Creative Studio
New
For Sale
$4,300,000
165 Lenox Avenue, New York, NY 10026
Vacant, purpose-built facility with rehearsal, studio, administrative, and shared-use areas.
Property Size6,406 SF
Lot Size0.07 Acres
Price / SF$671.25
Days on Market2
Property Features for 165 Lenox Avenue
General Information
Standard status
Active
Size
6,406 SF
Elevators
Yes
Lot size
0.07 Acres
Property subtype
Commercial
Zoning
R7-2 / C1-4
Additional Details
Furnished
No
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$37,056
Amenities
acoustic treatment
soundproofing
sprung hardwood rehearsal floor
observation room
skylights
HVAC and ventilation
kitchen
gallery
lounge/workspace
administrative and support areas
Building Details
Year Built
2004
Buildings
1
Units
1
Building Size
6,406 SF
Listing Agency:
East Side
Listed By:
Noble Black · License #10301211307
(347) 526-3308
Source:
Corcoran
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 1 at 2:31PM
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 East Side
Investment Insights
Based on property information with market context.
This 6,406-square-foot creative property is vacant and arranged across two stories with a mezzanine. Rehearsal and studio areas feature acoustic treatment, soundproofing, high ceilings, and a sprung hardwood floor. Additional improvements include an observation room with interior glazing, an oversized elevator, skylights, HVAC and ventilation, kitchen, gallery, lounge and workspace, and administrative and support areas. Built in 2004, the property has a certificate of occupancy for a music rehearsal studio and nonprofit institution. The site measures approximately 33.5 by 97 feet and contains approximately 3,254 square feet. Zoning is R7-2/C1-4.
At 165 Lenox Avenue, the building sits between West 118th and West 119th Streets in the Mount Morris Park Historic District Extension. Central Park is eight blocks south, and 125th Street is six blocks north. Subway access includes the 2 and 3 lines, with the A, B, C, and D lines and Metro-North available at 125th Street. Prior architectural and structural work examined vertical expansion, subject to required approvals.
At 165 Lenox Avenue, the building sits between West 118th and West 119th Streets in the Mount Morris Park Historic District Extension. Central Park is eight blocks south, and 125th Street is six blocks north. Subway access includes the 2 and 3 lines, with the A, B, C, and D lines and Metro-North available at 125th Street. Prior architectural and structural work examined vertical expansion, subject to required approvals.
Key Highlights
- Approximately 6,406 SF across two stories and a mezzanine
- Rehearsal and studio areas include soundproofing, acoustic treatment, and a sprung hardwood floor
- Approximately 3,254 SF lot with dimensions of approximately 33.5' by 97'
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
$200,589
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
4.66%
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%
$4,011,780
$4.0M
Cap Rate 7%
$2,865,557
$2.9M
Cap Rate 9%
$2,228,767
$2.2M
Market Conditions
NOI Build-Up for 6,406 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
$329.8K $51.48/SF
− Vacancy
−$62.3K −$9.73/SF
EGI
$267.5K $41.75/SF
− OpEx
−$66.9K −$10.44/SF
NOI
$200.6K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /SF/Yr
Expense Ratio
25.00%
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%
$4,011,780
Cap Rate 7%
$2,865,557
Cap Rate 9%
$2,228,767
Alternative Uses
Best Use
Office B
$2.87M
$2.51M – $3.34M
NOI $200,589 @ 7.0% cap · market cap 4.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$15.95M
$13.95M – $18.60M
NOI $1,116,181 @ 7.0% cap · market cap 25.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
8,671
Businesses Nearby
Explore this area
Business Placement
Demographics for 10026, NY
35,644
Population
17,648
Households
2
Avg Household Size
37
Median Age
54%
College-Educated
90%
High-School Grad
0.4 sq mi
ZIP Area
89,110
Density / Sq Mi
$74,140
Median Household Income
$56,919
Median Earnings
$1,546
Median Rent
$1,014,100
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Creative space - Vacant, purpose-built facility with rehearsal, studio, administrative, and shared-use areas.
Where is this creative space located?
The property is located at 165 Lenox Avenue New York, NY.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: Approximately 6,406 SF across two stories and a mezzanine; Rehearsal and studio areas include soundproofing, acoustic treatment, and a sprung hardwood floor; Approximately 3,254 SF lot with dimensions of approximately 33.5' by 97'
