22-Unit Apartment Building with
For Sale
$8,088,000
717 E 5th Street New York, Manhattan, NY 10009
Fully occupied multifamily property with R8B zoning, separate meters, upgraded lighting, air conditioning, and three-phase power.
Property Size9,345 SF
Days on Market48
Property Features for 717 E 5th Street New York
General Information
Standard status
Active
Size
9,345 SF
Property subtype
Commercial
Zoning
R8B
Occupancy
100%
Net Operating Income
$421,110
Financials
Cap Rate
5.21%
Gross Income
$592,517
Additional Details
Highway Access
Yes
Multifamily Units
22
Taxes and HOA fees
Annual Taxes
$125,557
Amenities
high ceilings
skylight
separate meters
3 phase power
LED lighting
A/C
Building Details
Building Size
9,345 SF
Year Built
1920
Units
22
Listing Agency:
All Island Estates Realty Corp
(516) 279-8828
Listed By:
Richard Matt Shane · License #10301216230
(516) 279-8828
Source:
Mahlerrealty
Added: Jul 13
Changed: Aug 27
Last Checked: Aug 28 at 11:29AM
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 22-unit apartment building at 717 E 5th Street includes five free-market apartments and is reported as 100% occupied. The property was built in 1920 and offers 9-foot ceilings, a skylight, air conditioning, separate utility meters, three-phase power, and newly installed LED lighting. Signage and exposure are also identified among the building’s features.
The property is in Manhattan’s East Village, two blocks from the FDR Drive. Surrounding businesses and services include Bank of America, USPS, UPS, T-Mobile, Whole Foods, Target, Staples, CVS, Walgreens, Dunkin’, and Wonder. The building is zoned R8B and reflects a 5.21% cap rate.
The property is in Manhattan’s East Village, two blocks from the FDR Drive. Surrounding businesses and services include Bank of America, USPS, UPS, T-Mobile, Whole Foods, Target, Staples, CVS, Walgreens, Dunkin’, and Wonder. The building is zoned R8B and reflects a 5.21% cap rate.
Key Highlights
- 22‑unit apartment building with 100% occupancy
- Five free‑market apartments within the unit mix
- R8B zoning in Manhattan’s East Village
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
$292,380
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
3.61%
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%
$5,847,600
$5.8M
Cap Rate 7%
$4,176,857
$4.2M
Cap Rate 9%
$3,248,667
$3.2M
Market Conditions
NOI Build-Up for 9,345 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
$559.6K $59.88/SF
− Vacancy
−$28.0K −$2.99/SF
EGI
$531.6K $56.89/SF
− OpEx
−$239.2K −$25.60/SF
NOI
$292.4K $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%
$5,847,600
Cap Rate 7%
$4,176,857
Cap Rate 9%
$3,248,667
Alternative Uses
Best Use
Apartment 5plus
$4.18M
$3.65M – $4.87M
NOI $292,380 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$23.26M
$20.35M – $27.14M
NOI $1,628,273 @ 7.0% cap · market cap 20.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
10,669
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 - Fully occupied multifamily property with R8B zoning, separate meters, upgraded lighting, air conditioning, and three-phase power.
Where is this apartment building located?
The property is located at 717 E 5th Street New York Manhattan, NY.
What is the asking price?
The asking price for this property is $8,088,000.
What are key features of this property?
This property features: 22‑unit apartment building with 100% occupancy; Five free‑market apartments within the unit mix; R8B zoning in Manhattan’s East Village
