Historic Mixed-Use Commercial
For Sale
$4,500,000
Pending
205 W Houston Street, New York, NY 10014
Commercial Sale, New York, NY
Property Size6,250 SF
Days on Market286
Property Features for 205 W Houston Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
4
Rooms
Bedroom 3, Bedroom 1, Bedroom 2, Bedroom 4
Subdivision
Greenwich Village
High school district
000000
Standard status
Pending
Amenities
ornate finishes
tin ceilings
crown moldings
large windows
basement with powder room
roof with downtown views
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Nick Gavin
Added: Nov 9, 2025
Changed: Aug 21
Last Checked: Aug 22 at 2:06AM
MLS# 11604069
Copyright © 2026 My State 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 Class K commercial property spans three above-grade levels, with a retail floor at street level and open-plan offices on the second and third floors. The building contains 4,875 SF above grade plus a 1,375 SF basement, which includes divided rooms and a powder room. Ceiling heights reach nearly 12 feet on the retail level and approximately 11 feet on each office floor. Historic interior elements include patterned tin ceilings, crown moldings, wood banisters, and ornate wall finishes. An unfinished roof adds another component to the property.
Located at 205 W Houston Street in New York, the building sits near Film Forum and the intersection of SoHo, the West Village, and Greenwich Village. Large north-facing windows overlook West Houston Street, while the 1 train is located at the corner. The second- and third-floor layouts can function independently or together as a larger office arrangement.
Located at 205 W Houston Street in New York, the building sits near Film Forum and the intersection of SoHo, the West Village, and Greenwich Village. Large north-facing windows overlook West Houston Street, while the 1 train is located at the corner. The second- and third-floor layouts can function independently or together as a larger office arrangement.
Key Highlights
- 4,875 SF above grade with an additional 1,375 SF basement
- Three commercial spaces: retail on the first floor and offices on the second and third floors
- Nearly 12‑foot ceilings at retail level; approximately 11 feet on office floors
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
$199,219
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
4.43%
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%
$3,984,380
$4.0M
Cap Rate 7%
$2,845,986
$2.8M
Cap Rate 9%
$2,213,544
$2.2M
Market Conditions
NOI Build-Up for 6,250 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
$375.0K $60.00/SF
− Vacancy
−$56.3K −$9.00/SF
EGI
$318.8K $51.00/SF
− OpEx
−$119.5K −$19.13/SF
NOI
$199.2K $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 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%
$3,984,380
Cap Rate 7%
$2,845,986
Cap Rate 9%
$2,213,544
Alternative Uses
Best Use
Retail
$12.56M
$10.99M – $14.66M
NOI $879,528 @ 7.0% cap · market cap 19.55%
Second Best
Mixed Use
$2.85M
$2.49M – $3.32M
NOI $199,219 @ 7.0% cap · market cap 4.43%
Theoretical Best
Specialty Retail
$15.56M
$13.61M – $18.15M
NOI $1,089,000 @ 7.0% cap · market cap 24.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
27,065
Businesses Nearby
Explore this area
Business Placement
Demographics for 10014, NY
32,590
Population
21,835
Households
1.5
Avg Household Size
37
Median Age
85%
College-Educated
99%
High-School Grad
0.5 sq mi
ZIP Area
65,180
Density / Sq Mi
$167,254
Median Household Income
$115,048
Median Earnings
$2,998
Median Rent
$1,294,200
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?
Mixed-use property - Three commercial levels combine street-facing retail with open-plan office space and a finished basement.
Where is this mixed-use property located?
The property is located at 205 W Houston Street New York, NY.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 4,875 SF above grade with an additional 1,375 SF basement; Three commercial spaces: retail on the first floor and offices on the second and third floors; Nearly 12‑foot ceilings at retail level; approximately 11 feet on office floors
