Building Details

Year Built 1920

Buildings 1

Stories 6

Tenancy Multi

Listing Agency: Meridian Capital Group

Listed By: David Schechtman · License #10301211874 Show Phone

Source: Crexi

Added: Sep 5 Changed: Sep 27 Last Checked: Oct 7 at 9:02AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Meridian Capital Group

Investment Insights

Based on property information with market context.

This six-story mixed-use building contains 30 residential units and two ground-floor retail spaces within 17,610 square feet. Constructed in 1920 on a 3,970-square-foot lot, the property includes 6,289 square feet of unused air rights and is zoned R8A/C2-5. Residential occupancy is 90%, while the commercial spaces are fully occupied.

The building is located at 114 East 1st Street in Manhattan’s East Village, between 1st Avenue and Avenue A. Commercial tenancy includes Punjabi Grocery & Deli and 86 Bite & Sip, with a blended WALT of 6.83 years, 3.5% average annual escalations, and utility and tax recovery structures. Nineteen of the 30 residential units are free market, representing 63% of the residential inventory.

Key Highlights

• 30 residential units plus 2 ground‑floor retail spaces
• 17,610‑square‑foot, six‑story mixed‑use building built in 1920
• 90% residential occupancy and 100% commercial occupancy

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$561,319

Cap Rate

6.24%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$11,226,380 $11.2M

Cap Rate 7%

$8,018,843 $8.0M

Cap Rate 9%

$6,236,878 $6.2M

Market Conditions

NOI Build-Up for 17,610 SF

Gross rent

$1.06M $60.00/SF

− Vacancy

−$158.5K −$9.00/SF

EGI

$898.1K $51.00/SF

− OpEx

−$336.8K −$19.13/SF

NOI

$561.3K $31.88/SF

Area

New York, NY

Vacancy

15.00%

Lease Rate

$60.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$11,226,380

Cap Rate 7%

$8,018,843

Cap Rate 9%

$6,236,878

Alternative Uses

Best Use

Retail

$35.40M

$30.98M – $41.30M (±1% cap)

NOI $2,478,159 @ 7.0% cap · market cap 27.54%

Second Best

Mixed Use

$8.02M

$7.02M – $9.36M (±1% cap)

NOI $561,319 @ 7.0% cap · market cap 6.24%

Theoretical Best

Specialty Retail

$43.83M

$38.35M – $51.14M (±1% cap)

NOI $3,068,366 @ 7.0% cap · market cap 34.09%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Hollywood Nail & Spa Nail Salon Natural Garden Landscape ... Landscaping Punjabi Deli Restaurant Go Clean Restoration General Contractor Hollywood Nail & Spa ... Spa & Massage Center

Suggested Use

Top Pick Law Firm Nursing Home (Bike/Boat/Book/etc) Store Pet Grooming Service Adult Day Care Bed & Breakfast

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

30

Residential units

Multi-tenant

Tenancy

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

7,415

Businesses Nearby

Explore this area Business Placement

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Mixed-use asset combines residential apartments with occupied ground-floor retail and established commercial tenancy.

Where is this mixed-use property located?

The property is located at 114 East 1st Street New York City, NY.

What is the asking price?

The asking price for this property is $9,000,000.

What are key features of this property?

This property features: 30 residential units plus 2 ground‑floor retail spaces; 17,610‑square‑foot, six‑story mixed‑use building built in 1920; 90% residential occupancy and 100% commercial occupancy