Leased Storefront
For Sale
Contact for pricing
1183 2nd Avenue, New York, NY 10065
Fully leased retail condominium on Second Avenue in Manhattan’s Upper East Side.
Property Size2,508 SF
Price / SF$2,282
Days on Market14
Property Features for 1183 2nd Avenue
General Information
Standard status
Active
Size
2,508 SF
Property subtype
Retail
Occupancy
100%
Net Operating Income
$315,137
Building Details
Units
2
Listing Agency:
Matthews
(646) 933-2620
Listed By:
Tom Gammino · License #30GA0836868
Source:
Crexi
Added: Jul 31
Changed: Aug 4
Last Checked: Aug 12 at 12:57PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Matthews
Investment Insights
Based on property information with market context.
This storefront property is configured as a retail condominium and is fully leased. The asset is located at 1183 2nd Avenue, New York, NY 10065, within Manhattan’s Upper East Side. The property size is reported as 2,508.
Key Highlights
- 100% leased retail condominium
- 2,508 property size
- 1183 2nd Avenue, New York, NY 10065
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
$352,937
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
6.16%
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%
$7,058,740
$7.1M
Cap Rate 7%
$5,041,957
$5.0M
Cap Rate 9%
$3,921,522
$3.9M
Market Conditions
NOI Build-Up for 2,508 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
$591.1K $235.68/SF
− Vacancy
−$86.9K −$34.64/SF
EGI
$504.2K $201.04/SF
− OpEx
−$151.3K −$60.31/SF
NOI
$352.9K $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%
$7,058,740
Cap Rate 7%
$5,041,957
Cap Rate 9%
$3,921,522
Alternative Uses
Best Use
Retail
$5.04M
$4.41M – $5.88M
NOI $352,937 @ 7.0% cap · market cap 6.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.24M
$5.46M – $7.28M
NOI $436,994 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
38,819
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 10065, NY
32,891
Population
22,734
Households
1.4
Avg Household Size
40
Median Age
86%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
82,228
Density / Sq Mi
$160,938
Median Household Income
$121,212
Median Earnings
$2,828
Median Rent
$1,368,200
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 - Fully leased retail condominium on Second Avenue in Manhattan’s Upper East Side.
Where is this storefront property located?
The property is located at 1183 2nd Avenue New York, NY.
What is the asking price?
The asking price for this property is $5,725,000.
What are key features of this property?
This property features: 100% leased retail condominium; 2,508 property size; 1183 2nd Avenue, New York, NY 10065
