77 First Street
About This Property
The property includes a 1930s cottage in largely original condition with significant deferred maintenance. The home may be suitable for restoration as a guest cottage, artist retreat, or rental property, though many buyers may choose to remove the existing structure and build anew. This is believed to be one of the last truly exceptional undeveloped in-town acreage opportunities remaining in Tryon.
Please note: sellers are conveying a 77% interest in the land and a 33% interest in the house. The owners of the remaining interests are currently unknown. Property is priced to reflect the expense, uncertainty, and legal process a purchaser may undertake to clear title through a partition action or other legal remedy. Buyers are encouraged to consult legal counsel regarding title matters prior to purchase.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Jul 1, 2026 | In contract | - | |
| In contract | |||
| May 23, 2026 | Listed by Walker Wallace and Emerson Realty | $99,500 | |
| Listed by Walker Wallace and Emerson Realty | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017