SoHo Retail Storefront with Lower
For Sale
$10,500,000
138 Greene Street, Manhattan, NY 10012
MULTI_FAMILY - Manhattan, NY
Property Size6,050 SF
Price / SF$1,735
Days on Market152
Property Features for 138 Greene Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Standard status
Active
Listing Agency:
Northgate Real Estate Group
Listed By:
Greg Corbin · License #10491213060
Added: Mar 13
Changed: Aug 6
Last Checked: Aug 11 at 7:06PM
MLS# 11742000
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This ground-floor retail cooperative includes a lower level and a combined 6,050 square feet of commercial space. The main level offers more than 15 feet of ceiling height, while the storefront provides 25 linear feet of frontage along Greene Street. The space previously served as a Poggenpohl showroom and was vacated in April 2026.
The property is located at 138 Greene Street between West Houston Street and Prince Street in Manhattan’s Cast Iron Historic District. Surrounding retail includes Apple, Brunello Cucinelli, Polo Ralph Lauren, Design Within Reach, Warby Parker, Louis Vuitton, Dior, Cartier, and Tiffany & Co. Subway access includes the N/R/W, B/D/F/M, 6, and C/E lines.
The property is located at 138 Greene Street between West Houston Street and Prince Street in Manhattan’s Cast Iron Historic District. Surrounding retail includes Apple, Brunello Cucinelli, Polo Ralph Lauren, Design Within Reach, Warby Parker, Louis Vuitton, Dior, Cartier, and Tiffany & Co. Subway access includes the N/R/W, B/D/F/M, 6, and C/E lines.
Key Highlights
- 6,050 SF of ground‑floor and lower‑level retail space
- Ground‑floor ceiling height exceeds 15 feet
- 25 feet of Greene Street frontage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$851,383
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.11%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$17,027,660
$17.0M
Cap Rate 7%
$12,162,614
$12.2M
Cap Rate 9%
$9,459,811
$9.5M
Market Conditions
NOI Build-Up for 6,050 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$1.43M $235.68/SF
− Vacancy
−$209.6K −$34.64/SF
EGI
$1.22M $201.04/SF
− OpEx
−$364.9K −$60.31/SF
NOI
$851.4K $140.72/SF
Area
New York, NY
Vacancy
14.70%
Lease Rate
$235.68 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$17,027,660
Cap Rate 7%
$12,162,614
Cap Rate 9%
$9,459,811
Alternative Uses
Best Use
Retail
$12.16M
$10.64M – $14.19M
NOI $851,383 @ 7.0% cap · market cap 8.11%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$15.06M
$13.18M – $17.57M
NOI $1,054,152 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
33,018
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 10012, NY
23,125
Population
14,568
Households
1.6
Avg Household Size
35
Median Age
83%
College-Educated
96%
High-School Grad
0.3 sq mi
ZIP Area
77,083
Density / Sq Mi
$130,938
Median Household Income
$88,301
Median Earnings
$2,731
Median Rent
$1,500,000
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Ground-floor retail cooperative with substantial lower-level space and prominent placement in Manhattan’s Cast Iron Historic District.
Where is this storefront property located?
The property is located at 138 Greene Street Manhattan, NY.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: 6,050 SF of ground‑floor and lower‑level retail space; Ground‑floor ceiling height exceeds 15 feet; 25 feet of Greene Street frontage
