Chelsea Mixed-Use Asset For
For Sale
Contact for pricing
362 8th Avenue, New York, NY 10001
Mixed-use property in Chelsea with high visibility and transit access.
Property Size4,220 SF
Price / SF$829.38
Days on Market200
Property Features for 362 8th Avenue
General Information
Standard status
Active
Size
4,220 SF
Property subtype
Retail, Multifamily, Mixed Use
Investment Type
Stabilized
Net Operating Income
$290,361
Building Details
Year Built
2006
Tenancy
Multi
Listing Agency:
Kassin Sabbagh Realty
(917) 757-8863
Listed By:
Marc Sitt · License #NY
Source:
Crexi
Added: Jan 23
Changed: Aug 8
Last Checked: Aug 8 at 6:38AM
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 Kassin Sabbagh Realty
Investment Insights
Based on property information with market context.
Located in the heart of Chelsea, 362 8th Avenue is a mixed-use asset that benefits from transit access, being steps from Penn Station and multiple subway lines. This location drives consistent foot traffic and demand from residents and retailers. The property features a combination of residential units and ground-floor retail space. The building offers in-place income with upside potential through re-tenanting, modernization, and operational improvements. Situated amongst commercial corridors and new development activity, 362 8th Avenue is positioned in a high-growth, transit-oriented Manhattan location. The property size is 4,220 square feet.
Key Highlights
- Exceptional transit access near Penn Station and multiple subway lines.
- Stable in‑place income with upside through strategic re‑tenanting, modernization, and operational improvements.
- Located in the heart of Chelsea, one of Manhattan’s most active and resilient submarkets.
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
$134,513
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
3.84%
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%
$2,690,260
$2.7M
Cap Rate 7%
$1,921,614
$1.9M
Cap Rate 9%
$1,494,589
$1.5M
Market Conditions
NOI Build-Up for 4,220 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
$253.2K $60.00/SF
− Vacancy
−$38.0K −$9.00/SF
EGI
$215.2K $51.00/SF
− OpEx
−$80.7K −$19.13/SF
NOI
$134.5K $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%
$2,690,260
Cap Rate 7%
$1,921,614
Cap Rate 9%
$1,494,589
Alternative Uses
Best Use
Retail
$8.48M
$7.42M – $9.90M
NOI $593,858 @ 7.0% cap · market cap 16.97%
Second Best
Mixed Use
$1.92M
$1.68M – $2.24M
NOI $134,513 @ 7.0% cap · market cap 3.84%
Theoretical Best
Specialty Retail
$10.50M
$9.19M – $12.25M
NOI $735,293 @ 7.0% cap · market cap 21.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 - Mixed-use property in Chelsea with high visibility and transit access.
Where is this mixed-use property located?
The property is located at 362 8th Avenue New York, NY.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Exceptional transit access near Penn Station and multiple subway lines.; Stable in‑place income with upside through strategic re‑tenanting, modernization, and operational improvements.; Located in the heart of Chelsea, one of Manhattan’s most active and resilient submarkets.
