Description
East Village Investment Opportunity: 274 East 10th Street Offered at $6,200,000 Located in the heart of the East Village, 274 East 10th Street is a prime 5-story, 6,000 sq. ft. multifamily property featuring 12 rental units (7 one-bedroom, 2 two-bedroom, 1 studio, 1 mini office) and a large backyard. With 9 free-market units, conservative upgrades could increase the rent roll by 21%. Key Location Highlights: Proximity: Strategically positioned between Avenue A and First Avenue, just half a block from Tompkins Square Park and Alphabet City. Strong Market Fundamentals: Vacancy Rate: 1.6% vs. Metro average of 2.8%, indicating strong demand. Annual Rent Growth: 4% vs. Metro's 1.2%, driven by high demand and limited new construction. Supply Constraints: Only 70 units added in the past 5 years, with 160 units currently under construction. Rental Market Overview: Average Rent: $4,730/month vs. Metro average of $3,220/month. Rent by Bedroom: Studios: $3,000 1-Bedrooms: $3,500 2-Bedrooms: $4,600+ 3-Bedrooms: $6,500 Conclusion: With its tight supply, rising rents, and prime location, the East Village remains a top-tier investment area. High tenant demand and limited inventory ensure continued rent growth, while the vibrant neighborhood amenities justify premium pricing for renters
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School Ratings & Info
Description
East Village Investment Opportunity: 274 East 10th Street Offered at $6,200,000 Located in the heart of the East Village, 274 East 10th Street is a prime 5-story, 6,000 sq. ft. multifamily property featuring 12 rental units (7 one-bedroom, 2 two-bedroom, 1 studio, 1 mini office) and a large backyard. With 9 free-market units, conservative upgrades could increase the rent roll by 21%. Key Location Highlights: Proximity: Strategically positioned between Avenue A and First Avenue, just half a block from Tompkins Square Park and Alphabet City. Strong Market Fundamentals: Vacancy Rate: 1.6% vs. Metro average of 2.8%, indicating strong demand. Annual Rent Growth: 4% vs. Metro's 1.2%, driven by high demand and limited new construction. Supply Constraints: Only 70 units added in the past 5 years, with 160 units currently under construction. Rental Market Overview: Average Rent: $4,730/month vs. Metro average of $3,220/month. Rent by Bedroom: Studios: $3,000 1-Bedrooms: $3,500 2-Bedrooms: $4,600+ 3-Bedrooms: $6,500 Conclusion: With its tight supply, rising rents, and prime location, the East Village remains a top-tier investment area. High tenant demand and limited inventory ensure continued rent growth, while the vibrant neighborhood amenities justify premium pricing for renters
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