Seven-Story Mixed-Use Apartment
For Sale
Contact for pricing
160 Front St, New York, NY 10038
Seven-story property includes 62 apartments and a high-visibility street-level Starbucks storefront.
Property Size53,000 SF
Price / SF$471.70
Days on Market137
Property Features for 160 Front St
General Information
Standard status
Active
Size
53,000 SF
Class
B
Property subtype
Mixed Use
Occupancy
100%
Additional Details
Multifamily Units
62
Building Details
Stories
7
Units
62
Tenancy
Single
Listing Agency:
Norman Bobrow & Co. Inc.
Listed By:
Jonathan Kershner · License #NY 10401279641
(212) 682-9714
Source:
Crexi
Added: Apr 22
Changed: Aug 14
Last Checked: Sep 4 at 10:08PM
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 Norman Bobrow & Co. Inc.
Investment Insights
Based on property information with market context.
This seven-story mixed-use property offers 62 residential units and street-level retail anchored by a high-visibility Starbucks on the Water Street frontage. The residential component is comprised of 41 free-market and 21 rent-stabilized apartments, with a unit mix of 34 studios, 22 one-bedrooms, 4 two-bedrooms, and 2 two-bedroom penthouses.
The property also includes 81,813 SF of total expansion potential, with unused floor area identified as 41,980 SF of residential growth capacity and 39,833 SF of commercial growth capacity.
For access, the property is positioned approximately two blocks from the Pier 11/Wall Street Ferry Terminal and about a six-minute walk from the Fulton Street Transit Center, offering extensive subway connectivity via the 2, 3, 4, 5, A, C, J, and Z lines.
The property also includes 81,813 SF of total expansion potential, with unused floor area identified as 41,980 SF of residential growth capacity and 39,833 SF of commercial growth capacity.
For access, the property is positioned approximately two blocks from the Pier 11/Wall Street Ferry Terminal and about a six-minute walk from the Fulton Street Transit Center, offering extensive subway connectivity via the 2, 3, 4, 5, A, C, J, and Z lines.
Key Highlights
- Seven‑story elevator building with 62 residential units: 41 free‑market and 21 rent‑stabilized apartments
- Unit mix: 34 studios, 22 one‑bedrooms, 4 two‑bedrooms, and 2 two‑bed penthouses
- $118,326 in preferential rents within the stabilized component
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
$1,658,227
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
6.63%
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%
$33,164,540
$33.2M
Cap Rate 7%
$23,688,957
$23.7M
Cap Rate 9%
$18,424,744
$18.4M
Market Conditions
NOI Build-Up for 53,000 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
$3.17M $59.88/SF
− Vacancy
−$158.7K −$2.99/SF
EGI
$3.01M $56.89/SF
− OpEx
−$1.36M −$25.60/SF
NOI
$1.66M $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%
$33,164,540
Cap Rate 7%
$23,688,957
Cap Rate 9%
$18,424,744
Alternative Uses
Best Use
Retail
$106.55M
$93.23M – $124.31M
NOI $7,458,400 @ 7.0% cap · market cap 29.83%
Second Best
Apartment 5plus
$23.69M
$20.73M – $27.64M
NOI $1,658,227 @ 7.0% cap · market cap 6.63%
Theoretical Best
Specialty Retail
$131.92M
$115.43M – $153.91M
NOI $9,234,720 @ 7.0% cap · market cap 36.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
62
Residential units
Location Intelligence
Trade Area within ½ mile
28,179
Businesses Nearby
Explore this area
Business Placement
Demographics for 10038, NY
25,332
Population
12,624
Households
2
Avg Household Size
33
Median Age
62%
College-Educated
83%
High-School Grad
0.3 sq mi
ZIP Area
84,440
Density / Sq Mi
$115,121
Median Household Income
$87,698
Median Earnings
$3,140
Median Rent
$865,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Seven-story property includes 62 apartments and a high-visibility street-level Starbucks storefront.
Where is this apartment building located?
The property is located at 160 Front St New York, NY.
What is the asking price?
The asking price for this property is $25,000,000.
What are key features of this property?
This property features: Seven‑story elevator building with 62 residential units: 41 free‑market and 21 rent‑stabilized apartments; Unit mix: 34 studios, 22 one‑bedrooms, 4 two‑bedrooms, and 2 two‑bed penthouses; $118,326 in preferential rents within the stabilized component
