Five-Story Mixed-Use
For Sale
$16,000,000
39-41 Eldridge Street, Manhattan, NY 10002
Ground-floor retail complements four upper-level floor-through commercial spaces in a flexible downtown building configuration.
Property Size23,027 SF
Price / SF$694.84
Days on Market371
Property Features for 39-41 Eldridge Street
General Information
Standard status
Active
Size
23,027 SF
Property subtype
Other
Building Details
Year Built
1900
Listing Agency:
Compass
(908) 227-6877
Listed By:
Daniel Chun · License #10301210331
(908) 227-6877
Source:
Compass
Added: Aug 27, 2025
Changed: Aug 30
Last Checked: Aug 31 at 9:44PM
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 Compass
Investment Insights
Based on property information with market context.
Located at 39-41 Eldridge Street in Manhattan, this 23,027-square-foot mixed-use building rises five stories and is arranged with ground-floor retail beneath four floor-through commercial spaces. The existing floorplates and building scale support continued commercial occupancy, subject to the applicable approvals and regulations.
The property sits in the Chinatown and Lower East Side corridor, near Essex Crossing, Sara D. Roosevelt Park, dining, grocery, retail, and cultural destinations in SoHo and the Lower East Side. Access to the B/D, J/Z, F, N/Q/R/W, and 6 subway lines connects the area with Midtown, Brooklyn, and the Financial District.
South-facing windows serve the fourth and fifth floors. Preliminary zoning analysis identifies potential for additional FAR, including exploration of vertical expansion, rooftop amenity space, or penthouse levels, subject to full architectural review, zoning review, DOB approvals, and applicable regulations.
The property sits in the Chinatown and Lower East Side corridor, near Essex Crossing, Sara D. Roosevelt Park, dining, grocery, retail, and cultural destinations in SoHo and the Lower East Side. Access to the B/D, J/Z, F, N/Q/R/W, and 6 subway lines connects the area with Midtown, Brooklyn, and the Financial District.
South-facing windows serve the fourth and fifth floors. Preliminary zoning analysis identifies potential for additional FAR, including exploration of vertical expansion, rooftop amenity space, or penthouse levels, subject to full architectural review, zoning review, DOB approvals, and applicable regulations.
Key Highlights
- 23,027‑square‑foot mixed‑use building at 39‑41 Eldridge Street, Manhattan, NY 10002
- Five‑story building with ground‑floor retail and four upper‑level floor‑through commercial spaces
- South‑facing windows on the 4th and 5th floors provide a third exposure
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
$737,930
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
4.61%
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%
$14,758,600
$14.8M
Cap Rate 7%
$10,541,857
$10.5M
Cap Rate 9%
$8,199,222
$8.2M
Market Conditions
NOI Build-Up for 23,027 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
$1.19M $51.48/SF
− Vacancy
−$201.5K −$8.75/SF
EGI
$983.9K $42.73/SF
− OpEx
−$246.0K −$10.68/SF
NOI
$737.9K $32.05/SF
Area
ZIP 10002
Vacancy
17.00%
Lease Rate
$51.48 /SF/Yr
Expense Ratio
25.00%
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%
$14,758,600
Cap Rate 7%
$10,541,857
Cap Rate 9%
$8,199,222
Alternative Uses
Best Use
Retail
$46.69M
$40.86M – $54.48M
NOI $3,268,513 @ 7.0% cap · market cap 20.43%
Second Best
Office B
$10.54M
$9.22M – $12.30M
NOI $737,930 @ 7.0% cap · market cap 4.61%
Theoretical Best
Specialty Retail
$57.32M
$50.15M – $66.87M
NOI $4,012,224 @ 7.0% cap · market cap 25.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
21,064
Businesses Nearby
Explore this area
Business Placement
Demographics for 10002, NY
82,155
Population
39,646
Households
2.1
Avg Household Size
41
Median Age
39%
College-Educated
71%
High-School Grad
0.8 sq mi
ZIP Area
102,694
Density / Sq Mi
$46,525
Median Household Income
$51,425
Median Earnings
$1,207
Median Rent
$808,500
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 - Ground-floor retail complements four upper-level floor-through commercial spaces in a flexible downtown building configuration.
Where is this mixed-use property located?
The property is located at 39-41 Eldridge Street Manhattan, NY.
What is the asking price?
The asking price for this property is $16,000,000.
What are key features of this property?
This property features: 23,027‑square‑foot mixed‑use building at 39‑41 Eldridge Street, Manhattan, NY 10002; Five‑story building with ground‑floor retail and four upper‑level floor‑through commercial spaces; South‑facing windows on the 4th and 5th floors provide a third exposure
