108 1st Ave - Apartments FOR SALE


New York, NY 10009- East Village
$8,500,000 USD
718-360-8827
108 1st Ave, New York, NY for Sale
$8,500,000 USD
Apartments - FOR SALE
1/26
null | 5.27% Cap Rate

108 1st Ave
New York, NY 10009
East Village


HIGHLIGHTS

  • 100% Free Market, Mixed Use Building in East Village
  • The property consists of four (4) residential apartments and one (1) ground-floor retail space
  • Due to the limited residential unit count, the building is statutorily deregulated
  • Tax Class Protection – Annual real estate taxes of $23,013, supporting a low overall expense ratio
  • Turnkey Asset – Recently renovated with no immediate capital expenditure requirements
  • Efficient Unit Layouts – Well-designed apartments that maximize livability and rental appeal

OVERVIEW

Investment Property Realty Group (IPRG) has been exclusively retained to market for sale 108 1st Avenue, a mixed-use property located in the highly desirable East Village neighborhood of Manhattan. The property consists of four (4) residential apartments and one (1) ground-floor retail space. Due to the limited residential unit count, the building is statutorily deregulated, providing investors with the flexibility to adjust rents in line with market conditions and inflation. The asset has recently undergone a comprehensive gut renovation, including all new electrical and plumbing systems. Each residential unit is thoughtfully outfitted with in-unit washer/dryers and dishwashers, offering modern convenience and strong appeal to tenants. The retail space is currently leased to UPS at a below-market rent, presenting a compelling opportunity for future income growth. Upon lease expiration in 2030, ownership has the potential to significantly increase rental income, with projections indicating the ability to at least double the current rent.

FOR SALE DETAILS

PRICE

$8,500,000 USD

PRICE/SF

$1,230 USD /SF

# OF UNITS

4

PRICE/UNIT

$2,125,000

CAP RATE

5.27%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

5

YEAR BUILT

1900

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.03 AC

LAND SF

1,307 SF

ZONING

R7-2

APN/PARCEL ID

0434-0005

ASK ABOUT THIS PROPERTY

Justin ZeitchikInvestment Property Realty GroupMore Info
718-360-8827

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Justin ZeitchikInvestment Property Realty GroupMore Info
718-360-8827

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.