Mixed-Use Property in Historic
For Sale
$9,750,000
115 South St, New York, NY 10038
Unique mixed-use property with residential and retail potential in New York.
Property Size13,119 SF
Lot Size0.06 Acres
Price / SF$743.20
Days on Market150
Property Features for 115 South St
General Information
Standard status
Active
Size
13,119 SF
Lot size
0.06 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$118,647
Building Details
Building Size
13,119 SF
Year Built
1900
Units
9
Listing Agency:
(646) 820-1855
Listed By:
Michael G Maniawski
(646) 820-1855
Source:
Elliman
Added: Mar 24
Changed: Aug 17
Last Checked: Aug 20 at 7:54AM
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 Michael G Maniawski
Investment Insights
Based on property information with market context.
This mixed-use property, with a history as a ship house circa 1840, features exposed timber columns and beams, exposed brick walls, and skylights. The building spans 13,119 square feet and measures 37 feet in width. Currently configured as a penthouse loft with 2 bedrooms and 1.5 bathrooms with 14-foot pitched ceilings, it also includes six half-floor rental apartments and a ground floor retail space. There is an opportunity to expand the residential footprint while generating income from the rental units. Additional FAR can be deployed with LPC approval for a rooftop addition to create more interior living space with river and Brooklyn Bridge views. Located in the Seaport district, the property is situated in a neighborhood with original facades and cobblestone streets, housing a mix of restaurants, bars, shops, and cultural sites including Jean Georges' Tin Building and Pier 17. The property offers waterfront lifestyle with views and easy access to Brooklyn via ferry service. It presents an opportunity to create a private residence atop a retail business, own an income-producing mixed-use asset, or build a grand single-family mansion.
Key Highlights
- Unique opportunity to create a private residence, mixed‑use asset, or single‑family mansion in a rapidly evolving location.
- Large 13,119 sq ft space with 37 ft width, offering substantial development potential.
- Existing income‑producing property with retail space and six rental apartments.
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
Mixed Use
$5.97M
$5.23M – $6.97M
NOI $418,168 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$5.86M
$5.13M – $6.84M
NOI $410,458 @ 7.0% cap · market cap 4.21%
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
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 - Unique mixed-use property with residential and retail potential in New York.
Where is this mixed-use property located?
The property is located at 115 South St 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: Unique opportunity to create a private residence, mixed‑use asset, or single‑family mansion in a rapidly evolving location.; Large 13,119 sq ft space with 37 ft width, offering substantial development potential.; Existing income‑producing property with retail space and six rental apartments.
