Historic Mixed-Use
For Sale
$9,750,000
115 South Street, New York, NY 10038
Commercial Sale, New York, NY
Property Size13,119 SF
Price / SF$743.20
Days on Market35
Property Features for 115 South Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
8
Bathrooms
10
Full bathrooms
10
Rooms
Bedroom 7, Bedroom 1, Bathroom 2, Bathroom 9, Bedroom 5, Bathroom 4, Bathroom 10, Bathroom 8, Bathroom 3, Bedroom 4, Bathroom 5, Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 7, Bathroom 1, Bathroom 6, Bedroom 8
Subdivision
Seaport District
High school district
000000
Standard status
Active
Size
13,119 SF
Amenities
exposed timber columns and beams
exposed brick walls
skylights
14-foot pitched ceilings
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Jim St. Andre
Added: Jul 18
Changed: Aug 21
Last Checked: Aug 21 at 6:06PM
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.
This 13,119-square-foot mixed-use property is 37 feet wide and incorporates a circa-1840 ship-house structure. Existing improvements include a ground-floor retail space, six half-floor rental apartments, and a penthouse loft configured with 2 bedrooms, 1.5 bathrooms, and 14-foot pitched ceilings. Exposed timber columns and beams, brick walls, and skylights remain visible throughout the building.
The property is located in New York’s Seaport district near the East River, where historic facades and cobblestone streets are complemented by restaurants, bars, shops, and cultural sites. Ferry service provides access to Brooklyn, while the building offers views toward the river and Brooklyn Bridge.
Additional FAR may be deployed for a rooftop addition with LPC approval, potentially expanding the interior residential area. The existing configuration supports a combination of retail use, residential occupancy, and apartment rentals.
The property is located in New York’s Seaport district near the East River, where historic facades and cobblestone streets are complemented by restaurants, bars, shops, and cultural sites. Ferry service provides access to Brooklyn, while the building offers views toward the river and Brooklyn Bridge.
Additional FAR may be deployed for a rooftop addition with LPC approval, potentially expanding the interior residential area. The existing configuration supports a combination of retail use, residential occupancy, and apartment rentals.
Key Highlights
- 13,119‑square‑foot mixed‑use building on a 37‑foot‑wide lot
- Ground‑floor retail space with six half‑floor rental apartments above
- Penthouse loft configured with 2 bedrooms, 1.5 bathrooms, and 14‑foot pitched ceilings
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 - Retail, residential, and rental components occupy a ship-house structure 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‑foot mixed‑use building on a 37‑foot‑wide lot; Ground‑floor retail space with six half‑floor rental apartments above; Penthouse loft configured with 2 bedrooms, 1.5 bathrooms, and 14‑foot pitched ceilings
