Residential Income Property with Loft
For Sale
$1,095,000
15 BROAD Street 2302, New York City, NY 10005
Open downtown residence with a separate sleeping area, home office, and full-service condominium amenities.
Property Size1,061 SF
Price / SF$1,032
Days on Market34
Property Features for 15 BROAD Street 2302
General Information
Standard status
Active
Size
1,061 SF
Property subtype
Apartment
Additional Details
HOA Fee
$316.37
Public Transit
Yes
Multifamily Units
1
Amenities
24/7 doorman and concierge
full-size gym
saltwater pool
jacuzzi
sauna
half basketball court
bowling alley
squash court
resident lounge areas
private movie screening room
fully equipped business center
outdoor landscaped park
Building Details
Building Size
1,061 SF
Year Built
1914
Listing Agency:
Corcoran Group
(917) 968-5134
Listed By:
Jeff Adler · License #10401219328 (NY)
(917) 968-5134
Source:
Carytamura
Added: Jul 8
Changed: Aug 9
Last Checked: Aug 10 at 9:27AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
This 1,061-square-foot residential income property has a loft-style configuration with an expansive living and dining area, high ceilings, and a designated sleeping area. A separate home office provides room for a desk and storage, while a walk-in closet adds additional utility. The kitchen is enclosed from the main living space and includes a gas stove, dishwasher, cabinetry, and counter space.
The residence is located at 15 Broad Street in New York City's Financial District, within a 1914 building converted to residential use. Building services include a 24/7 doorman and concierge, full-size gym, saltwater pool, jacuzzi, sauna, half basketball court, bowling alley, squash court, resident lounges, movie screening room, business center, and landscaped outdoor park. The property is near major transit, Brookfield Place, Wall Street, and the Seaport.
The residence is located at 15 Broad Street in New York City's Financial District, within a 1914 building converted to residential use. Building services include a 24/7 doorman and concierge, full-size gym, saltwater pool, jacuzzi, sauna, half basketball court, bowling alley, squash court, resident lounges, movie screening room, business center, and landscaped outdoor park. The property is near major transit, Brookfield Place, Wall Street, and the Seaport.
Key Highlights
- 1,061‑square‑foot loft‑style residence with high ceilings
- Separate sleeping area and dedicated home office
- Enclosed kitchen with gas stove, dishwasher, cabinetry, and counter space
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
$33,196
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
3.03%
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%
$663,920
$663.9K
Cap Rate 7%
$474,229
$474.2K
Cap Rate 9%
$368,844
$368.8K
Market Conditions
NOI Build-Up for 1,061 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
$63.5K $59.88/SF
− Vacancy
−$3.2K −$2.99/SF
EGI
$60.4K $56.89/SF
− OpEx
−$27.2K −$25.60/SF
NOI
$33.2K $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%
$663,920
Cap Rate 7%
$474,229
Cap Rate 9%
$368,844
Alternative Uses
Best Use
Apartment 5plus
$474.2K
$415.0K – $553.3K
NOI $33,196 @ 7.0% cap · market cap 3.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.64M
$2.31M – $3.08M
NOI $184,869 @ 7.0% cap · market cap 16.88%
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 downtown residence with a separate sleeping area, home office, and full-service condominium amenities.
Where is this residential income property located?
The property is located at 15 BROAD Street 2302 New York City, NY.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: 1,061‑square‑foot loft‑style residence with high ceilings; Separate sleeping area and dedicated home office; Enclosed kitchen with gas stove, dishwasher, cabinetry, and counter space
