Six-Story Mixed-Use
For Sale
Contact for pricing
114 East 1st Street, New York City, NY 76059
Mixed-use asset combines residential apartments with occupied ground-floor retail and established commercial tenancy.
Property Size17,610 SF
Lot Size0.09 Acres
Price / SF$511.07
Days on Market9
Property Features for 114 East 1st Street
General Information
Standard status
Active
Size
17,610 SF
Lot size
0.09 Acres
Property subtype
Retail, Multifamily, Mixed Use
Zoning
R8A/C2-5
Net Operating Income
$589,101
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Asking Price
$9,000,000
Multifamily Units
30
Building Details
Year Built
1920
Buildings
1
Stories
6
Tenancy
Multi
Listing Agency:
Meridian Capital Group
Listed By:
David Schechtman · License #10301211874
(212) 468-5907
Source:
Crexi
Added: Sep 5
Changed: Sep 12
Last Checked: Sep 13 at 5:11AM
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.
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$561,319
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.24%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
NOI $2,478,159 @ 7.0% cap · market cap 27.54%
Second Best
Mixed Use
$8.02M
$7.02M – $9.36M
NOI $561,319 @ 7.0% cap · market cap 6.24%
Theoretical Best
Specialty Retail
$43.83M
$38.35M – $51.14M
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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Open Analytics
Current Use
Lease Details
30
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7,415
Businesses Nearby
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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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
