A $375,000 East Village co-op that could make you money

By Lucy Cohen Blatter | February 2, 2015 - 2:59PM

If you're looking to move into a new place ASAP, this $375,000 Alphabet City co-op studio isn't for you. But if you're considering an investment property, or can wait until June to make a change, read on.

A tenant is living in the apartment--on the second floor of a walk-up building at 186 East Second Street (between Avenues A and B)--through May 31 and paying $1,850 a month. Not a bad haul.

The place isn't big--this is the East Village after all--and the listing uses that tell-all word, "charming" (translation: small) to describe the place. That said, the fact that you don't enter directly into the main room but into a small entranceway instead gives the sense of more space (and it's a place to keep your slushy boots on days like today). The all-white color scheme helps enlarge the studio, and it's a trick you might want to employ if you move in yourself.

The apartment has a separate kitchen, which is not all that common in studios, and also sticks to a white palette. It seems to squeeze in all the necessities, like a full-sized fridge and oven, and even a small dishwasher. (But who would eat at home a lot anyway, considering the culinary options in the Village?)

It's also relatively affordable, since the average price for a comparable apartment sold in the last 90 days was about $425,000, according to StreetEasy. It last sold for $246,000 in 2005, in case you're wondering about a long-term payoff.

The apartment's in a pre-war, five-story tenement-style building. Pets are allowed on a case-by-case basis.

A Flatiron studio -- for under $500,000 -- stretches into four functional rooms

Unfortunate staging aside, this $2,335/month Williamsburg studio has all the extras

How do I find a studio that doesn't feel like a jail cell?

An Upper West Side studio that makes clever use of a Murphy bed

9 questions to ask before renting a mini-storage unit in NYC (sponsored)

8 studios that will make you forget you only have one room

Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.