Deregulated Mixed-Use
For Sale
Contact for pricing
212 East 29th Street, New York City, NY 10016
Mixed-use building with 13 apartments and 2 retail stores, featuring 11 deregulated residential units.
Property Size9,941 SF
Price / SF$1,026
Days on Market56
Property Features for 212 East 29th Street
General Information
Standard status
Active
Size
9,941 SF
Property subtype
Retail, Mixed Use
Zoning
R8B
Investment Type
Stabilized
Net Operating Income
$670,659
Additional Details
Cap Rate
6.58%
Multifamily Units
13
Building Details
Units
15
Tenancy
Multi
Listing Agency:
IPRG Investment Property Realty Group
Listed By:
Justin Zetichik · License #10401263680
Source:
Crexi
Added: Jun 17
Changed: Aug 8
Last Checked: Aug 9 at 8:40AM
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 IPRG Investment Property Realty Group
Investment Insights
Based on property information with market context.
This mixed-use property is comprised of 13 apartments and 2 retail stores. Eleven of the 13 residential units are deregulated, giving the next owner additional flexibility based on the property’s current regulatory status.
Located at 212 East 29th Street in Manhattan’s Kips Bay, the building sits between Third and Second Avenue. The property provides immediate access to the 6 train and multiple bus lines, with close proximity to Midtown South, No Mad, and Gramercy. The area is described as anchored by NYU Langone Medical Center and surrounded by a mix of residential density, retail, restaurants, and neighborhood services.
For investors or operators looking for a core Manhattan asset with both residential and street-level retail components, this structure offers an in-place tenant mix across apartments and retail. The offering is presented at a 6.58% cap rate at the asking price, and the high share of free-market units is a key characteristic of the building’s current profile.
Located at 212 East 29th Street in Manhattan’s Kips Bay, the building sits between Third and Second Avenue. The property provides immediate access to the 6 train and multiple bus lines, with close proximity to Midtown South, No Mad, and Gramercy. The area is described as anchored by NYU Langone Medical Center and surrounded by a mix of residential density, retail, restaurants, and neighborhood services.
For investors or operators looking for a core Manhattan asset with both residential and street-level retail components, this structure offers an in-place tenant mix across apartments and retail. The offering is presented at a 6.58% cap rate at the asking price, and the high share of free-market units is a key characteristic of the building’s current profile.
Key Highlights
- Mixed‑use building at 212 East 29th Street with 13 apartments and 2 retail stores
- 11 of 13 residential units are deregulated
- Deregulated unit mix may provide flexibility for rental growth
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
$316,869
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
3.11%
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%
$6,337,380
$6.3M
Cap Rate 7%
$4,526,700
$4.5M
Cap Rate 9%
$3,520,767
$3.5M
Market Conditions
NOI Build-Up for 9,941 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
$596.5K $60.00/SF
− Vacancy
−$89.5K −$9.00/SF
EGI
$507.0K $51.00/SF
− OpEx
−$190.1K −$19.13/SF
NOI
$316.9K $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%
$6,337,380
Cap Rate 7%
$4,526,700
Cap Rate 9%
$3,520,767
Alternative Uses
Best Use
Retail
$19.98M
$17.49M – $23.32M
NOI $1,398,943 @ 7.0% cap · market cap 13.72%
Second Best
Mixed Use
$4.53M
$3.96M – $5.28M
NOI $316,869 @ 7.0% cap · market cap 3.11%
Theoretical Best
Specialty Retail
$24.74M
$21.65M – $28.87M
NOI $1,732,120 @ 7.0% cap · market cap 16.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
47,365
Businesses Nearby
Explore this area
Business Placement
Demographics for 10016, NY
62,336
Population
36,985
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
97%
High-School Grad
0.5 sq mi
ZIP Area
124,672
Density / Sq Mi
$153,065
Median Household Income
$107,691
Median Earnings
$3,321
Median Rent
$928,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building with 13 apartments and 2 retail stores, featuring 11 deregulated residential units.
Where is this mixed-use property located?
The property is located at 212 East 29th Street New York City, NY.
What is the asking price?
The asking price for this property is $10,200,000.
What are key features of this property?
This property features: Mixed‑use building at 212 East 29th Street with 13 apartments and 2 retail stores; 11 of 13 residential units are deregulated; Deregulated unit mix may provide flexibility for rental growth
