Residential Investment Property for Sale – 615 E 6th Street, New York, NY 10009
Asking Price: $8,250,000 ($916,667 / Unit)
Cap Rate: 5.50%
Sale Type: Investment
Property Type: 2-Star Mid-Rise Apartments
Location: CBD (East Village)
Availability: Immediate
Property Overview
615 East 6th Street presents a compelling multifamily investment opportunity in the East Village, one of Manhattan’s most vibrant residential markets. This 5-story mid-rise contains 9 apartment units across 7,860 square feet of gross building area (GBA). With a favorable cap rate of 5.5%, affordable rental designation, and strong demand for housing in the area, the property provides both immediate income and long-term growth potential.
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Key Features
- Units: 9 (affordable)
- Stories: 5
- Gross Building Area (GBA): 7,860 sq. ft.
- Typical Floor Size: 1,572 sq. ft.
- Class: C (2-Star Mid-Rise)
- Buildings: 1
- Units per Acre: 173
Rent & Market Profile
- Rent Type: Affordable
- Affordable Units: 9 designated affordable units
- Market Segment: Appeals to stable tenant demand in the East Village affordable housing market
- Neighborhood Profile: The East Village continues to see strong rental demand, with a mix of historic character, cultural amenities, and easy access to Downtown and Midtown employment hubs.
Investment Highlights
- Rare 9-unit East Village multifamily asset with affordability designation
- Strong cap rate of 5.5%, providing immediate income stability
- Attractive per-unit pricing at $916K in a supply-constrained Manhattan submarket
- Walk-up construction with consistent tenant demand in a prime residential corridor
Summary
The 9-unit property at 615 East 6th Street offers a rare opportunity for investors seeking stable, income-producing multifamily assets in Manhattan. With its affordable unit structure, strong cap rate, and prime East Village location, this asset combines predictable returns with long-term appreciation potential. Priced at $8.25 million, it is well-positioned as a core-plus investment in one of New York City’s most desirable rental markets.
