Residential Income Property with Beamed
For Sale
$1,395,000
15 BROAD Street 2224, New York City, NY 10005
Open living areas, a separate interior room, and two full bathrooms support flexible residential use.
Property Size1,481 SF
Price / SF$941.93
Days on Market106
Property Features for 15 BROAD Street 2224
General Information
Standard status
Active
Size
1,481 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
doorman
concierge
on-site dry cleaning
laundry
housekeeping
swimming pool
reflecting pool
fitness center
yoga studio
ballet studio
basketball court
squash court
bowling alley
business center
sports lounge
children's playroom
recreation room
roof terrace
Building Details
Building Size
1,481 SF
Year Built
1914
Year Renovated
2005
Buildings
1
Listing Agency:
Douglas Elliman Real Estate
(646) 235-0075
Listed By:
Ariel Cohen · License #10301207941
(646) 235-0075
Source:
Miradorrealestate
Added: Apr 27
Changed: Aug 5
Last Checked: Aug 10 at 10:08AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This approximately 1,481-square-foot residence features an open main living area, a separate interior room, two full bathrooms, and an integrated modern kitchen. Oversized windows bring natural light into the home, while approximately 11-foot beamed ceilings and architectural detailing contribute to its spacious character. A dedicated laundry closet includes an in-unit washer and dryer. The building was completed in 1914, converted to a 382-unit luxury condominium in 2005, and retains a landmarked exterior. Philippe Starck is credited with the interior design concept.
Located between Wall Street and Exchange Place, the property is directly across from the New York Stock Exchange. Building services include a doorman, concierge, on-site dry cleaning, laundry, and housekeeping. Resident amenities include swimming and reflecting pools, a fitness center, yoga and ballet studios, basketball and squash courts, a bowling alley, business center, sports lounge, and children's and recreation rooms. A 5,000-sf roof terrace provides views of the New York Stock Exchange, with multiple subway lines, dining, shopping, and neighborhood services nearby.
Located between Wall Street and Exchange Place, the property is directly across from the New York Stock Exchange. Building services include a doorman, concierge, on-site dry cleaning, laundry, and housekeeping. Resident amenities include swimming and reflecting pools, a fitness center, yoga and ballet studios, basketball and squash courts, a bowling alley, business center, sports lounge, and children's and recreation rooms. A 5,000-sf roof terrace provides views of the New York Stock Exchange, with multiple subway lines, dining, shopping, and neighborhood services nearby.
Key Highlights
- Approximately 1,481 square feet with open living space and a separate interior room
- Approximately 11‑foot beamed ceilings and oversized windows
- Two full bathrooms plus a dedicated laundry closet with in‑unit washer and dryer
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
$46,336
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
3.32%
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%
$926,720
$926.7K
Cap Rate 7%
$661,943
$661.9K
Cap Rate 9%
$514,844
$514.8K
Market Conditions
NOI Build-Up for 1,481 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
$88.7K $59.88/SF
− Vacancy
−$4.4K −$2.99/SF
EGI
$84.2K $56.89/SF
− OpEx
−$37.9K −$25.60/SF
NOI
$46.3K $31.29/SF
Area
New York, NY
Vacancy
5.00%
Lease Rate
$59.88 /SF/Yr
Expense Ratio
45.00%
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%
$926,720
Cap Rate 7%
$661,943
Cap Rate 9%
$514,844
Alternative Uses
Best Use
Apartment 5plus
$661.9K
$579.2K – $772.3K
NOI $46,336 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.69M
$3.23M – $4.30M
NOI $258,049 @ 7.0% cap · market cap 18.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
32,046
Businesses Nearby
Explore this area
Business Placement
Demographics for 10005, NY
10,639
Population
6,495
Households
1.6
Avg Household Size
31
Median Age
84%
College-Educated
97%
High-School Grad
0.1 sq mi
ZIP Area
106,390
Density / Sq Mi
$211,810
Median Household Income
$133,727
Median Earnings
$3,501
Median Rent
$1,387,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Open living areas, a separate interior room, and two full bathrooms support flexible residential use.
Where is this residential income property located?
The property is located at 15 BROAD Street 2224 New York City, NY.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Approximately 1,481 square feet with open living space and a separate interior room; Approximately 11‑foot beamed ceilings and oversized windows; Two full bathrooms plus a dedicated laundry closet with in‑unit washer and dryer
