Renovated Mixed-Use
For Sale
$4,999,999
428 W 54th Street RETAIL, New York City, NY 10019
Flexible condominium space combines street-level retail presentation with office, storage, and support areas across multiple levels.
Property Size5,800 SF
Price / SF$862.07
Days on Market477
Property Features for 428 W 54th Street RETAIL
General Information
Standard status
Active
Size
5,800 SF
Property subtype
Apartment
Site & Location
Frontage
25 ft
Road Access
Yes
Public Transit
Yes
Additional Details
Floor
Ground Floor
HOA Fee
$1,200
Office Units
1
Taxes and HOA fees
Annual Taxes
$54,588
Amenities
skylights
separate entrance
private back door
kitchenette
Building Details
Building Size
5,800 SF
Year Built
2007
Listing Agency:
Compass
Listed By:
David Graff
(917) 664-1452
Source:
Carlinwright
Added: Jun 4, 2025
Changed: Sep 23
Last Checked: Sep 22 at 7:14PM
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.
This renovated mixed-use condominium spans 5,800 SF across three levels. The 4,054 SF ground floor includes a lobby and reception area, open workspace, separate men’s and women’s restrooms with two stalls each, and storage. A 1,300 SF basement adds two offices, a shared area, kitchen, storage, and a restroom, while the 460 SF mezzanine provides a kitchenette and additional open desk space.
The property has a 25-foot storefront on West 54th Street, two street-facing entrances, direct basement access from the street, and a private rear door connecting to the Dillon Condominium on 53rd Street. Skylights and north, south, and east exposures bring natural light into the space. It is near Columbus Circle, the 50th St Subway, Times Square, and surrounding restaurants and bars.
The property has a 25-foot storefront on West 54th Street, two street-facing entrances, direct basement access from the street, and a private rear door connecting to the Dillon Condominium on 53rd Street. Skylights and north, south, and east exposures bring natural light into the space. It is near Columbus Circle, the 50th St Subway, Times Square, and surrounding restaurants and bars.
Key Highlights
- 5,800 SF mixed‑use condominium across ground floor, basement, and mezzanine
- 4,054 SF ground floor with lobby, reception, open area, restrooms, and storage
- 1,300 SF basement with 2 offices, kitchen, common area, storage, and restroom
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
$184,875
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
3.70%
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%
$3,697,500
$3.7M
Cap Rate 7%
$2,641,071
$2.6M
Cap Rate 9%
$2,054,167
$2.1M
Market Conditions
NOI Build-Up for 5,800 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
$348.0K $60.00/SF
− Vacancy
−$52.2K −$9.00/SF
EGI
$295.8K $51.00/SF
− OpEx
−$110.9K −$19.13/SF
NOI
$184.9K $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%
$3,697,500
Cap Rate 7%
$2,641,071
Cap Rate 9%
$2,054,167
Alternative Uses
Best Use
Retail
$11.66M
$10.20M – $13.60M
NOI $816,202 @ 7.0% cap · market cap 16.32%
Second Best
Mixed Use
$2.64M
$2.31M – $3.08M
NOI $184,875 @ 7.0% cap · market cap 3.70%
Theoretical Best
Specialty Retail
$14.44M
$12.63M – $16.84M
NOI $1,010,592 @ 7.0% cap · market cap 20.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
23,121
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?
Mixed-use property - Flexible condominium space combines street-level retail presentation with office, storage, and support areas across multiple levels.
Where is this mixed-use property located?
The property is located at 428 W 54th Street RETAIL New York City, NY.
What is the asking price?
The asking price for this property is $4,999,999.
What are key features of this property?
This property features: 5,800 SF mixed‑use condominium across ground floor, basement, and mezzanine; 4,054 SF ground floor with lobby, reception, open area, restrooms, and storage; 1,300 SF basement with 2 offices, kitchen, common area, storage, and restroom
