108 1st Avenue
Mixed Use
Marketing description
Investment Property Group, LLC 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.
Investment highlights
Investment Highlights
- Tax Class Protection – Annual real estate taxes of $22,287, supporting a low overall expense ratio
- Turnkey Asset – Recently renovated with no immediate capital expenditure requirements
- Efficient Unit Layouts – Well-designed apartments that maximize livability and rental appeal
- Retail Upside – Significant mark-to-market opportunity upon lease rollover
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