Multi-family

East Village Multifamily Investment – 87 1st Avenue

Asking Price: $7,999,999
Price per Unit: $500,000
Sale Type: Investment
Property Type: 2-Star Mid-Rise Multifamily
Status: Active
Address: 87 1st Avenue, New York, NY, 10003
Neighborhood: East Village / CBD
Total Units: 16
Avg. Unit Size: 630 SF
Gross Building Area (GBA): 11,850 SF
Stories: 5
Typical Floor Size: 2,232 SF
Building Class: C
Rent Type: Market Rate
Buildings: 1
Zoning: Multifamily Residential
Density: Approx. 290 Units per Acre

Property Overview:

87 1st Avenue is a fully market-rate, 16-unit multifamily building located in the heart of Manhattan’s vibrant East Village. This 5-story, walk-up building spans 11,850 SF and offers a rare opportunity to acquire a stabilized asset in a historically low-vacancy, high-demand rental market.

The asset benefits from its strong corner presence, classic New York character, and proximity to NYU, Tompkins Square Park, and the Lower East Side’s cultural and culinary landmarks.

Investment Highlights:

✔ Prime East Village Location – Steps from bars, restaurants, and transit
✔ Stabilized Cash Flow – 16 market-rate residential units with consistent occupancy
✔ Efficient Layout – Average unit size of 630 SF, favoring studio and 1-bed configurations
✔ Value-Add Opportunity – Potential to modernize interiors and capture higher market rents
✔ Strong Demographic Appeal – Ideal for students, young professionals, and long-term renters
✔ Affordable Basis – Priced at ~$675/SF and $500K/unit, below replacement cost for the area

Neighborhood & Transit:

• Located between East 5th & 6th Streets on 1st Avenue
• Surrounded by destination nightlife, boutique retail, and cultural institutions
• Close proximity to the F, L, 6 trains, and multiple bus lines

Conclusion:

87 1st Avenue presents a unique opportunity to acquire a well-located multifamily property with long-term income potential in one of Manhattan’s most resilient and trend-forward neighborhoods. Ideal for private investors, family offices, or exchange buyers looking for stability, location, and upside.

Contact us today for a full financial setup, rent roll, and access details.