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106 Avenue B 10 Unit Apartment Building $3,000,000 ($300,000/Unit) 6.67% Cap Rate New York, NY 10009
Investment Highlights
- Rent Stabilized Building in the East Village
- The building benefits from a low annual tax bill of $16,423, resulting in a below-average expense ration and strong in-place cash flow
- The property will be delivered free of the AEP program, offering a clean path forward for future ownership.
- 8 Residential Apartments and 2 Ground Floor Retail Units
- $384 per square foot, well below replacement cost, and provides investors with an attractive 6.67% capitalization rate
Executive Summary
Investment Property Realty Group (IPRG) has been exclusively retained by ownership to market 106 Avenue B, a mixed-use building located in the East Village neighborhood of Manhattan.
The property is fully rent stabilized and consists of eight residential apartments and two ground-floor retail units. The building benefits from a low annual tax bill of $16,423, resulting in a below-average expense ratio and strong in-place cash flow.
106 Avenue B is being offered at $384 per square foot, well below replacement cost, and provides investors with an attractive 6.67% capitalization rate. The property will be delivered free of the AEP program, offering a clean path forward for future ownership.
The property is fully rent stabilized and consists of eight residential apartments and two ground-floor retail units. The building benefits from a low annual tax bill of $16,423, resulting in a below-average expense ratio and strong in-place cash flow.
106 Avenue B is being offered at $384 per square foot, well below replacement cost, and provides investors with an attractive 6.67% capitalization rate. The property will be delivered free of the AEP program, offering a clean path forward for future ownership.
Property Facts
| Price | $3,000,000 | Property Subtype | Apartment |
| Price Per Unit | $300,000 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.67% | Lot Size | 0.05 AC |
| Gross Rent Multiplier | 10.92 | Building Size | 7,885 SF |
| No. Units | 10 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1900 |
| Zoning | R7A | ||
| Price | $3,000,000 |
| Price Per Unit | $300,000 |
| Sale Type | Investment |
| Cap Rate | 6.67% |
| Gross Rent Multiplier | 10.92 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 7,885 SF |
| No. Stories | 5 |
| Year Built | 1900 |
| Zoning | R7A |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 8 | - | - |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Exceptionally bikeable
100/100
Property Taxes
| Parcel Number | 0402-0036 | Improvements Assessment | $107,945 |
| Land Assessment | $24,084 | Total Assessment | $132,029 |
Property Taxes
Parcel Number
0402-0036
Land Assessment
$24,084
Improvements Assessment
$107,945
Total Assessment
$132,029
Contacts
-
Justin Zeitchik -
Adam Lobel -
Zachary Ziskin -
Christian Ingenito -
Investment Property Realty Group
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106 Avenue B
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