East Village Residential Income
For Sale
$7,499,000
87 1st Avenue, New York, NY 10003
Residential income property on First Avenue between East 5th and East 6th Streets in Manhattan’s East Village.
Property Size11,158 SF
Days on Market58
Property Features for 87 1st Avenue
General Information
Standard status
Active
Size
11,158 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$82,012
Building Details
Building Size
11,158 SF
Year Built
1920
Listing Agency:
Tiger Realty
(917) 749-2449
Listed By:
Kun (John) Wu · License #10301221703
(917) 708-9966
Source:
Serhant
Added: Jun 15
Changed: Aug 8
Last Checked: Aug 10 at 9:43AM
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 Tiger Realty
Investment Insights
Based on property information with market context.
Located at 87 1st Avenue in Manhattan’s East Village, this residential income property sits on First Avenue between East 5th and East 6th Streets. The offering is positioned among the area’s established dining, shopping, and entertainment options.
Residents and tenants benefit from proximity to Tompkins Square Park and New York University, along with nearby subway options including the F, 6, N, R, and W lines. The surrounding corridor includes well-known local eateries and destinations such as Emmy Squared Pizza and Nounou Noodle Bar, plus specialty cafes and boutique retailers.
The East Village is characterized by a mix of historic pre-war architecture and modern development, supporting ongoing neighborhood activity and walkable access to Downtown Manhattan amenities.
Residents and tenants benefit from proximity to Tompkins Square Park and New York University, along with nearby subway options including the F, 6, N, R, and W lines. The surrounding corridor includes well-known local eateries and destinations such as Emmy Squared Pizza and Nounou Noodle Bar, plus specialty cafes and boutique retailers.
The East Village is characterized by a mix of historic pre-war architecture and modern development, supporting ongoing neighborhood activity and walkable access to Downtown Manhattan amenities.
Key Highlights
- Residential income property on First Avenue between East 5th and East 6th Streets in Manhattan’s East Village
- Built in 1920 (pre‑war architecture)
- Near Tompkins Square Park and New York University
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
$349,104
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
4.66%
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%
$6,982,080
$7.0M
Cap Rate 7%
$4,987,200
$5.0M
Cap Rate 9%
$3,878,933
$3.9M
Market Conditions
NOI Build-Up for 11,158 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
$668.1K $59.88/SF
− Vacancy
−$33.4K −$2.99/SF
EGI
$634.7K $56.89/SF
− OpEx
−$285.6K −$25.60/SF
NOI
$349.1K $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%
$6,982,080
Cap Rate 7%
$4,987,200
Cap Rate 9%
$3,878,933
Alternative Uses
Best Use
Apartment 5plus
$4.99M
$4.36M – $5.82M
NOI $349,104 @ 7.0% cap · market cap 4.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$27.77M
$24.30M – $32.40M
NOI $1,944,170 @ 7.0% cap · market cap 25.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
24,733
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Residential income property on First Avenue between East 5th and East 6th Streets in Manhattan’s East Village.
Where is this residential income property located?
The property is located at 87 1st Avenue New York, NY.
What is the asking price?
The asking price for this property is $7,499,000.
What are key features of this property?
This property features: Residential income property on First Avenue between East 5th and East 6th Streets in Manhattan’s East Village; Built in 1920 (pre‑war architecture); Near Tompkins Square Park and New York University
