Four-Story Mixed-Use
For Sale
Contact for pricing
242 Tenth Avenue, New York, NY 10001
Renovated free-market apartments accompany vacant retail space with outdoor seating and a dedicated take-out structure.
Property Size5,738 SF
Price / SF$1,873
Days on Market83
Property Features for 242 Tenth Avenue
General Information
Standard status
Active
Size
5,738 SF
Property subtype
Mixed Use, Retail, Multifamily
Zoning
R7B,C2-5
Occupancy
83%
Investment Type
Stabilized
Net Operating Income
$606,091
Site & Location
Corner Location
Yes
Road Access
Yes
Additional Details
Multifamily Units
6
Amenities
outdoor garden seating
dedicated structure for take-out operations
Building Details
Buildings
2
Stories
4
Units
6
Tenancy
Multi
Listing Agency:
Matthews
(646) 933-2620
Listed By:
Brock Emmetsberger · License #NY 10301208301
Source:
Crexi
Added: Jun 9
Changed: Aug 29
Last Checked: Aug 29 at 8:24PM
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 Matthews
Investment Insights
Based on property information with market context.
This 5,738-square-foot, four-story mixed-use property combines a ground-floor retail space with six free-market residential apartments. The apartments underwent a full gut renovation, while the retail component will be delivered vacant. Outdoor garden seating and a separate take-out structure expand the ground-floor configuration and provide additional functional space for a future operator.
The property occupies the northeast corner of West 24th Street and Tenth Avenue in Manhattan, near the High Line and within a residential and retail setting. Zoning is identified as R7B and C2-5, and the property carries a Tax Class 2B designation. The combination of renovated residential units, vacant commercial space, and a prominent corner position supports a range of ownership and leasing strategies.
The property occupies the northeast corner of West 24th Street and Tenth Avenue in Manhattan, near the High Line and within a residential and retail setting. Zoning is identified as R7B and C2-5, and the property carries a Tax Class 2B designation. The combination of renovated residential units, vacant commercial space, and a prominent corner position supports a range of ownership and leasing strategies.
Key Highlights
- 5,738‑square‑foot, four‑story mixed‑use property
- Ground‑floor retail space will be delivered vacant
- Six free‑market apartments completed a full gut renovation
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
$807,477
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
7.51%
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%
$16,149,540
$16.1M
Cap Rate 7%
$11,535,386
$11.5M
Cap Rate 9%
$8,971,967
$9.0M
Market Conditions
NOI Build-Up for 5,738 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
$1.35M $235.68/SF
− Vacancy
−$198.8K −$34.64/SF
EGI
$1.15M $201.04/SF
− OpEx
−$346.1K −$60.31/SF
NOI
$807.5K $140.72/SF
Area
New York, NY
Vacancy
14.70%
Lease Rate
$235.68 /SF/Yr
Expense Ratio
30.00%
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%
$16,149,540
Cap Rate 7%
$11,535,386
Cap Rate 9%
$8,971,967
Alternative Uses
Best Use
Retail
$11.54M
$10.09M – $13.46M
NOI $807,477 @ 7.0% cap · market cap 7.51%
Second Best
Mixed Use
$2.61M
$2.29M – $3.05M
NOI $182,899 @ 7.0% cap · market cap 1.70%
Theoretical Best
Specialty Retail
$14.28M
$12.50M – $16.66M
NOI $999,789 @ 7.0% cap · market cap 9.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
28,863
Businesses Nearby
Explore this area
Business Placement
Demographics for 10001, NY
32,612
Population
17,554
Households
1.9
Avg Household Size
35
Median Age
72%
College-Educated
93%
High-School Grad
0.6 sq mi
ZIP Area
54,353
Density / Sq Mi
$123,393
Median Household Income
$97,848
Median Earnings
$3,024
Median Rent
$793,000
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 - Renovated free-market apartments accompany vacant retail space with outdoor seating and a dedicated take-out structure.
Where is this mixed-use property located?
The property is located at 242 Tenth Avenue New York, NY.
What is the asking price?
The asking price for this property is $10,750,000.
What are key features of this property?
This property features: 5,738‑square‑foot, four‑story mixed‑use property; Ground‑floor retail space will be delivered vacant; Six free‑market apartments completed a full gut renovation
