Turnkey Retail Condo
For Sale
Contact for pricing
420 5th Ave, New York, NY 10018
Turnkey retail condo positioned in the lobby of a Class A office building for convenient Midtown access.
Property Size264 SF
Price / SF$3,390
Days on Market55
Property Features for 420 5th Ave
General Information
Standard status
Active
Size
264 SF
Class
A
Property subtype
Retail
Additional Details
Business Included
Yes
Building Details
Stories
30
Listing Agency:
Midtown Commercial Real Estate
(212) 804-7712
Listed By:
Sung Cho · License #10301203280
Source:
Crexi
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 11 at 8:15PM
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 Midtown Commercial Real Estate
Investment Insights
Based on property information with market context.
This turnkey retail condo is situated in the lobby of a 30-story, 540,000-square-foot, Class A office building. The offering is designed for immediate occupancy, with the retail space located at the primary entry level within the building.
Located at 420 5th Ave in Midtown Manhattan, the property is described as being near the Empire State Building. Herald Square is approximately three blocks away and includes major retail tenants such as Macy’s, providing a strong daytime retail environment for shoppers and building visitors.
The location in an office-building lobby can make this space well-suited for retailers that benefit from walk-in traffic generated by daily building activity. As a retail condo, the unit offers an owner-controlled format that can appeal to operators seeking a straightforward, ready-to-use setup in a prominent Midtown office asset.
Located at 420 5th Ave in Midtown Manhattan, the property is described as being near the Empire State Building. Herald Square is approximately three blocks away and includes major retail tenants such as Macy’s, providing a strong daytime retail environment for shoppers and building visitors.
The location in an office-building lobby can make this space well-suited for retailers that benefit from walk-in traffic generated by daily building activity. As a retail condo, the unit offers an owner-controlled format that can appeal to operators seeking a straightforward, ready-to-use setup in a prominent Midtown office asset.
Key Highlights
- Turnkey retail condo positioned in the lobby of a Class A office building
- Located in a 30‑story, 540,000 SF Class A office building
- Midtown Manhattan near the Empire State Building
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
$37,151
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
4.15%
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%
$743,020
$743.0K
Cap Rate 7%
$530,729
$530.7K
Cap Rate 9%
$412,789
$412.8K
Market Conditions
NOI Build-Up for 264 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
$62.2K $235.68/SF
− Vacancy
−$9.1K −$34.64/SF
EGI
$53.1K $201.04/SF
− OpEx
−$15.9K −$60.31/SF
NOI
$37.2K $140.72/SF
Area
New York, NY
Vacancy
14.70%
Lease Rate
$235.68 /SF/Yr
Expense Ratio
30.00%
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%
$743,020
Cap Rate 7%
$530,729
Cap Rate 9%
$412,789
Alternative Uses
Best Use
Retail
$530.7K
$464.4K – $619.2K
NOI $37,151 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$657.1K
$575.0K – $766.7K
NOI $45,999 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
101,253
Businesses Nearby
Explore this area
Business Placement
Demographics for 10018, NY
11,145
Population
5,678
Households
2
Avg Household Size
35
Median Age
75%
College-Educated
92%
High-School Grad
0.3 sq mi
ZIP Area
37,150
Density / Sq Mi
$133,042
Median Household Income
$103,655
Median Earnings
$3,501
Median Rent
$947,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Turnkey retail condo positioned in the lobby of a Class A office building for convenient Midtown access.
Where is this retail space located?
The property is located at 420 5th Ave New York, NY.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Turnkey retail condo positioned in the lobby of a Class A office building; Located in a 30‑story, 540,000 SF Class A office building; Midtown Manhattan near the Empire State Building
