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335 First Ave 6 Unit Apartment Building $3,200,000 ($533,333/Unit) 8.05% Cap Rate New York, NY 10003
Investment Highlights
- Prime Manhattan Location: Situated on one of the city’s busiest corridors with excellent visibility and accessibility.
- Built-In Value: Ground floor features a former medical build-out, offering turnkey potential or customization options.
- Versatile Opportunity: Ideal for end-users, investors, or owner-occupants seeking medical, wellness, office, or boutique retail space.
Executive Summary
Property Overview:
An exceptional opportunity to acquire a mixed-use asset located along one of Manhattan's busiest commercial corridors. 335 1st Avenue is a four-story walk-up building offering an ideal opportunity for investors, owner-users, developers, or medical/professional office occupants seeking a highly visible location with both income and value-add potential.
Property Highlights:
* Ground-floor commercial space with an existing former medical office build-out, suitable for a variety of professional or retail uses.
* Excellent opportunity for an owner-user or investor seeking stable income with future upside.
* Real estate taxes are currently under formal grievance. Based on the pending appeal, ownership anticipates an annual tax reduction of approximately $35,000-$50,000 in September of this year.
* Retail tenant is responsible for 30% of real estate tax increases, helping offset future operating expense growth.
* Residential tenants pay their own heat, reducing landlord operating expenses.
* One rent-stabilized apartment will be delivered vacant, providing flexibility for occupancy, renovation, or leasing (subject to applicable laws).
* Three of the six residential units have been renovated, offering immediate rental upside while leaving additional value-add potential.
* Strong foot traffic, highly visible frontage on 1st Avenue.
The existing commercial layout, combined with the property's prime First Avenue frontage and excellent street visibility, makes this space well-suited for a wide range of commercial uses. It is particularly attractive for medical and dental practices, physical therapy, chiropractic, behavioral health, wellness and beauty operators, law or accounting firms, architecture or design studios, and boutique retail concepts. The flexible floor plan offers an excellent opportunity for an owner-user seeking a prominent Manhattan location or an investor looking to lease to high-quality commercial tenants in a well-established neighborhood with consistent pedestrian and vehicular traffic.
An exceptional opportunity to acquire a mixed-use asset located along one of Manhattan's busiest commercial corridors. 335 1st Avenue is a four-story walk-up building offering an ideal opportunity for investors, owner-users, developers, or medical/professional office occupants seeking a highly visible location with both income and value-add potential.
Property Highlights:
* Ground-floor commercial space with an existing former medical office build-out, suitable for a variety of professional or retail uses.
* Excellent opportunity for an owner-user or investor seeking stable income with future upside.
* Real estate taxes are currently under formal grievance. Based on the pending appeal, ownership anticipates an annual tax reduction of approximately $35,000-$50,000 in September of this year.
* Retail tenant is responsible for 30% of real estate tax increases, helping offset future operating expense growth.
* Residential tenants pay their own heat, reducing landlord operating expenses.
* One rent-stabilized apartment will be delivered vacant, providing flexibility for occupancy, renovation, or leasing (subject to applicable laws).
* Three of the six residential units have been renovated, offering immediate rental upside while leaving additional value-add potential.
* Strong foot traffic, highly visible frontage on 1st Avenue.
The existing commercial layout, combined with the property's prime First Avenue frontage and excellent street visibility, makes this space well-suited for a wide range of commercial uses. It is particularly attractive for medical and dental practices, physical therapy, chiropractic, behavioral health, wellness and beauty operators, law or accounting firms, architecture or design studios, and boutique retail concepts. The flexible floor plan offers an excellent opportunity for an owner-user seeking a prominent Manhattan location or an investor looking to lease to high-quality commercial tenants in a well-established neighborhood with consistent pedestrian and vehicular traffic.
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | 525 |
1 1
Exceptionally walkable
100/100
Fairly drivable
50/100
Exceptional public transit
100/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 0925-0037 | Improvements Assessment | $646,317 |
| Land Assessment | $147,167 | Total Assessment | $793,484 |
Property Taxes
Parcel Number
0925-0037
Land Assessment
$147,167
Improvements Assessment
$646,317
Total Assessment
$793,484
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335 First Ave