Pre-War Loft Income
New
For Sale
$1,695,000
249 W 29TH Street 2S, New York City, NY 10001
Raw industrial loft with beamed ceilings, a fire balcony, and access to passenger and freight elevators.
Property Size1,805 SF
Price / SF$939.06
Days on Market6
Property Features for 249 W 29TH Street 2S
General Information
Standard status
Active
Size
1,805 SF
Elevators
Yes
Property subtype
Apartment
Additional Details
Multifamily Units
1
Amenities
fire balcony
Building Details
Year Built
1927
Construction
Art Deco
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Alexander D Pisa · License #10301219858
(917) 302-7141
Source:
Carytamura
Added: Sep 19
Changed: Sep 20
Last Checked: Sep 22 at 10:03PM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
Apartment 2S is a 1,805-square-foot raw loft within a 1927 Art Deco co-op at 249 W 29th Street in New York City. The space retains an industrial character, with 10'10" beamed ceilings and an open configuration that can remain in its current condition or be adapted through a future architectural renovation. A fire balcony connects directly to the apartment.
Building access includes both a passenger elevator and a full-sized freight elevator. The property is identified as a residential income property and is located in the 10001 ZIP code.
Building access includes both a passenger elevator and a full-sized freight elevator. The property is identified as a residential income property and is located in the 10001 ZIP code.
Key Highlights
- 1,805‑square‑foot raw pre‑war loft
- Located in a 1927 Art Deco co‑op
- 10'10" beamed ceilings
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
$56,474
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
3.33%
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%
$1,129,480
$1.1M
Cap Rate 7%
$806,771
$806.8K
Cap Rate 9%
$627,489
$627.5K
Market Conditions
NOI Build-Up for 1,805 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
$108.1K $59.88/SF
− Vacancy
−$5.4K −$2.99/SF
EGI
$102.7K $56.89/SF
− OpEx
−$46.2K −$25.60/SF
NOI
$56.5K $31.29/SF
Area
New York, NY
Vacancy
5.00%
Lease Rate
$59.88 /SF/Yr
Expense Ratio
45.00%
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%
$1,129,480
Cap Rate 7%
$806,771
Cap Rate 9%
$627,489
Alternative Uses
Best Use
Apartment 5plus
$806.8K
$705.9K – $941.2K
NOI $56,474 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.49M
$3.93M – $5.24M
NOI $314,503 @ 7.0% cap · market cap 18.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
62,020
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Raw industrial loft with beamed ceilings, a fire balcony, and access to passenger and freight elevators.
Where is this residential income property located?
The property is located at 249 W 29TH Street 2S New York City, NY.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 1,805‑square‑foot raw pre‑war loft; Located in a 1927 Art Deco co‑op; 10'10" beamed ceilings
