Four-Story Mixed-Use
For Sale
Contact for pricing
247 Bleecker Street, New York City, NY 10014
Retail frontage and two free-market apartments combine in a renovated West Village property with full occupancy.
Property Size2,608 SF
Price / SF$2,108
Days on Market9
Property Features for 247 Bleecker Street
General Information
Standard status
Active
Size
2,608 SF
Property subtype
Retail, Multifamily, Mixed Use
Zoning
R7-2/C1-5
Occupancy
100%
Net Operating Income
$312,516
Units
Unit Mix
1 x 3BR duplex, 1 x 2BR
Multifamily Units
2
Additional Details
Gross Income
$370,500
Building Details
Year Built
1828
Buildings
1
Stories
4
Tenancy
Multi
Listing Agency:
Meridian Capital Group
Listed By:
David Schechtman · License #10301211874
(212) 468-5907
Source:
Crexi
Added: Sep 5
Changed: Sep 9
Last Checked: Sep 13 at 6:33AM
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 Meridian Capital Group
Investment Insights
Based on property information with market context.
This four-story mixed-use building contains 2,608 square feet arranged with a street-level retail unit and two residential apartments. The residential component includes a 3-bedroom duplex and a 2-bedroom apartment, while the retail tenancy is in place through June 2030. The building was constructed in 1828 and gut renovated within the past six years. Approved plans provide for extending the retail area back to the lot line.
Located at 247 Bleecker Street between Cornelia and Carmine Streets in Manhattan’s West Village, the property offers pedestrian exposure along a recognized downtown retail corridor. Zoning is R7-2/C1-5 with a Tax Class 2A designation. The property also includes 1,025 square feet of unused air rights, reports 100% occupancy, and has no rent stabilization exposure. Tax increases are capped at no more than 8% annually or 30% over five years.
Located at 247 Bleecker Street between Cornelia and Carmine Streets in Manhattan’s West Village, the property offers pedestrian exposure along a recognized downtown retail corridor. Zoning is R7-2/C1-5 with a Tax Class 2A designation. The property also includes 1,025 square feet of unused air rights, reports 100% occupancy, and has no rent stabilization exposure. Tax increases are capped at no more than 8% annually or 30% over five years.
Key Highlights
- 2,608‑square‑foot, four‑story mixed‑use building at 247 Bleecker Street
- One ground‑floor retail unit plus two apartments: a 3‑bedroom duplex and a 2‑bedroom unit
- Retail tenancy extends through June 2030
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
$367,010
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
6.67%
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%
$7,340,200
$7.3M
Cap Rate 7%
$5,243,000
$5.2M
Cap Rate 9%
$4,077,889
$4.1M
Market Conditions
NOI Build-Up for 2,608 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
$614.7K $235.68/SF
− Vacancy
−$90.4K −$34.64/SF
EGI
$524.3K $201.04/SF
− OpEx
−$157.3K −$60.31/SF
NOI
$367.0K $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%
$7,340,200
Cap Rate 7%
$5,243,000
Cap Rate 9%
$4,077,889
Alternative Uses
Best Use
Retail
$5.24M
$4.59M – $6.12M
NOI $367,010 @ 7.0% cap · market cap 6.67%
Second Best
Mixed Use
$1.19M
$1.04M – $1.39M
NOI $83,130 @ 7.0% cap · market cap 1.51%
Theoretical Best
Specialty Retail
$6.49M
$5.68M – $7.57M
NOI $454,418 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
26,474
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Retail frontage and two free-market apartments combine in a renovated West Village property with full occupancy.
Where is this mixed-use property located?
The property is located at 247 Bleecker Street New York City, NY.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: 2,608‑square‑foot, four‑story mixed‑use building at 247 Bleecker Street; One ground‑floor retail unit plus two apartments: a 3‑bedroom duplex and a 2‑bedroom unit; Retail tenancy extends through June 2030
