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 Market136
Property Features for 87 1st Avenue
General Information
Standard status
Active
Size
11,158 SF
Property subtype
Mixed Use
Site & Location
Neighborhood
Downtown
Taxes and HOA fees
Annual Taxes
$82,012
Building Details
Building Size
11,158 SF
Year Built
1920
Listing Agency:
Tiger Realty
Listed By:
Kun (John) Wu · License #10301221703
(917) 749-2449
Source:
Serhant
Added: Jun 15
Changed: Oct 25
Last Checked: Oct 26 at 10:36PM
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
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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 / Yr
$349,104
Cap Rate
4.66%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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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
