Seven-Story Mixed-Use
For Sale
$7,000,000
223 E 2nd Street, New York, NY 10009
Commercial Sale, New York, NY
Property Size15,185 SF
Lot Size0.05 Acres
Price / SF$460.98
Days on Market87
Property Features for 223 E 2nd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
14
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 7, Bedroom 6, Bedroom 8, Bedroom 4, Bedroom 2, Bathroom 4, Bathroom 2, Bedroom 5, Bathroom 6, Bedroom 14, Bedroom 11, Bedroom 1, Bedroom 13, Bathroom 3, Bathroom 7, Bathroom 1, Bedroom 12, Bedroom 10, Bedroom 3, Bedroom 9, Bathroom 5
Subdivision
E. Greenwich Village
High school district
000000
Standard status
Active
Size
15,185 SF
Lot size
0.05 Acres
Amenities
rooftop
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Esteban Gomez · License #10401245093
(646) 934-2776
Added: Jun 9
Changed: Sep 3
Last Checked: Sep 3 at 11:06PM
MLS# 11816342
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.
Located at 223 E 2nd Street, this seven-story mixed-use building dates to 1900 and contains 15,185 square feet of gross floor area. The layout includes six open loft units totaling 13,260 square feet, 1,925 square feet of ground-floor commercial space, and a full basement. Architectural features include a brick facade with terracotta ornament, arched windows, carved stonework, a decorative cornice, and an original wrought iron staircase. An elevator shaft is already in place, while the flat rooftop provides open Manhattan skyline views.
The 2,165-square-foot lot measures 24.75 feet by 88.25 feet. The property is identified as Building Class C4, Old Law Tenement, with Tax Class 2B and Conv Ind/Com Residential zoning. It is registered as an IMD, with 1 unit covered and 1 coverage application filed. Two tenants occupy two floors without paying rent; delivery is vacant except for Units #3 and #4. The address is near Tompkins Square Park, independent galleries, restaurants, and the Lower East Side.
The 2,165-square-foot lot measures 24.75 feet by 88.25 feet. The property is identified as Building Class C4, Old Law Tenement, with Tax Class 2B and Conv Ind/Com Residential zoning. It is registered as an IMD, with 1 unit covered and 1 coverage application filed. Two tenants occupy two floors without paying rent; delivery is vacant except for Units #3 and #4. The address is near Tompkins Square Park, independent galleries, restaurants, and the Lower East Side.
Key Highlights
- 15,185 sq ft gross floor area with 13,260 sq ft residential and 1,925 sq ft commercial
- Seven‑story masonry walk‑up built in 1900 with ornate terracotta and carved stone details
- Six open loft units plus ground‑floor commercial space and a full basement
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
$484,022
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
6.91%
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%
$9,680,440
$9.7M
Cap Rate 7%
$6,914,600
$6.9M
Cap Rate 9%
$5,378,022
$5.4M
Market Conditions
NOI Build-Up for 15,185 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
$911.1K $60.00/SF
− Vacancy
−$136.7K −$9.00/SF
EGI
$774.4K $51.00/SF
− OpEx
−$290.4K −$19.13/SF
NOI
$484.0K $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%
$9,680,440
Cap Rate 7%
$6,914,600
Cap Rate 9%
$5,378,022
Alternative Uses
Best Use
Mixed Use
$6.91M
$6.05M – $8.07M
NOI $484,022 @ 7.0% cap · market cap 6.91%
Second Best
Apartment 5plus
$6.79M
$5.94M – $7.92M
NOI $475,098 @ 7.0% cap · market cap 6.79%
Theoretical Best
Specialty Retail
$37.80M
$33.07M – $44.10M
NOI $2,645,834 @ 7.0% cap · market cap 37.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
14,954
Businesses Nearby
Explore this area
Business Placement
Demographics for 10009, NY
61,716
Population
32,375
Households
1.9
Avg Household Size
36
Median Age
63%
College-Educated
87%
High-School Grad
0.6 sq mi
ZIP Area
102,860
Density / Sq Mi
$87,963
Median Household Income
$84,069
Median Earnings
$1,925
Median Rent
$690,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic masonry property combines loft-style residences, street-level commercial space, and a rooftop with open skyline views.
Where is this mixed-use property located?
The property is located at 223 E 2nd Street New York, NY.
What is the asking price?
The asking price for this property is $7,000,000.
What are key features of this property?
This property features: 15,185 sq ft gross floor area with 13,260 sq ft residential and 1,925 sq ft commercial; Seven‑story masonry walk‑up built in 1900 with ornate terracotta and carved stone details; Six open loft units plus ground‑floor commercial space and a full basement
