Ground-Floor Retail or Office
For Sale
$958,000
1c-53 Elizabeth St, New York, NY 10013
Vacant finished ground-floor unit with private HVAC and additional cellar space for flexible retail, office, or storage.
Property Size2,310 SF
Price / SF$414.72
Days on Market101
Property Features for 1c-53 Elizabeth St
General Information
Standard status
Active
Size
2,310 SF
Additional Details
Business Included
Yes
Clear Height
9 ft
Taxes and HOA fees
Annual Taxes
$18,190
Listing Agency:
B Square Realty
(646) 889-9988
Listed By:
Li Li
(646) 889-9988
Source:
Exprealty
Added: May 12
Changed: Aug 16
Last Checked: Aug 20 at 1:01PM
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 B Square Realty
Investment Insights
Based on property information with market context.
This is a vacant, fully finished ground-floor commercial condominium with additional cellar space. The unit offers approximately 1,199 SF on the ground floor plus approximately 1,111 SF in the cellar, for a total of approximately 2,310 SF of usable space. The ground floor is suitable for either retail or office use, while the cellar can support storage or additional office space. A key operational feature is the unit’s own central HVAC system for heating and air conditioning, supporting immediate occupancy. An elevator provides keyed entrances on both the ground floor and the cellar floor, making back-of-house movement more convenient.
The property is positioned in the Chinatown / Little Italy corridor in Manhattan, with access to multiple subway lines including B, D, J, N, Q, R, Z, 6, and W trains. The surrounding area is described as heavily trafficked and well served by restaurants, cafés, shopping, and neighborhood services, supporting day-to-day customer and employee access.
With a finished interior and dedicated climate control, the space can work for an owner-user looking for a versatile ground-floor presence supported by supplemental cellar space. The seller also notes opportunities for additional brand visibility, including advertising on the side wall next to the interior entrance and signage on the top space of the building’s main entrance. The remarks further highlight low real estate taxes, adding to the overall tenant or investor practicality.
The property is positioned in the Chinatown / Little Italy corridor in Manhattan, with access to multiple subway lines including B, D, J, N, Q, R, Z, 6, and W trains. The surrounding area is described as heavily trafficked and well served by restaurants, cafés, shopping, and neighborhood services, supporting day-to-day customer and employee access.
With a finished interior and dedicated climate control, the space can work for an owner-user looking for a versatile ground-floor presence supported by supplemental cellar space. The seller also notes opportunities for additional brand visibility, including advertising on the side wall next to the interior entrance and signage on the top space of the building’s main entrance. The remarks further highlight low real estate taxes, adding to the overall tenant or investor practicality.
Key Highlights
- Vacant, fully finished ground‑floor commercial condominium with approx. 1,199 SF plus approx. 1,111 SF cellar for approx. 2,310 SF total usable space
- Cellar includes approx. 9‑foot ceiling height, suitable for storage or extra office space
- Private central HVAC system provides heating and air conditioning
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
$72,332
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
7.55%
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%
$1,446,640
$1.4M
Cap Rate 7%
$1,033,314
$1.0M
Cap Rate 9%
$803,689
$803.7K
Market Conditions
NOI Build-Up for 2,310 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
$118.9K $51.48/SF
− Vacancy
−$22.5K −$9.73/SF
EGI
$96.4K $41.75/SF
− OpEx
−$24.1K −$10.44/SF
NOI
$72.3K $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%
$1,446,640
Cap Rate 7%
$1,033,314
Cap Rate 9%
$803,689
Alternative Uses
Best Use
Retail
$4.64M
$4.06M – $5.42M
NOI $325,074 @ 7.0% cap · market cap 33.93%
Second Best
Office B
$1.03M
$904.2K – $1.21M
NOI $72,332 @ 7.0% cap · market cap 7.55%
Theoretical Best
Specialty Retail
$5.75M
$5.03M – $6.71M
NOI $402,494 @ 7.0% cap · market cap 42.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9 ft
Clear height
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
36,022
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 10013, NY
31,042
Population
15,933
Households
1.9
Avg Household Size
36
Median Age
72%
College-Educated
89%
High-School Grad
0.5 sq mi
ZIP Area
62,084
Density / Sq Mi
$159,474
Median Household Income
$92,765
Median Earnings
$2,378
Median Rent
$2,000,001
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?
Storefront property - Vacant finished ground-floor unit with private HVAC and additional cellar space for flexible retail, office, or storage.
Where is this storefront property located?
The property is located at 1c-53 Elizabeth St New York, NY.
What is the asking price?
The asking price for this property is $958,000.
What are key features of this property?
This property features: Vacant, fully finished ground‑floor commercial condominium with approx. 1,199 SF plus approx. 1,111 SF cellar for approx. 2,310 SF total usable space; Cellar includes approx. 9‑foot ceiling height, suitable for storage or extra office space; Private central HVAC system provides heating and air conditioning
