrooms, and condo conversion ready mechanicals
including separate boilers, electrical panels, and meters. Recent
upgrades include full exterior brick repointing, new windows and doors,
renovated bathrooms, and a brand-new roof—all completed in 2024. Ceiling
heights range from over 10 feet on the upper floors to 8.5 feet in the
basement. The property includes approximately 14,449 sq ft of unused air
rights, offering future development potential or the option to sell at
market value. One commercial tenant is in place through 2026, currently
generating over 20K/month in rent with built-in escalations. Whether
you're looking to hold as an income-producing asset or develop luxury
condos, this is a premier opportunity in one of Manhattan's most
desirable neighborhoods.