Residential Investment Property for Sale – 335 First Avenue, New York, NY 10003
Asking Price: $3,999,999 ($666,667/Unit)
Cap Rate: 6.33%
Sale Type: Investment Opportunity
Property Type: 2-Star Mid-Rise Apartment Building
Location: East Village / CBD
Property Overview
335 First Avenue is a 6-unit multifamily property located in Manhattan’s East Village, one of New York City’s most dynamic and supply-constrained neighborhoods. Built across 4 stories with 5,050 sq. ft. of gross building area, the property generates market-rate rental income with stable cash flow and future appreciation potential.
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Key Features
- Price: $3,999,999
- Cap Rate: 6.33%
- Units: 6 (all market-rate)
- Price per Unit: $666,667
- Gross Building Area (GBA): 5,050 sq. ft.
- Typical Floor Size: 1,073 sq. ft.
- Stories: 4
- Class: C
- Construction: Masonry
- Walk-Up: Yes
- Year Built: Not specified
- Buildings: 1
- Units per Acre: 150
Rent & Market Profile
- Rent Type: 100% Market Rate
- Market Segment: All renter categories
- Location Strength: Strong tenant demand from students, young professionals, and long-term residents due to proximity to Union Square, NYU, and Alphabet City
Neighborhood & Accessibility
Located in the East Village / Gramercy corridor, the property benefits from:
- Proximity to Union Square, Stuyvesant Square, and NYU
- Surrounded by restaurants, nightlife, and boutique shopping
- Excellent transit access via L, N, Q, R, W, 4, 5, 6 subway lines
Investment Highlights
- Attractive 6.33% cap rate with in-place cash flow
- Affordable $666K per unit pricing for Manhattan multifamily
- Fully market-rate tenancy with upside in rental growth
- Rare 6-unit property in East Village, a neighborhood with high demand and limited supply
Summary
335 First Avenue represents a strong East Village multifamily investment with 6 units, market-rate rents, and a competitive cap rate. This property provides investors with both stable income and long-term appreciation potential in one of Manhattan’s most resilient and desirable rental submarkets.
