Residential Income Property with Loft
For Sale
$1,195,000
15 BROAD Street 2804, New York City, NY 10005
Reconfigured residence offers a flexible office, generous storage, and expansive entertaining areas within a full-service condominium.
Property Size1,085 SF
Price / SF$1,101
Days on Market75
Property Features for 15 BROAD Street 2804
General Information
Standard status
Active
Size
1,085 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Amenities
24-hour doorman
concierge
fitness center
swimming pool
resident lounge
screening room
basketball court
squash court
rooftop terrace
in-unit washer/dryer
Building Details
Building Size
1,085 SF
Year Built
1914
Listing Agency:
Douglas Elliman Real Estate
(646) 235-0075
Listed By:
Ariel Cohen · License #10301207941
(646) 235-0075
Source:
Howardhannanyc
Added: Jun 4
Changed: Aug 12
Last Checked: Aug 16 at 1:58PM
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.
Residence 2804 is a reconfigured loft residence at 15 Broad Street, combining an open central living area with a dedicated home office and extensive storage. The layout includes a foyer with multiple closets, an in-unit washer and dryer, a gallery-style kitchen with substantial cabinetry and counter space, an approximately 25-foot living room, a bathroom, and a walk-in closet adjacent to the office. Oversized windows and high ceilings bring natural light into the home, while the office can accommodate several household uses.
The property is located in the Downtown by Philippe Starck condominium in downtown Manhattan’s Financial District. Building amenities include a 24-hour doorman and concierge, fitness center, swimming pool, resident lounge, screening room, basketball and squash courts, and a rooftop terrace. The building was constructed in 1914.
The property is located in the Downtown by Philippe Starck condominium in downtown Manhattan’s Financial District. Building amenities include a 24-hour doorman and concierge, fitness center, swimming pool, resident lounge, screening room, basketball and squash courts, and a rooftop terrace. The building was constructed in 1914.
Key Highlights
- Flexible loft layout with a dedicated home office
- Approximately 25‑foot living room with oversized windows and high ceilings
- Gallery‑style kitchen with abundant 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
$33,947
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
2.84%
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%
$678,940
$678.9K
Cap Rate 7%
$484,957
$485.0K
Cap Rate 9%
$377,189
$377.2K
Market Conditions
NOI Build-Up for 1,085 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
$65.0K $59.88/SF
− Vacancy
−$3.2K −$2.99/SF
EGI
$61.7K $56.89/SF
− OpEx
−$27.8K −$25.60/SF
NOI
$33.9K $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%
$678,940
Cap Rate 7%
$484,957
Cap Rate 9%
$377,189
Alternative Uses
Best Use
Apartment 5plus
$485.0K
$424.3K – $565.8K
NOI $33,947 @ 7.0% cap · market cap 2.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.70M
$2.36M – $3.15M
NOI $189,050 @ 7.0% cap · market cap 15.82%
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 - Reconfigured residence offers a flexible office, generous storage, and expansive entertaining areas within a full-service condominium.
Where is this residential income property located?
The property is located at 15 BROAD Street 2804 New York City, NY.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Flexible loft layout with a dedicated home office; Approximately 25‑foot living room with oversized windows and high ceilings; Gallery‑style kitchen with abundant cabinetry and counter space
