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108 1st Ave 4 Unit Apartment Building $11,774,540 CAD ($2,943,635 CAD/Unit) 5.27% Cap Rate New York, NY 10009
Investment Highlights
- 100% Free Market, Mixed Use Building in East Village
- Due to the limited residential unit count, the building is statutorily deregulated
- Turnkey Asset – Recently renovated with no immediate capital expenditure requirements
- The property consists of four (4) residential apartments and one (1) ground-floor retail space
- Tax Class Protection – Annual real estate taxes of $23,013, supporting a low overall expense ratio
- Efficient Unit Layouts – Well-designed apartments that maximize livability and rental appeal
Executive Summary
Investment Property Realty Group (IPRG) has been exclusively retained to market for sale 108 1st Avenue, a mixed-use property located in the highly desirable East Village neighborhood of Manhattan.
The property consists of four (4) residential apartments and one (1) ground-floor retail space. Due to the limited residential unit count, the building is statutorily deregulated, providing investors with the flexibility to adjust rents in line with market conditions and inflation.
The asset has recently undergone a comprehensive gut renovation, including all new electrical and plumbing systems. Each residential unit is thoughtfully outfitted with in-unit washer/dryers and dishwashers, offering modern convenience and strong appeal to tenants.
The retail space is currently leased to UPS at a below-market rent, presenting a compelling opportunity for future income growth. Upon lease expiration in 2030, ownership has the potential to significantly increase rental income, with projections indicating the ability to at least double the current rent.
The property consists of four (4) residential apartments and one (1) ground-floor retail space. Due to the limited residential unit count, the building is statutorily deregulated, providing investors with the flexibility to adjust rents in line with market conditions and inflation.
The asset has recently undergone a comprehensive gut renovation, including all new electrical and plumbing systems. Each residential unit is thoughtfully outfitted with in-unit washer/dryers and dishwashers, offering modern convenience and strong appeal to tenants.
The retail space is currently leased to UPS at a below-market rent, presenting a compelling opportunity for future income growth. Upon lease expiration in 2030, ownership has the potential to significantly increase rental income, with projections indicating the ability to at least double the current rent.
Property Facts
| Price | $11,774,540 CAD | Apartment Style | Mid-Rise |
| Price Per Unit | $2,943,635 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.03 AC |
| Cap Rate | 5.27% | Building Size | 6,910 SF |
| No. Units | 4 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment | ||
| Zoning | R7-2 | ||
| Price | $11,774,540 CAD |
| Price Per Unit | $2,943,635 CAD |
| Sale Type | Investment |
| Cap Rate | 5.27% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.03 AC |
| Building Size | 6,910 SF |
| No. Stories | 5 |
| Year Built | 1900 |
| Zoning | R7-2 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 5+3 | 1 | - | - |
| 3+2 | 2 | - | - |
| 4+2 | 1 | - | - |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Exceptionally bikeable
100/100
Property Taxes
| Parcel Number | 0434-0005 | Improvements Assessment | $191,519 CAD |
| Land Assessment | $55,947 CAD | Total Assessment | $247,465 CAD |
Property Taxes
Parcel Number
0434-0005
Land Assessment
$55,947 CAD
Improvements Assessment
$191,519 CAD
Total Assessment
$247,465 CAD
Contacts
-
Justin Zeitchik -
Adam Lobel -
Zachary Ziskin -
Christian Ingenito -
Investment Property Realty Group
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