East Village Historic 5-Family
For Sale
$6,200,000
151 AVE B, New York City, NY 10009
Historic 5-family building in the East Village with owner's duplex.
Property Size5,590 SF
Lot Size0.05 Acres
Price / SF$1,109
Days on Market369
Property Features for 151 AVE B
General Information
Standard status
Active
Size
5,590 SF
Lot size
0.05 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$19,260
Building Details
Building Size
5,590 SF
Year Built
1849
Listing Agency:
Stile Real Estate LLC
Listed By:
Elizabeth A Stile
(917) 992-2236
Source:
Thethomas
Added: Sep 4, 2025
Changed: Sep 3
Last Checked: Sep 7 at 6:18AM
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 Stile Real Estate LLC
Investment Insights
Based on property information with market context.
Located in the East Village, this five-family building at 151 Avenue B, built circa 1849, presents a rare opportunity. The building, with a lot size of 23 X 93 and a building size of 23 X 54, offers approximately 5590 sq ft of interior space and 1300 sq ft of combined exterior space. The building area is 4416 sq ft. The property is a rare example of a Gothic Revival style townhouse, featuring original details such as double wood doors, a decorative relief beneath the projecting box cornice, and a well-preserved pointed archway with clustered colonettes. The building comprises four full-floor apartments and a penthouse. The apartments feature high ceilings, original wood floors, and decorative fireplaces with marble and wood mantels. The garden floor apartment, formerly the home of Charlie Parker, includes a private landscaped garden. The parlor floor has original pocket doors and three decorative fireplaces. The third and fourth floors each have two bedrooms, with the fourth floor featuring an open country kitchen and an exposed brick wall in the living room. The penthouse apartment includes a private deck, skylights, and a loft space over the bedroom. The garden and parlor floor apartments can be combined to create an owner's duplex. The building has three designations: The New York City Landmarks Preservation Commission, The State Register of Historic Places and The National Register of Historic Places. The archway is featured in "Bricks and Brownstones" by Charles Lockwood.
Key Highlights
- Rare East Village opportunity: 5‑family building with owner's duplex potential.
- Historic significance: Formerly the Charlie Parker Residence, with multiple landmark designations.
- Prime location: Borders Tompkins Square Park, offering unobstructed park views.
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
$174,896
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
2.82%
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%
$3,497,920
$3.5M
Cap Rate 7%
$2,498,514
$2.5M
Cap Rate 9%
$1,943,289
$1.9M
Market Conditions
NOI Build-Up for 5,590 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
$334.7K $59.88/SF
− Vacancy
−$16.7K −$2.99/SF
EGI
$318.0K $56.89/SF
− OpEx
−$143.1K −$25.60/SF
NOI
$174.9K $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%
$3,497,920
Cap Rate 7%
$2,498,514
Cap Rate 9%
$1,943,289
Alternative Uses
Best Use
Apartment 5plus
$2.50M
$2.19M – $2.91M
NOI $174,896 @ 7.0% cap · market cap 2.82%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$13.91M
$12.18M – $16.23M
NOI $974,002 @ 7.0% cap · market cap 15.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
14,015
Businesses Nearby
Explore this area
Business Placement
Demographics for 10009, NY
61,716
Population
32,375
Households
1.9
Avg Household Size
36
Median Age
63%
College-Educated
87%
High-School Grad
0.6 sq mi
ZIP Area
102,860
Density / Sq Mi
$87,963
Median Household Income
$84,069
Median Earnings
$1,925
Median Rent
$690,600
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 - Historic 5-family building in the East Village with owner's duplex.
Where is this apartment building located?
The property is located at 151 AVE B New York City, NY.
What is the asking price?
The asking price for this property is $6,200,000.
What are key features of this property?
This property features: Rare East Village opportunity: 5‑family building with owner's duplex potential.; Historic significance: Formerly the Charlie Parker Residence, with multiple landmark designations.; Prime location: Borders Tompkins Square Park, offering unobstructed park views.
