Residential Investment Property for Sale – 53 E 7th Street, New York, NY 10003
Asking Price: $5,500,000 ($458,333 / Unit)
Cap Rate: 6.31%
Sale Type: Investment
Property Type: 3-Star Mid-Rise Apartments
Location: CBD (East Village)
Availability: Immediate
Property Overview
53 East 7th Street presents a strong multifamily investment opportunity in the East Village, one of Manhattan’s most in-demand rental submarkets. The property consists of 12 residential units across a 6-story, 10,116 sq. ft. building. With a mix of market-rate and rent-stabilized units (6 affordable units), the property offers investors both stable, long-term cash flow and upside potential through market rents.
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Key Features
- Units: 12 total (6 rent-stabilized, 6 market-rate)
- Stories: 6
- Gross Building Area (GBA): 10,116 sq. ft.
- Typical Floor Size: 1,686 sq. ft.
- Building Class: C (3-Star Mid-Rise)
- Lot Density: 215 units per acre
- Affordable Type: Rent Stabilized
Rent & Market Profile
- Rent Type: Mix of Market and Affordable Units
- Affordable Units: 6 rent-stabilized apartments ensure stable tenancy and consistent income
- Neighborhood Demand: East Village apartments remain in high demand with low vacancy rates, particularly among young professionals and students
Financial Highlights
- Cap Rate: 6.31% (attractive for a stabilized Manhattan multifamily asset)
- Asking Price per Unit: $458,333
- Upside Potential: Ability to capture higher rents over time as stabilized units naturally transition to market rates
Location Advantages
- Located in the East Village, a neighborhood with strong rental demand, vibrant nightlife, and cultural appeal
- Proximity to NYU, Cooper Union, Tompkins Square Park, and Lower Manhattan employment hubs
- Excellent access to public transit (L, 6, N, R, W trains)
Summary
The 12-unit, 10,116 sq. ft. property at 53 East 7th Street is a compelling East Village multifamily investment, offering a balance of stable rent-stabilized income and long-term market growth potential. With a 6.31% cap rate, strong tenant base, and prime location, this asset is well-positioned as a core-plus multifamily acquisition in Manhattan.
