13-Unit Apartment
For Sale
$9,999,000
240 E 9th St, New York, NY 10003
Thirteen-unit multifamily building in Manhattan’s East Village, rated a Walker’s and Rider’s Paradise.
Property Size9,180 SF
Days on Market48
Property Features for 240 E 9th St
General Information
Standard status
Active
Size
9,180 SF
Property subtype
Commercial
Additional Details
Multifamily Units
13
Taxes and HOA fees
Annual Taxes
$121,601
Building Details
Building Size
9,180 SF
Year Built
1900
Units
13
Listing Agency:
All Island Estates Realty Corp
(516) 279-8828
Listed By:
Richard Matt Shane · License #10301216230
(516) 279-8828
Source:
Elliman
Added: Jul 14
Changed: Aug 21
Last Checked: Aug 29 at 10:09AM
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 All Island Estates Realty Corp
Investment Insights
Based on property information with market context.
This is a 13-unit apartment building in Manhattan’s East Village section, offered for sale. The property is described as a multifamily residential income asset and is positioned for tenants seeking strong day-to-day connectivity.
Public remarks indicate BikeScore 94, WalkScore 100, and TransitScore 100. The building is located at 240 E 9th St, New York, NY 10003.
Prospective investors and buyers can evaluate the building’s unit count and Manhattan location as part of their underwriting and due diligence.
Public remarks indicate BikeScore 94, WalkScore 100, and TransitScore 100. The building is located at 240 E 9th St, New York, NY 10003.
Prospective investors and buyers can evaluate the building’s unit count and Manhattan location as part of their underwriting and due diligence.
Key Highlights
- 13‑unit multifamily building in Manhattan’s East Village
- Built in 1900
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
$287,217
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
2.87%
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%
$5,744,340
$5.7M
Cap Rate 7%
$4,103,100
$4.1M
Cap Rate 9%
$3,191,300
$3.2M
Market Conditions
NOI Build-Up for 9,180 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
$549.7K $59.88/SF
− Vacancy
−$27.5K −$2.99/SF
EGI
$522.2K $56.89/SF
− OpEx
−$235.0K −$25.60/SF
NOI
$287.2K $31.29/SF
Area
New York, NY
Vacancy
5.00%
Lease Rate
$59.88 /SF/Yr
Expense Ratio
45.00%
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%
$5,744,340
Cap Rate 7%
$4,103,100
Cap Rate 9%
$3,191,300
Alternative Uses
Best Use
Apartment 5plus
$4.10M
$3.59M – $4.79M
NOI $287,217 @ 7.0% cap · market cap 2.87%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$22.85M
$19.99M – $26.66M
NOI $1,599,523 @ 7.0% cap · market cap 16.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
27,233
Businesses Nearby
Explore this area
Business Placement
Demographics for 10003, NY
57,076
Population
30,730
Households
1.9
Avg Household Size
32
Median Age
82%
College-Educated
96%
High-School Grad
0.6 sq mi
ZIP Area
95,127
Density / Sq Mi
$153,750
Median Household Income
$82,560
Median Earnings
$2,772
Median Rent
$1,137,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Thirteen-unit multifamily building in Manhattan’s East Village, rated a Walker’s and Rider’s Paradise.
Where is this apartment building located?
The property is located at 240 E 9th St New York, NY.
What is the asking price?
The asking price for this property is $9,999,000.
What are key features of this property?
This property features: 13‑unit multifamily building in Manhattan’s East Village; Built in 1900
