Mixed-Use Apartment and Retail
For Sale
$10,500,000
332 E 9th St, New York, NY 10003
Five-story, 25-foot-wide mixed-use building with 22 apartments and two retail units along an East Village corridor.
Property Size11,400 SF
Price / SF$921.05
Days on Market61
Property Features for 332 E 9th St
General Information
Standard status
Active
Size
11,400 SF
Property subtype
Multifamily
Zoning
R8B
Additional Details
Cap Rate
5.98%
Multifamily Units
22
Amenities
Prime East Village Location Between 1st and 2nd Avenue
Two Commercial Spaces in Prime Corridor
22 Apartments with 50% Free Market Component
Strong in Place Cash Flow
Close proximity to Tompkins Square Park
Building Details
Building Size
11,400 SF
Stories
5
Units
24
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Manhattan
Listed By:
Dylan Torey · License #License(s): NY: 10401287828
(646) 805-1444
Source:
Marcusmillichap
Added: Jul 26
Changed: Sep 1
Last Checked: Sep 24 at 6:43AM
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 Marcus & Millichap - Manhattan
Investment Insights
Based on property information with market context.
This five-story, 25-foot-wide mixed-use building includes 22 apartments and two retail units. The property measures 25 feet by 76 feet and is zoned R8B (4.07 FAR). All free-market residential units, common areas, and the retail spaces have been upgraded.
The two commercial units total approximately 1,750 square feet and are occupied by Lady Wong Bakery and Sushi Kai, each operating at the property for more than a decade. The building is located in the East Village between First and Second Avenues, one block from Tompkins Square Park and St. Mark's Place.
With half of the residential units described as free-market and positioned above street-level retail, the property offers an established mixed-use configuration designed for ongoing residential and retail occupancy.
The two commercial units total approximately 1,750 square feet and are occupied by Lady Wong Bakery and Sushi Kai, each operating at the property for more than a decade. The building is located in the East Village between First and Second Avenues, one block from Tompkins Square Park and St. Mark's Place.
With half of the residential units described as free-market and positioned above street-level retail, the property offers an established mixed-use configuration designed for ongoing residential and retail occupancy.
Key Highlights
- 11,400 SF, five‑story mixed‑use building with 25‑ft width (25 ft x 76 ft) and 22 apartments plus two retail units
- Two retail units totaling approx. 1,750 SF leased to Lady Wong Bakery and Sushi Kai, each operating at the property for 10+ years
- Building includes 22 apartments, with 50% free‑market units for potential future rent increases and repositioning
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
$356,675
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
3.40%
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%
$7,133,500
$7.1M
Cap Rate 7%
$5,095,357
$5.1M
Cap Rate 9%
$3,963,056
$4.0M
Market Conditions
NOI Build-Up for 11,400 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
$682.6K $59.88/SF
− Vacancy
−$34.1K −$2.99/SF
EGI
$648.5K $56.89/SF
− OpEx
−$291.8K −$25.60/SF
NOI
$356.7K $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%
$7,133,500
Cap Rate 7%
$5,095,357
Cap Rate 9%
$3,963,056
Alternative Uses
Best Use
Apartment 5plus
$5.10M
$4.46M – $5.94M
NOI $356,675 @ 7.0% cap · market cap 3.40%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$28.38M
$24.83M – $33.11M
NOI $1,986,336 @ 7.0% cap · market cap 18.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
22
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
7,969
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
Check the figures for this property
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?
Apartment building - Five-story, 25-foot-wide mixed-use building with 22 apartments and two retail units along an East Village corridor.
Where is this apartment building located?
The property is located at 332 E 9th St New York, NY.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: 11,400 SF, five‑story mixed‑use building with 25‑ft width (25 ft x 76 ft) and 22 apartments plus two retail units; Two retail units totaling approx. 1,750 SF leased to Lady Wong Bakery and Sushi Kai, each operating at the property for 10+ years; Building includes 22 apartments, with 50% free‑market units for potential future rent increases and repositioning
