Sometimes a buyer wants a home that gives them plenty of options, said Citi Habitats agent Caroline Bass. Bass recently sold 303 West 18th Street, a 100-year-old brick townhouse situated in a prime Chelsea location – for $6.15 million.
Twenty-two feet wide, the 4-story home currently consists of 5 floor-through apartments. Three of the units have undergone meticulous renovations – including new hardwood floors, crown and baseboard moldings, and new kitchens, baths and light fixtures. Prewar details were preserved throughout the building, including exposed brick walls and original marble mantels, as each apartment features a working fireplace.
Another feature that appealed to the buyer was that each current tenant was paying a fair-market rent.
“It’s rare to find a building where you can live in an apartment, rent out the other units and not have to do any work at all,” says Bass. “The buyer plans to rent out 4 of the apartments now, and keep one for himself. Later on, when the timing is right, he would like to convert the building into a spectacular single-family home. The options are endless.”
303 West 18th Street was listed for $6.5 million. The property was on the market for 23 weeks, and annual taxes are $37,100 per year. Julia Hoagland of Compass represented the buyer.