Investment Overview

THE OFFERING Marcus and Millichap is pleased to exclusively offer 180 First Avenue, located in the heart of the city’s most desirable neighborhood, the East Village. Located on the corner of First Avenue and East 11th Street, this 17-unit mixed-use 2-building asset is comprised of approximately 10,000 square feet with 118’ of wraparound frontage. The property sits on a 24’ x 94’ lot (Block: 438 Lot: 9) and is zoned C1-6. STRONG CASH FLOW: Even with elevated mortgage rates, the in-place cap rate of 6.8% provides an investor with not only positive leverage but also generous cash flow. With a good balance of residential and commercial income, along with strong in-place retail tenants, this asset is a great addition to an existing portfolio or a great springboard to building a portfolio in one of Manhattan's most sought-after submarkets. The three retail spaces all have long-term leases in place of at least 9 years and the rental market is extremely strong for apartments of this quality in the East Village. TROPHY CORNER ASSET: 180 First Avenue presents a rare opportunity to own a trophy corner asset with 118 feet of frontage on First Avenue in the East Village. These five-story mixed-use buildings contain three retail units and 14 residential units with a diverse unit mix, ranging from 1-bedrooms to 3-bedrooms. HIGH END FINISHES: The free-market units were all recently gut renovated and finishes include brand new appliances, in unit washer and dryers, dishwashers, high ceilings, tons of natural light, smart-lock entry and a video intercom system. LOCATION & TRANSPORTATION: Located in the Heart of the East Village, 180 First Avenue has a natural strong demand given its centralized location and access to all the neighborhood has to offer. This creates a strong demand of renters and tenants given the endless supply of incredible restaurants, hotels, nightlife and transportation. Nearby attractions include Tompkins Square Park, restaurants including BONDST, The Smith, Momofuku Ko, Levain Bakery, Emmy Squared Pizza, nightlife such as Solas, McSorley's, The 13th Step, Big Bar, The Scratcher, and just steps from the L subway at 1st Avenue with easy access to Union Square Station (4,5,6,N,Q,R and W Lines). For a long term, value minded investor, this asset will reward the next owner with income and appreciation. INVESTMENT HIGHLIGHTS: Trophy Asset in Trophy Location – Heart of the East Village on First Avenue In-Place 6.8% Cap Rate Access: Conveniently Located Three Blocks From the L Train, and Six Blocks from the Astor Place Station 118 Feet of wraparound frontage on First Avenue