4-Unit Mixed-Use
For Sale
Contact for pricing
232 E 58th St, New York, NY 10022
Mixed-use asset with restaurant retail, office space, and two free-market residential units in Midtown East.
Property Size4,760 SF
Price / SF$839.29
Days on Market176
Property Features for 232 E 58th St
General Information
Standard status
Active
Size
4,760 SF
Property subtype
Multifamily
Zoning
R8
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1901
Buildings
1
Stories
4
Units
4
Tenancy
Multi
Listing Agency:
Marcus & Millichap - NYM Group
Listed By:
Joe Koicim · License #NY 10301208718
Source:
Crexi
Added: Mar 8
Changed: Aug 30
Last Checked: Aug 30 at 3:14PM
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 Marcus & Millichap - NYM Group
Investment Insights
Based on property information with market context.
This four-unit mixed-use building combines approximately 4,760 SF of retail, office, and residential space. The ground-floor restaurant area measures 2,000 SF and includes a fully vented kitchen, liquor license, and basement space used for meal preparation and storage. The property also includes a full-floor boutique office and two free-market residential units, with the residential layouts identified as convertible to two-bedroom configurations. Floors 2 and 3 are scheduled for vacant delivery at closing. The building is zoned R8 and was constructed in 1901.
The property is located at 232 E 58th St, near the intersection of East 58th Street and 2nd Avenue in Manhattan’s Midtown East area. Subway access includes the 4/5/6, N/R/W, F, and Q lines, with additional connectivity via the Queensboro Bridge and major bus routes. The current restaurant lease runs through November 2027 without an extension option.
The property is located at 232 E 58th St, near the intersection of East 58th Street and 2nd Avenue in Manhattan’s Midtown East area. Subway access includes the 4/5/6, N/R/W, F, and Q lines, with additional connectivity via the Queensboro Bridge and major bus routes. The current restaurant lease runs through November 2027 without an extension option.
Key Highlights
- 4‑unit mixed‑use building with retail, office, and residential components
- Approximately 4,760 SF of total property size; building constructed in 1901
- 2,000 SF ground‑floor restaurant space with full vented kitchen and liquor license
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
$151,725
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
3.80%
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%
$3,034,500
$3.0M
Cap Rate 7%
$2,167,500
$2.2M
Cap Rate 9%
$1,685,833
$1.7M
Market Conditions
NOI Build-Up for 4,760 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
$285.6K $60.00/SF
− Vacancy
−$42.8K −$9.00/SF
EGI
$242.8K $51.00/SF
− OpEx
−$91.0K −$19.13/SF
NOI
$151.7K $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%
$3,034,500
Cap Rate 7%
$2,167,500
Cap Rate 9%
$1,685,833
Alternative Uses
Best Use
Specialty Retail
$11.85M
$10.37M – $13.82M
NOI $829,382 @ 7.0% cap · market cap 20.76%
Second Best
Mixed Use
$2.17M
$1.90M – $2.53M
NOI $151,725 @ 7.0% cap · market cap 3.80%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
46,622
Businesses Nearby
Explore this area
Business Placement
Demographics for 10022, NY
36,708
Population
25,686
Households
1.4
Avg Household Size
45
Median Age
84%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
91,770
Density / Sq Mi
$171,038
Median Household Income
$119,657
Median Earnings
$2,928
Median Rent
$1,116,700
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 - Mixed-use asset with restaurant retail, office space, and two free-market residential units in Midtown East.
Where is this mixed-use property located?
The property is located at 232 E 58th St New York, NY.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: 4‑unit mixed‑use building with retail, office, and residential components; Approximately 4,760 SF of total property size; building constructed in 1901; 2,000 SF ground‑floor restaurant space with full vented kitchen and liquor license
