Theater District Commercial
For Sale
Contact for pricing
254 W 47th St, New York, NY 10036
Commercial building in Theater District / Midtown West.
Property Size10,750 SF
Price / SF$976.74
Days on Market149
Property Features for 254 W 47th St
General Information
Standard status
Active
Size
10,750 SF
Property subtype
Mixed Use, Office, Retail
Investment Type
Owner/User
Building Details
Year Built
1925
Stories
5
Listing Agency:
Wingate Advisors
Listed By:
Ariel Ben Ezra · License #10311210512
Source:
Crexi
Added: Mar 17
Changed: Aug 8
Last Checked: Aug 12 at 11:14AM
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 Wingate Advisors
Investment Insights
Based on property information with market context.
The commercial building is located in the Theater District of Midtown West. The property is a mixed-use building with retail and office spaces. The building has a size of 10750 square feet.
Key Highlights
- Located in the Theater District/Midtown West.
- Commercial building.
- Built in 1925.
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
$342,656
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
3.26%
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%
$6,853,120
$6.9M
Cap Rate 7%
$4,895,086
$4.9M
Cap Rate 9%
$3,807,289
$3.8M
Market Conditions
NOI Build-Up for 10,750 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
$645.0K $60.00/SF
− Vacancy
−$96.8K −$9.00/SF
EGI
$548.3K $51.00/SF
− OpEx
−$205.6K −$19.13/SF
NOI
$342.7K $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%
$6,853,120
Cap Rate 7%
$4,895,086
Cap Rate 9%
$3,807,289
Alternative Uses
Best Use
Retail
$21.61M
$18.91M – $25.21M
NOI $1,512,789 @ 7.0% cap · market cap 14.41%
Second Best
Mixed Use
$4.90M
$4.28M – $5.71M
NOI $342,656 @ 7.0% cap · market cap 3.26%
Theoretical Best
Specialty Retail
$26.76M
$23.41M – $31.22M
NOI $1,873,080 @ 7.0% cap · market cap 17.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
64,730
Businesses Nearby
Explore this area
Business Placement
Demographics for 10036, NY
33,868
Population
22,473
Households
1.5
Avg Household Size
37
Median Age
69%
College-Educated
93%
High-School Grad
0.4 sq mi
ZIP Area
84,670
Density / Sq Mi
$100,225
Median Household Income
$86,122
Median Earnings
$2,301
Median Rent
$988,000
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial building in Theater District / Midtown West.
Where is this mixed-use property located?
The property is located at 254 W 47th St New York, NY.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: Located in the Theater District/Midtown West.; Commercial building.; Built in 1925.
