Office Condo
For Sale
$749,000
2 Allen Street New York, Manhattan, NY 10002
Commercial Sale, New York (Manhattan), NY
Property Size736 SF
Lot Size0.12 Acres
Price / SF$1,017
Days on Market51
Property Features for 2 Allen Street New York
General Information
Property type
Commercial Sale
Property subtype
Office
Directions
Mapquest.com
Standard status
Active
APN
0294-1158
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11483
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Year built
2011
Building materials
ICFs (Insulated Concrete Forms)
Listing Agency:
Chous Realty Group Inc
(718) 353-8818
Listed By:
Rui Feng Jin
(917) 270-7082
Added: Jul 15
Changed: Aug 20
Last Checked: Sep 3 at 3:06PM
MLS# 1026604
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This office condominium unit is located in a 2011-built property and includes central air conditioning. Public water and public sewer serve the property. The space is positioned in Manhattan’s Chinatown area at 2 Allen Street, with East Broadway subway station approximately a three-minute walk away. The unit is suited to professional office functions, including medical, dental, accounting, and legal practices, as identified for the property.
Key Highlights
- Office condominium unit at 2 Allen Street
- Approximately a three‑minute walk to East Broadway subway station
- Located in Manhattan’s Chinatown area
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
$23,586
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
3.15%
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%
$471,720
$471.7K
Cap Rate 7%
$336,943
$336.9K
Cap Rate 9%
$262,067
$262.1K
Market Conditions
NOI Build-Up for 736 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
$37.9K $51.48/SF
− Vacancy
−$6.4K −$8.75/SF
EGI
$31.4K $42.73/SF
− OpEx
−$7.9K −$10.68/SF
NOI
$23.6K $32.05/SF
Area
ZIP 10002
Vacancy
17.00%
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%
$471,720
Cap Rate 7%
$336,943
Cap Rate 9%
$262,067
Alternative Uses
Best Use
Office B
$336.9K
$294.8K – $393.1K
NOI $23,586 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.83M
$1.60M – $2.14M
NOI $128,241 @ 7.0% cap · market cap 17.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
21,064
Businesses Nearby
Explore this area
Business Placement
Demographics for 10002, NY
82,155
Population
39,646
Households
2.1
Avg Household Size
41
Median Age
39%
College-Educated
71%
High-School Grad
0.8 sq mi
ZIP Area
102,694
Density / Sq Mi
$46,525
Median Household Income
$51,425
Median Earnings
$1,207
Median Rent
$808,500
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?
Office units - Office unit with central air and access to public water and sewer service.
Where is this office units located?
The property is located at 2 Allen Street New York Manhattan, NY.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Office condominium unit at 2 Allen Street; Approximately a three‑minute walk to East Broadway subway station; Located in Manhattan’s Chinatown area
