Two-Level Live-Work
For Sale
$1,800,000
424 West 49th Street, Manhattan, NY 10019
Flexible condominium layout combines commercial workspace with living-oriented amenities.
Property Size3,462 SF
Price / SF$519.93
Days on Market423
Property Features for 424 West 49th Street
General Information
Standard status
Active
Size
3,462 SF
Elevators
Yes
Property subtype
OFC, SPEC, SPORT
Additional Details
Floor
Ground Floor, Second Floor
Office Units
1
Amenities
private rear outdoor space
skylights
Building Details
Buildings
1
Listing Agency:
Keller Williams NYC
(646) 321-4311
Listed By:
Edward Kalisvaart · License ##10301210475
(646) 321-4311
Source:
Realnex
Added: Jul 5, 2025
Changed: Aug 30
Last Checked: Aug 30 at 8:34PM
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 Keller Williams NYC
Investment Insights
Based on property information with market context.
This two-level commercial condominium combines dedicated business areas with features that support a live-work arrangement. The ground floor measures approximately 2,412 SF and includes an entry vestibule, storage room, private office, executive office, two restrooms, and an open work area with 22-foot ceilings. Skylights and access to a private rear outdoor space add further functionality to the lower level.
The approximately 1,050 SF second floor contains a living room, full bathroom, kitchen, and an additional office that can function as a separate bedroom. Internal circulation is provided by a spiral staircase, while the building’s residential lobby offers elevator and stair access. The property is located at 424 West 49th Street between 9th and 10th Avenues in Midtown West.
The approximately 1,050 SF second floor contains a living room, full bathroom, kitchen, and an additional office that can function as a separate bedroom. Internal circulation is provided by a spiral staircase, while the building’s residential lobby offers elevator and stair access. The property is located at 424 West 49th Street between 9th and 10th Avenues in Midtown West.
Key Highlights
- Live‑work condominium spanning the ground and second floors
- Approx. 2,412 SF ground floor with offices, storage, two restrooms, and open work area
- 22‑foot ceilings, skylights, and private rear outdoor space
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
$110,351
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
6.13%
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%
$2,207,020
$2.2M
Cap Rate 7%
$1,576,443
$1.6M
Cap Rate 9%
$1,226,122
$1.2M
Market Conditions
NOI Build-Up for 3,462 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
$207.7K $60.00/SF
− Vacancy
−$31.2K −$9.00/SF
EGI
$176.6K $51.00/SF
− OpEx
−$66.2K −$19.13/SF
NOI
$110.4K $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%
$2,207,020
Cap Rate 7%
$1,576,443
Cap Rate 9%
$1,226,122
Alternative Uses
Best Use
Mixed Use
$1.58M
$1.38M – $1.84M
NOI $110,351 @ 7.0% cap · market cap 6.13%
Second Best
Office B
$1.55M
$1.36M – $1.81M
NOI $108,405 @ 7.0% cap · market cap 6.02%
Theoretical Best
Specialty Retail
$8.62M
$7.54M – $10.05M
NOI $603,219 @ 7.0% cap · market cap 33.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
42,091
Businesses Nearby
Explore this area
Business Placement
Demographics for 10019, NY
49,029
Population
33,279
Households
1.5
Avg Household Size
38
Median Age
78%
College-Educated
98%
High-School Grad
0.7 sq mi
ZIP Area
70,041
Density / Sq Mi
$121,835
Median Household Income
$108,231
Median Earnings
$2,619
Median Rent
$1,066,100
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?
Live-work space - Flexible condominium layout combines commercial workspace with living-oriented amenities.
Where is this live-work space located?
The property is located at 424 West 49th Street Manhattan, NY.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Live‑work condominium spanning the ground and second floors; Approx. 2,412 SF ground floor with offices, storage, two restrooms, and open work area; 22‑foot ceilings, skylights, and private rear outdoor space
