East Village Multifamily
For Sale
$6,650,000
608 E 9th St, New York, NY 10009
Six-story multifamily building in Manhattan's East Village.
Property Size11,496 SF
Lot Size0.06 Acres
Price / SF$578.46
Days on Market175
Property Features for 608 E 9th St
General Information
Standard status
Active
Size
11,496 SF
Lot size
0.06 Acres
Property subtype
Multifamily
Occupancy
100%
Amenities
28-Foot-Wide Apartment Building in the East Village
24 One-Bedroom Apartments with 67% Free-Market Units
Long-Term Family Ownership | First Time on the Market in 26 Years
Strong Location Between Avenues B & C | Adjacent to Tompkins Square Park
Irreplaceable Asset in a Supply-Constrained East Village Submarket
Building Details
Building Size
11,496 SF
Units
24
Listing Agency:
Marcus & Millichap - Manhattan
Listed By:
John Stewart · License #License(s): NY: 10311203263, NY: 10301205822
(212) 430-5152
Source:
Marcusmillichap
Added: Apr 3
Changed: Sep 14
Last Checked: Sep 24 at 6:36AM
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.
The property is a six-story multifamily building located in Manhattan’s East Village. Constructed around 1910, the building contains twenty-four residential units, totaling approximately 11,496 square feet. The building's dimensions are 28 feet by 78 feet, situated on a 27.5’ x 93.92’ lot. The property features twenty-four one-bedroom units, with sixteen designated as free-market and eight as rent stabilized. The property is located between Avenues B and C, directly adjacent to Tompkins Square Park. The East Village neighborhood provides access to retail and dining options, as well as public transportation, including the L-train at 1st Avenue, the F-train at 2nd Avenue, and the 6-train at Astor Place. The property offers an opportunity for income growth through management and unit turnover.
Key Highlights
- Located in the East Village, adjacent to Tompkins Square Park, offering access to retail, dining, and transportation.
- Twenty‑four residential units in a six‑story multifamily building.
- Sixteen free‑market and eight rent‑stabilized units.
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
$359,679
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
5.41%
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%
$7,193,580
$7.2M
Cap Rate 7%
$5,138,271
$5.1M
Cap Rate 9%
$3,996,433
$4.0M
Market Conditions
NOI Build-Up for 11,496 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
$688.4K $59.88/SF
− Vacancy
−$34.4K −$2.99/SF
EGI
$654.0K $56.89/SF
− OpEx
−$294.3K −$25.60/SF
NOI
$359.7K $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%
$7,193,580
Cap Rate 7%
$5,138,271
Cap Rate 9%
$3,996,433
Alternative Uses
Best Use
Apartment 5plus
$5.14M
$4.50M – $5.99M
NOI $359,679 @ 7.0% cap · market cap 5.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$28.62M
$25.04M – $33.38M
NOI $2,003,063 @ 7.0% cap · market cap 30.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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
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 - Six-story multifamily building in Manhattan's East Village.
Where is this apartment building located?
The property is located at 608 E 9th St New York, NY.
What is the asking price?
The asking price for this property is $6,650,000.
What are key features of this property?
This property features: Located in the East Village, adjacent to Tompkins Square Park, offering access to retail, dining, and transportation.; Twenty‑four residential units in a six‑story multifamily building.; Sixteen free‑market and eight rent‑stabilized units.
