Mixed-Use Ship House with Retail
For Sale
$9,750,000
115 South Street, New York, NY 10038
COMMERCIAL - Other - New York, NY
Property Size13,119 SF
Price / SF$743.20
Days on Market32
Property Features for 115 South Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
8
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 6, Bedroom 6, Bathroom 3, Bathroom 7, Bedroom 5, Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 5, Bathroom 9, Bathroom 4, Bathroom 10, Bedroom 7, Bedroom 8, Bathroom 1, Bedroom 4, Bathroom 8
Subdivision
Seaport District
High school district
000000
Standard status
Active
Size
13,119 SF
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Jim St. Andre
Added: Jul 18
Changed: Aug 18
Last Checked: Aug 18 at 7:06PM
MLS# 11685025
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.
115 South Street is a mixed-use ship house-style building with 13,119 square feet in total and a width of 37 feet. The upper level is currently configured as a residential penthouse with a 2-bedroom, 1.5-bathroom loft arrangement, with 14-foot pitched ceilings. Beneath the penthouse are six half-floor rental apartments, and there is a gracious ground-floor retail space.
The building’s circa 1840 ship house history is evident in the existing fabric, including exposed timber columns and beams, exposed brick walls, and skylights. Located in the heart of the Seaport district, the property sits at the edge of the East River, with waterfront access and easy Brooklyn connection via ferry service. Original facades and cobblestone streets remain in the surrounding area, alongside restaurants, bars, shops, and cultural sites.
The property may also allow expansion of the residential footprint, with additional FAR available through LPC approval for a rooftop addition to create more interior living space with river and Brooklyn Bridge views, if desired.
The building’s circa 1840 ship house history is evident in the existing fabric, including exposed timber columns and beams, exposed brick walls, and skylights. Located in the heart of the Seaport district, the property sits at the edge of the East River, with waterfront access and easy Brooklyn connection via ferry service. Original facades and cobblestone streets remain in the surrounding area, alongside restaurants, bars, shops, and cultural sites.
The property may also allow expansion of the residential footprint, with additional FAR available through LPC approval for a rooftop addition to create more interior living space with river and Brooklyn Bridge views, if desired.
Key Highlights
- 13,119 square feet total and 37 feet in width
- Penthouse loft configured as a 2‑bedroom, 1.5‑bath with 14‑foot pitched ceilings
- Six half‑floor rental apartments beneath the penthouse
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
$418,168
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
4.29%
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%
$8,363,360
$8.4M
Cap Rate 7%
$5,973,829
$6.0M
Cap Rate 9%
$4,646,311
$4.6M
Market Conditions
NOI Build-Up for 13,119 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
$787.1K $60.00/SF
− Vacancy
−$118.1K −$9.00/SF
EGI
$669.1K $51.00/SF
− OpEx
−$250.9K −$19.13/SF
NOI
$418.2K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
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%
$8,363,360
Cap Rate 7%
$5,973,829
Cap Rate 9%
$4,646,311
Alternative Uses
Best Use
Retail
$26.37M
$23.08M – $30.77M
NOI $1,846,165 @ 7.0% cap · market cap 18.94%
Second Best
Mixed Use
$5.97M
$5.23M – $6.97M
NOI $418,168 @ 7.0% cap · market cap 4.29%
Theoretical Best
Specialty Retail
$32.66M
$28.57M – $38.10M
NOI $2,285,855 @ 7.0% cap · market cap 23.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
32,498
Businesses Nearby
Explore this area
Business Placement
Demographics for 10038, NY
25,332
Population
12,624
Households
2
Avg Household Size
33
Median Age
62%
College-Educated
83%
High-School Grad
0.3 sq mi
ZIP Area
84,440
Density / Sq Mi
$115,121
Median Household Income
$87,698
Median Earnings
$3,140
Median Rent
$865,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property featuring a loft penthouse and ground-floor retail, with exposed timber, brick, and skylights.
Where is this mixed-use property located?
The property is located at 115 South Street New York, NY.
What is the asking price?
The asking price for this property is $9,750,000.
What are key features of this property?
This property features: 13,119 square feet total and 37 feet in width; Penthouse loft configured as a 2‑bedroom, 1.5‑bath with 14‑foot pitched ceilings; Six half‑floor rental apartments beneath the penthouse
