Office Condo Near
For Sale
$749,000
2 Allen Street Unit 6A New York, Manhattan, NY 10002
Condominium office unit suited for medical, dental, accounting, or legal practice.
Property Size736 SF
Price / SF$1,017
Days on Market48
Property Features for 2 Allen Street Unit 6A New York
General Information
Standard status
Active
Size
736 SF
Property subtype
Office
Additional Details
Floor
6
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$11,483
Building Details
Building Size
736 SF
Year Built
2011
Abandoned
No
Listing Agency:
Chous Realty Group Inc
(718) 353-8818
Listed By:
Rui Feng Jin
Source:
Cbwarburg
Added: Jul 15
Changed: Aug 23
Last Checked: Aug 31 at 12:54AM
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 Chous Realty Group Inc
Investment Insights
Based on property information with market context.
This 736-square-foot office condominium unit is located at 2 Allen Street, Unit 6A, in a building constructed in 2011. The space is positioned for professional office use, including doctor, dental, accounting, and legal practices.
The property is in Chinatown in Manhattan, approximately a three-minute walk from the East Broadway subway station. Its office condominium format provides a dedicated commercial setting for an owner-user or professional practice.
The property is in Chinatown in Manhattan, approximately a three-minute walk from the East Broadway subway station. Its office condominium format provides a dedicated commercial setting for an owner-user or professional practice.
Key Highlights
- 736‑square‑foot office condominium unit
- Built in 2011
- 2 Allen Street, Unit 6A, New York, NY 10002
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
$23,586
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
3.15%
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%
$471,720
$471.7K
Cap Rate 7%
$336,943
$336.9K
Cap Rate 9%
$262,067
$262.1K
Market Conditions
NOI Build-Up for 736 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
$37.9K $51.48/SF
− Vacancy
−$6.4K −$8.75/SF
EGI
$31.4K $42.73/SF
− OpEx
−$7.9K −$10.68/SF
NOI
$23.6K $32.05/SF
Area
ZIP 10002
Vacancy
17.00%
Lease Rate
$51.48 /SF/Yr
Expense Ratio
25.00%
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%
$471,720
Cap Rate 7%
$336,943
Cap Rate 9%
$262,067
Alternative Uses
Best Use
Office B
$336.9K
$294.8K – $393.1K
NOI $23,586 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.83M
$1.60M – $2.14M
NOI $128,241 @ 7.0% cap · market cap 17.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
23,343
Businesses Nearby
Explore this area
Business Placement
Demographics for 10002, NY
82,155
Population
39,646
Households
2.1
Avg Household Size
41
Median Age
39%
College-Educated
71%
High-School Grad
0.8 sq mi
ZIP Area
102,694
Density / Sq Mi
$46,525
Median Household Income
$51,425
Median Earnings
$1,207
Median Rent
$808,500
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?
Office units - Condominium office unit suited for medical, dental, accounting, or legal practice.
Where is this office units located?
The property is located at 2 Allen Street Unit 6A New York Manhattan, NY.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 736‑square‑foot office condominium unit; Built in 2011; 2 Allen Street, Unit 6A, New York, NY 10002
