MultiFamily Property at 1685 1st Avenue New York

The New York Multifamily Team at Marcus & Millichap is pleased to exclusively offer for sale 1685 First Avenue, amixed-use building located in Yorkville on the Upper East Side. Situated on the east side of First Avenue between East87th and East 88th Streets, the property contains 27 residential units and 2 commercial units across approximately 16,889 square feet. The property sits on a 40.25’ by 100’ lot (Block 1550, Lot 25) and is built 40’ by 84’ feet. The zoningis R10, C1-5.

Investment highlights

• Opportunity: 1685 First Avenue presents a rare opportunity to acquire 40’ feet of avenue frontage in the Yorkvilleneighborhood of the Upper East Side. The six-story building consists of 27 residential units, of which only four arerent-stabilized. Additionally, the property offers low vacancy and strong in-place cash flow from both the residentialand retail components.

• Condo-Level Finishes: The building is constructed to a condominium standard, featuring stainless-steelappliances, marble countertops, and high-end materials throughout. Each residence offers a modern, boutiqueaesthetic that surpasses typical rental construction. These finishes attract high-quality tenants, support premiumrents, and position the asset as a best-in-class offering within the free-market segment.

• Residential Upside: 23 of the units in 1685 First Avenue are free market, and are all supporting strong in-placerents. The current average rent for one-bedroom units is $3,269, while the two-bedroom’s average $4,041.Comparable units in the neighborhood are achieving rents of approximately $3,750 and $4,650, respectively,positioning the property for continued performance without the need for capital improvements.

• Strategic Location: 1685 First Avenue is located in the Yorkville neighborhood of Manhattan’s Upper East Side, ahighly desirable residential corridor known for strong rental demand. The property is surrounded by neighborhoodretail, dining, and essential services, and is a short walk to multiple transportation options, including the Q train at86th Street and the 4, 5, and 6 trains at 86th Street and Lexington Avenue. Nearby amenities include Carl SchurzPark, Asphalt Green, Ruppert Park, and a variety of well-known local restaurants and shops along First and SecondAvenues.