Building Details

Buildings 1

Stories 3

Units 13

Tenancy Multi

Listing Agency: Ariel Property Advisors

Listed By: Christoffer Brodhead · License #NY Show Phone

Source: Crexi

Added: Aug 18 Changed: Sep 29 Last Checked: Oct 7 at 8:45AM

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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 Ariel Property Advisors

Investment Insights

Based on property information with market context.

This mixed-use building combines a ground-floor commercial area with use of the entire basement, a rear office on the second floor of the commercial portion, and 12 SRO units on the upper levels. Six of the SRO units are vacant. The ground floor extends across a 25-foot by 100-foot footprint, while the second and third floors each cover 25 feet by 50 feet.

The property is located at 203 8th Ave in Manhattan’s Chelsea neighborhood. Its combination of commercial space, basement area, office space, and SRO housing creates a vertically integrated layout within a full-building footprint.

Key Highlights

• Ground‑floor commercial space with use of the full basement
• 12 SRO units above the commercial space; 6 are vacant
• Ground‑floor footprint measures 25 ft x 100 ft

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$180,285

Cap Rate

6.68%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,605,700 $3.6M

Cap Rate 7%

$2,575,500 $2.6M

Cap Rate 9%

$2,003,167 $2.0M

Market Conditions

NOI Build-Up for 5,656 SF

Gross rent

$339.4K $60.00/SF

− Vacancy

−$50.9K −$9.00/SF

EGI

$288.5K $51.00/SF

− OpEx

−$108.2K −$19.13/SF

NOI

$180.3K $31.88/SF

Area

New York, NY

Vacancy

15.00%

Lease Rate

$60.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,605,700

Cap Rate 7%

$2,575,500

Cap Rate 9%

$2,003,167

Alternative Uses

Best Use

Mixed Use

$2.58M

$2.25M – $3.00M (±1% cap)

NOI $180,285 @ 7.0% cap · market cap 6.68%

Second Best

Apartment 5plus

$2.53M

$2.21M – $2.95M (±1% cap)

NOI $176,961 @ 7.0% cap · market cap 6.55%

Theoretical Best

Specialty Retail

$14.08M

$12.32M – $16.43M (±1% cap)

NOI $985,501 @ 7.0% cap · market cap 36.50%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Rainbow Station (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Nursing Home Pet Grooming Service (Bike/Boat/Book/etc) Store Buffet Adult Day Care Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

12

Residential units

Location Intelligence

Trade Area within ½ mile

7,251

Businesses Nearby

Explore this area Business Placement

Demographics for 10011, NY

53,318

Population

35,049

Households

1.5

Avg Household Size

39

Median Age

79%

College-Educated

96%

High-School Grad

0.6 sq mi

ZIP Area

88,863

Density / Sq Mi

$146,571

Median Household Income

$113,503

Median Earnings

$2,868

Median Rent

$1,165,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Ground-floor commercial space is paired with basement use and residential rooms above.

Where is this mixed-use property located?

The property is located at 203 8th Avenue New York, NY.

What is the asking price?

The asking price for this property is $2,700,000.

What are key features of this property?

This property features: Ground‑floor commercial space with use of the full basement; 12 SRO units above the commercial space; 6 are vacant; Ground‑floor footprint measures 25 ft x 100 ft