Mixed-Use Property With 11
For Sale
Contact for pricing
123 Mulberry Street, New York, NY 10013
Two protected tax-class buildings combine residential occupancy with a commercial component in Manhattan’s Little Italy District.
Property Size15,109 SF
Price / SF$1,042
Days on Market128
Property Features for 123 Mulberry Street
General Information
Standard status
Active
Size
15,109 SF
Property subtype
Multifamily, Mixed Use
Zoning
C6-2G
Net Operating Income
$834,750
Additional Details
Multifamily Units
10
Building Details
Year Built
1910
Buildings
2
Units
11
Tenancy
Single
Listing Agency:
Marcus & Millichap - NYM Group
Listed By:
Joe Koicim · License #NY 10301208718
Source:
Crexi
Added: Apr 25
Changed: Aug 29
Last Checked: Aug 29 at 2:09PM
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 Marcus & Millichap - NYM Group
Investment Insights
Based on property information with market context.
The offering comprises two buildings at 123-125 Mulberry Street and 186 Hester Street, constructed in 1910 and totaling 15,109 square feet. Together, the properties contain 11 units, including 10 residential units and 1 commercial unit, creating a mixed-use configuration within a single offering.
Both properties carry C6-2G zoning and are situated in New York’s Little Italy District. The Mulberry Street building is designated Tax Class 2B Protected, while the Hester Street property is designated Tax Class 2A Protected. The assets are positioned near the northwest corner of Mulberry Street and Hester Street.
Both properties carry C6-2G zoning and are situated in New York’s Little Italy District. The Mulberry Street building is designated Tax Class 2B Protected, while the Hester Street property is designated Tax Class 2A Protected. The assets are positioned near the northwest corner of Mulberry Street and Hester Street.
Key Highlights
- 15,109 square feet across 123‑125 Mulberry Street and 186 Hester Street
- 11 total units: 10 residential and 1 commercial
- C6‑2G zoning in New York’s Little Italy District
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
$481,599
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
3.06%
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%
$9,631,980
$9.6M
Cap Rate 7%
$6,879,986
$6.9M
Cap Rate 9%
$5,351,100
$5.4M
Market Conditions
NOI Build-Up for 15,109 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
$906.5K $60.00/SF
− Vacancy
−$136.0K −$9.00/SF
EGI
$770.6K $51.00/SF
− OpEx
−$289.0K −$19.13/SF
NOI
$481.6K $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%
$9,631,980
Cap Rate 7%
$6,879,986
Cap Rate 9%
$5,351,100
Alternative Uses
Best Use
Retail
$30.37M
$26.58M – $35.44M
NOI $2,126,207 @ 7.0% cap · market cap 13.50%
Second Best
Mixed Use
$6.88M
$6.02M – $8.03M
NOI $481,599 @ 7.0% cap · market cap 3.06%
Theoretical Best
Specialty Retail
$37.61M
$32.91M – $43.88M
NOI $2,632,592 @ 7.0% cap · market cap 16.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
36,609
Businesses Nearby
Explore this area
Business Placement
Demographics for 10013, NY
31,042
Population
15,933
Households
1.9
Avg Household Size
36
Median Age
72%
College-Educated
89%
High-School Grad
0.5 sq mi
ZIP Area
62,084
Density / Sq Mi
$159,474
Median Household Income
$92,765
Median Earnings
$2,378
Median Rent
$2,000,001
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 - Two protected tax-class buildings combine residential occupancy with a commercial component in Manhattan’s Little Italy District.
Where is this mixed-use property located?
The property is located at 123 Mulberry Street New York, NY.
What is the asking price?
The asking price for this property is $15,750,000.
What are key features of this property?
This property features: 15,109 square feet across 123‑125 Mulberry Street and 186 Hester Street; 11 total units: 10 residential and 1 commercial; C6‑2G zoning in New York’s Little Italy District
