Investment Property for Sale – 333 1st Avenue, New York, NY 10003
Asking Price: $3,400,000 ($485,714 per unit)
Sale Type: Investment
Property Type: 2-Star Mid-Rise Apartments
Gross Building Area (GBA): 4,232 SF
Units: 7 (6 Rent-Stabilized)
Stories: 4
Class: C
Year Built: N/A
Availability: Immediate
Property Overview
333 1st Avenue presents a rare multifamily investment opportunity in Manhattan’s highly desirable East Village / Gramercy corridor. This 4-story, 7-unit mid-rise spans 4,232 SF with an average floor plate of 1,058 SF. Of the 7 units, 6 are rent-stabilized, offering steady in-place income with potential long-term upside as units turn over.
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Key Features
- Total Units: 7 residential apartments
- Affordable Housing Mix: 6 rent-stabilized units, 1 free-market unit
- Gross Building Area: 4,232 SF
- Typical Floor Size: 1,058 SF
- Stories: 4-story mid-rise building
- Construction: Standard mid-rise, Class C designation
- Units per Area: 140 per acre
Neighborhood & Accessibility
The property is located along 1st Avenue in Manhattan’s East Village / Gramercy district, a vibrant residential and commercial hub. The area benefits from strong tenant demand, close proximity to NYU, Stuyvesant Town, Union Square, and Midtown Manhattan, along with a rich mix of dining, nightlife, and cultural destinations.
Accessibility is excellent with nearby subway lines including the L, 4, 5, 6, N, Q, and R trains, as well as multiple crosstown and downtown bus routes.
Investment Highlights
- Asking Price: $3,400,000 (~$803 PSF)
- Cap Rate: Competitive entry point with rent-stabilized security
- Income Stability: Rent-stabilized units provide long-term, predictable cash flow
- Upside Potential: Future rent growth and repositioning opportunities as units transition to market rent
- Prime Location: Strong rental demand driven by proximity to schools, employment hubs, and cultural amenities
Summary
333 1st Avenue represents a stable, income-producing multifamily investment with 6 rent-stabilized units and 1 free-market unit in a high-demand Manhattan location. With consistent cash flow, long-term value appreciation, and strategic positioning in the East Village/Gramercy corridor, this property is an ideal fit for investors seeking a reliable Manhattan asset with upside potential.
