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.
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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.
