Mixed-Use Building with Air
For Sale
Contact for pricing
123-125 W 20 Street, New York, NY 10011
Five-story elevator building combining residential units with retail and office space in a renovated brick structure.
Property Size17,149 SF
Price / SF$1,749
Days on Market480
Property Features for 123-125 W 20 Street
General Information
Standard status
Active
Size
17,149 SF
Property subtype
Business for Sale, Multifamily, Office, Retail, Mixed Use
Zoning
C6
Building Details
Year Built
1993
Buildings
1
Listing Agency:
American Homes Group Inc
Listed By:
Suzy Miller · License #NY
Source:
Crexi
Added: May 9, 2025
Changed: Aug 30
Last Checked: Aug 30 at 12:46PM
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 American Homes Group Inc
Investment Insights
Based on property information with market context.
This five-story elevator mixed-use building at 123-125 W 20 Street contains 17,149 square feet above grade, plus a finished 4,749-square-foot cellar. The layout includes nine units: five residential units, two commercial storefronts, and two offices undergoing conversion to residential use. Eight units are scheduled for vacant delivery. Residential apartments feature private outdoor space and two full bathrooms, while separate boilers, electrical panels, and meters support condominium conversion planning. Retail space accounts for 3,416 square feet, and ceiling heights range from over 10 feet on upper floors to 8.5 feet in the basement.
Capital improvements completed in 2024 include exterior brick repointing, replacement windows and doors, renovated bathrooms, and a new roof. The property is zoned C6 and includes approximately 14,449 square feet of unused air rights. One commercial tenant remains in place through 2026, with built-in lease escalations.
Capital improvements completed in 2024 include exterior brick repointing, replacement windows and doors, renovated bathrooms, and a new roof. The property is zoned C6 and includes approximately 14,449 square feet of unused air rights. One commercial tenant remains in place through 2026, with built-in lease escalations.
Key Highlights
- 17,149 SF above grade plus a finished 4,749 SF cellar
- Nine total units: five residential, two commercial storefronts, and two offices
- Approximately 14,449 SF of unused air rights
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
$2,413,285
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
8.04%
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%
$48,265,700
$48.3M
Cap Rate 7%
$34,475,500
$34.5M
Cap Rate 9%
$26,814,278
$26.8M
Market Conditions
NOI Build-Up for 17,149 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
$4.04M $235.68/SF
− Vacancy
−$594.1K −$34.64/SF
EGI
$3.45M $201.04/SF
− OpEx
−$1.03M −$60.31/SF
NOI
$2.41M $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%
$48,265,700
Cap Rate 7%
$34,475,500
Cap Rate 9%
$26,814,278
Alternative Uses
Best Use
Retail
$34.48M
$30.17M – $40.22M
NOI $2,413,285 @ 7.0% cap · market cap 8.04%
Second Best
Mixed Use
$7.81M
$6.83M – $9.11M
NOI $546,624 @ 7.0% cap · market cap 1.82%
Theoretical Best
Specialty Retail
$42.69M
$37.35M – $49.80M
NOI $2,988,042 @ 7.0% cap · market cap 9.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
41,706
Businesses Nearby
Explore this area
Business Placement
Demographics for 10011, NY
53,318
Population
35,049
Households
1.5
Avg Household Size
39
Median Age
79%
College-Educated
96%
High-School Grad
0.6 sq mi
ZIP Area
88,863
Density / Sq Mi
$146,571
Median Household Income
$113,503
Median Earnings
$2,868
Median Rent
$1,165,800
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Five-story elevator building combining residential units with retail and office space in a renovated brick structure.
Where is this mixed-use property located?
The property is located at 123-125 W 20 Street New York, NY.
What is the asking price?
The asking price for this property is $29,999,999.
What are key features of this property?
This property features: 17,149 SF above grade plus a finished 4,749 SF cellar; Nine total units: five residential, two commercial storefronts, and two offices; Approximately 14,449 SF of unused air rights
