Mixed-Use Property with
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146-148 West 28th Street, New York, NY 10001
Seven-story brick building combines leased retail space with twelve residential apartments in a Manhattan mixed-use asset.
Property Size28,250 SF
Lot Size0.11 Acres
Price / SF$955.75
Days on Market5
Property Features for 146-148 West 28th Street
General Information
Standard status
Active
Size
28,250 SF
Lot size
0.11 Acres
Property subtype
Multifamily, Mixed Use
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA, 1 x 3BR/1BA, 9 x 3BR/2BA
Multifamily Units
12
Building Details
Buildings
1
Stories
7
Construction
brick
Tenancy
Multi
Listing Agency:
Horvath & Tremblay
Listed By:
Robert Aaron · License #NY 10301221766
Source:
Crexi
Added: Sep 9
Changed: Sep 12
Last Checked: Sep 12 at 2:32PM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This seven-story brick mixed-use building contains 28,250 square feet across 14 units, including two retail spaces and 12 apartments. The residential component includes two 2-bedroom/1-bathroom units, one 3-bedroom/1-bathroom unit, and nine 3-bedroom/2-bathroom units. Both commercial units are leased through January 2028, providing established retail occupancy within the building.
The property occupies a 0.1063-acre parcel at 146-148 West 28th Street in Manhattan’s Chelsea neighborhood, on the south side of West 28th Street between 6th and 7th Avenues. Transit access includes the MTA bus line and several subway stations, with connectivity to the Queens Midtown Tunnel, Lincoln Tunnel, and the city’s highways. The building is 0.4 miles from the Empire State Building and 1.3 miles from New York University, with restaurants, retailers, businesses, services, parks, and schools nearby.
The property occupies a 0.1063-acre parcel at 146-148 West 28th Street in Manhattan’s Chelsea neighborhood, on the south side of West 28th Street between 6th and 7th Avenues. Transit access includes the MTA bus line and several subway stations, with connectivity to the Queens Midtown Tunnel, Lincoln Tunnel, and the city’s highways. The building is 0.4 miles from the Empire State Building and 1.3 miles from New York University, with restaurants, retailers, businesses, services, parks, and schools nearby.
Key Highlights
- 14‑unit mixed‑use building with two retail units and 12 residential units
- 28,250 square foot, seven‑story brick building
- Residential mix includes 2‑bedroom and 3‑bedroom 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
$900,469
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
3.34%
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%
$18,009,380
$18.0M
Cap Rate 7%
$12,863,843
$12.9M
Cap Rate 9%
$10,005,211
$10.0M
Market Conditions
NOI Build-Up for 28,250 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
$1.70M $60.00/SF
− Vacancy
−$254.3K −$9.00/SF
EGI
$1.44M $51.00/SF
− OpEx
−$540.3K −$19.13/SF
NOI
$900.5K $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%
$18,009,380
Cap Rate 7%
$12,863,843
Cap Rate 9%
$10,005,211
Alternative Uses
Best Use
Retail
$56.79M
$49.69M – $66.26M
NOI $3,975,468 @ 7.0% cap · market cap 14.72%
Second Best
Mixed Use
$12.86M
$11.26M – $15.01M
NOI $900,469 @ 7.0% cap · market cap 3.34%
Theoretical Best
Specialty Retail
$70.32M
$61.53M – $82.04M
NOI $4,922,280 @ 7.0% cap · market cap 18.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
69,988
Businesses Nearby
Explore this area
Business Placement
Demographics for 10001, NY
32,612
Population
17,554
Households
1.9
Avg Household Size
35
Median Age
72%
College-Educated
93%
High-School Grad
0.6 sq mi
ZIP Area
54,353
Density / Sq Mi
$123,393
Median Household Income
$97,848
Median Earnings
$3,024
Median Rent
$793,000
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 - Seven-story brick building combines leased retail space with twelve residential apartments in a Manhattan mixed-use asset.
Where is this mixed-use property located?
The property is located at 146-148 West 28th Street New York, NY.
What is the asking price?
The asking price for this property is $27,000,000.
What are key features of this property?
This property features: 14‑unit mixed‑use building with two retail units and 12 residential units; 28,250 square foot, seven‑story brick building; Residential mix includes 2‑bedroom and 3‑bedroom apartments
