Furnished Office Condo
For Sale
$8,950,000
40 Rector Street, New York, NY 10006
Condo office units offer immediate possession with plug-and-play functionality and furnished availability.
Property Size25,717 SF
Days on Market54
Property Features for 40 Rector Street
General Information
Standard status
Active
Size
25,717 SF
Class
B
Property subtype
Office
Additional Details
Furnished
Yes
Flexible Term
Yes
Building Details
Building Size
25,717 SF
Year Built
1921
Listing Agency:
Rudder Property Group
Listed By:
Michael Rudder · License #10491201687
(646) 483-2203
Source:
Commercialcafe
Added: Jul 24
Changed: Sep 15
Last Checked: Sep 15 at 5:53AM
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 Rudder Property Group
Investment Insights
Based on property information with market context.
Located at 40 Rector St in New York, this condo is offered for either lease or sale with immediate possession. The space is presented as plug and play and is available furnished, providing an efficient starting point for an office operation.
Flexible term options are available, which can help accommodate different occupancy timelines. The property comprises 6,295 square feet of office space in condo-style units.
Flexible term options are available, which can help accommodate different occupancy timelines. The property comprises 6,295 square feet of office space in condo-style units.
Key Highlights
- Condo available for lease or sale
- Immediate possession
- Plug‑and‑play functionality
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
$805,269
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
9.00%
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%
$16,105,380
$16.1M
Cap Rate 7%
$11,503,843
$11.5M
Cap Rate 9%
$8,947,433
$8.9M
Market Conditions
NOI Build-Up for 25,717 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
$1.32M $51.48/SF
− Vacancy
−$250.2K −$9.73/SF
EGI
$1.07M $41.75/SF
− OpEx
−$268.4K −$10.44/SF
NOI
$805.3K $31.31/SF
Area
New York, NY
Vacancy
18.90%
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%
$16,105,380
Cap Rate 7%
$11,503,843
Cap Rate 9%
$8,947,433
Alternative Uses
Best Use
Office B
$11.50M
$10.07M – $13.42M
NOI $805,269 @ 7.0% cap · market cap 9.00%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$64.01M
$56.01M – $74.68M
NOI $4,480,930 @ 7.0% cap · market cap 50.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
29,953
Businesses Nearby
Explore this area
Business Placement
Demographics for 10006, NY
4,282
Population
2,605
Households
1.6
Avg Household Size
31
Median Age
85%
College-Educated
100%
High-School Grad
0.1 sq mi
ZIP Area
42,820
Density / Sq Mi
$209,972
Median Household Income
$113,612
Median Earnings
$3,501
Median Rent
$1,125,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office units - Condo office units offer immediate possession with plug-and-play functionality and furnished availability.
Where is this office units located?
The property is located at 40 Rector Street New York, NY.
What is the asking price?
The asking price for this property is $8,950,000.
What are key features of this property?
This property features: Condo available for lease or sale; Immediate possession; Plug‑and‑play functionality
