Five-Story Mixed-Use
For Sale
Contact for pricing
29 E 21ST ST, New York, NY 10010
Elevator-served property combines occupied street-level retail with vacant upper-floor office space.
Property Size14,032 SF
Price / SF$677.02
Days on Market48
Property Features for 29 E 21ST ST
General Information
Standard status
Active
Size
14,032 SF
Net Rentable
14,032 SF
Class
B
Elevators
Yes
Property subtype
Retail, Office
Zoning
M1-5M
Investment Type
Value Add
Additional Details
Office Units
4
Building Details
Year Built
1925
Year Renovated
2025
Buildings
1
Stories
5
Units
5
Building Size
14,032 SF
Tenancy
Multi
Listing Agency:
Avison Young
(646) 933-2677
Listed By:
Alex Woodlief · License #NY 10401244880
Source:
Crexi
Added: Jul 15
Changed: Aug 29
Last Checked: Aug 29 at 2:43PM
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 Avison Young
Investment Insights
Based on property information with market context.
Built in 1925, this 5-story, 14,032 RSF mixed-use building is 25 feet wide and equipped with an elevator. The ground level contains retail space, while four floor-through office units occupy the levels above. The upper offices are scheduled for vacant delivery, creating flexibility for an owner-user or an investor evaluating residential conversion, as expressly noted in the property information.
The property is located at 29 E 21st Street in New York, between Broadway and Park Avenue South in the Flatiron District. The retail component is leased through 2029 to Tend, a dental company. The building carries M1-5M zoning and combines a stabilized street-facing commercial component with separately configured office floors.
The property is located at 29 E 21st Street in New York, between Broadway and Park Avenue South in the Flatiron District. The retail component is leased through 2029 to Tend, a dental company. The building carries M1-5M zoning and combines a stabilized street-facing commercial component with separately configured office floors.
Key Highlights
- 5‑story, 14,032 RSF mixed‑use property
- 25‑foot‑wide commercial building with elevator service
- Ground‑floor retail space leased through 2029 to Tend
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
$447,270
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
4.71%
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%
$8,945,400
$8.9M
Cap Rate 7%
$6,389,571
$6.4M
Cap Rate 9%
$4,969,667
$5.0M
Market Conditions
NOI Build-Up for 14,032 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
$841.9K $60.00/SF
− Vacancy
−$126.3K −$9.00/SF
EGI
$715.6K $51.00/SF
− OpEx
−$268.4K −$19.13/SF
NOI
$447.3K $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%
$8,945,400
Cap Rate 7%
$6,389,571
Cap Rate 9%
$4,969,667
Alternative Uses
Best Use
Retail
$28.21M
$24.68M – $32.91M
NOI $1,974,647 @ 7.0% cap · market cap 20.79%
Second Best
Mixed Use
$6.39M
$5.59M – $7.45M
NOI $447,270 @ 7.0% cap · market cap 4.71%
Theoretical Best
Specialty Retail
$34.93M
$30.56M – $40.75M
NOI $2,444,936 @ 7.0% cap · market cap 25.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
51,791
Businesses Nearby
Explore this area
Business Placement
Demographics for 10010, NY
33,991
Population
19,014
Households
1.8
Avg Household Size
35
Median Age
81%
College-Educated
97%
High-School Grad
0.4 sq mi
ZIP Area
84,978
Density / Sq Mi
$156,127
Median Household Income
$109,691
Median Earnings
$3,113
Median Rent
$1,037,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Elevator-served property combines occupied street-level retail with vacant upper-floor office space.
Where is this mixed-use property located?
The property is located at 29 E 21ST ST New York, NY.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: 5‑story, 14,032 RSF mixed‑use property; 25‑foot‑wide commercial building with elevator service; Ground‑floor retail space leased through 2029 to Tend
