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 © 2024 OneKey™ MLS, LLC