Two-Residence Residential Income
For Sale
$2,000,000
20 PINE Street 907/908, New York City, NY 10005
Two adjoining homes offer separate living arrangements with the possibility of creating a larger residence, subject to board approval.
Property Size1,883 SF
Price / SF$1,062
Days on Market11
Property Features for 20 PINE Street 907/908
General Information
Standard status
Active
Size
1,883 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Building Size
1,883 SF
Year Built
1928
Listing Agency:
Serhant
(917) 524-9680
Listed By:
David Rosen
(917) 524-9680
Source:
Serhant
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 29 at 4:09PM
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 Serhant
Investment Insights
Based on property information with market context.
This offering includes two adjacent residences conveyed together under one contractual package. The homes are currently separate apartments without an interior connection, providing a combined 1,883 square feet. They contain two bedrooms and two and a half bathrooms, along with high ceilings, oversized windows, abundant natural light, and substantial living and dining areas. The residences were built in 1928.
The property is located in Downtown Manhattan’s Financial District at 20 Pine Street. Dining, shopping, waterfront areas, and transportation are within easy reach, with access to the broader city. The residences may remain distinct or potentially be combined into one larger home, subject to board approval.
The property is located in Downtown Manhattan’s Financial District at 20 Pine Street. Dining, shopping, waterfront areas, and transportation are within easy reach, with access to the broader city. The residences may remain distinct or potentially be combined into one larger home, subject to board approval.
Key Highlights
- Two adjacent residences offered together as a contractual package
- Combined property size of 1,883 square feet
- Currently configured as separate apartments with no interior connection
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
$58,914
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
2.95%
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%
$1,178,280
$1.2M
Cap Rate 7%
$841,629
$841.6K
Cap Rate 9%
$654,600
$654.6K
Market Conditions
NOI Build-Up for 1,883 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
$112.8K $59.88/SF
− Vacancy
−$5.6K −$2.99/SF
EGI
$107.1K $56.89/SF
− OpEx
−$48.2K −$25.60/SF
NOI
$58.9K $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%
$1,178,280
Cap Rate 7%
$841,629
Cap Rate 9%
$654,600
Alternative Uses
Best Use
Apartment 5plus
$841.6K
$736.4K – $981.9K
NOI $58,914 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.69M
$4.10M – $5.47M
NOI $328,094 @ 7.0% cap · market cap 16.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Two adjoining homes offer separate living arrangements with the possibility of creating a larger residence, subject to board approval.
Where is this residential income property located?
The property is located at 20 PINE Street 907/908 New York City, NY.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Two adjacent residences offered together as a contractual package; Combined property size of 1,883 square feet; Currently configured as separate apartments with no interior connection
