450 Washington Street #RETL1, New York, NY 10013

Building Details

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Stories 1 More

Tenancy Multi More

Listing Agency: RIPCO Real Estate

Listed By: Jack Rovner · License NY #10401396873 Show Phone

Source: Crexi

Added: Oct 19 Changed: Nov 8 Last Checked: Nov 8 at 5:49PM

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Investment Insights

Based on property information with market context.

Two vacant retail condominium units occupy the ground floor of a 172-unit residential building at 450 Washington Street. RETL1 contains 3,006 square feet, while RETL2 offers 3,307 square feet and is configured as a vented restaurant space. The units may be acquired individually or together, totaling approximately 6,313 square feet with 167 feet of Washington Street frontage and corner positions at Desbrosses and Watts Streets.

The property is one block from Hudson River Park and sits among condominium residences and a limited retail supply. The restaurant-ready configuration in RETL2 complements the broader retail layout.

Key Highlights

• Two vacant ground‑floor retail condominiums, offered individually or together
• Combined area of approximately 6,313 SF
• 167 feet of frontage on Washington Street, with corners at Desbrosses Street and Watts Street

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$292,181

Cap Rate

4.50%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,843,620 $5.8M

Cap Rate 7%

$4,174,014 $4.2M

Cap Rate 9%

$3,246,456 $3.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 6,313 SF

Gross rent

$416.7K $66.00/SF

− Vacancy

−$27.1K −$4.29/SF

EGI

$389.6K $61.71/SF

− OpEx

−$97.4K −$15.43/SF

NOI

$292.2K $46.28/SF

Area

New York County, NY

Vacancy

6.50%

Lease Rate

$66.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$5,843,620

Cap Rate 7%

$4,174,014

Cap Rate 9%

$3,246,456

Alternative Uses

Best Use

Specialty Retail

$4.17M

$3.65M – $4.87M (±1% cap)

NOI $292,181 @ 7.0% cap · market cap 4.50%

Second Best

Retail

$1.66M

$1.45M – $1.94M (±1% cap)

NOI $116,198 @ 7.0% cap · market cap 1.79%

Theoretical Best

Office A

$4.41M

$3.86M – $5.15M (±1% cap)

NOI $308,949 @ 7.0% cap · market cap 4.75%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Coffee Project New ... Cafe & Coffee Shop Icon Parking Parking Lot & Garage 450 Washington Condominium Complex MP 34 Tribeca ... Parking Lot & Garage

Suggested Use

Top Pick Nursing Home Buffet Pet Grooming Service Adult Day Care Clothing & Fashion Store (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

19,820

Businesses Nearby

Explore this area Business Placement

Demographics for 10013, NY

31,042

Population

15,933

Households

1.9

Avg Household Size

36

Median Age

72%

College-Educated

89%

High-School Grad

0.5 sq mi

ZIP Area

62,084

Density / Sq Mi

$159,474

Median Household Income

$92,765

Median Earnings

$2,378

Median Rent

$2,000,001

Median Home Value

Market

Properties on Market for Retail space in New York

Jul

Aug

Sep

Oct

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Retail space - Two ground-level units are available separately or as a combined retail offering.

Where is this retail space located?

The property is located at 450 Washington Street #RETL1 New York, NY.

What is the asking price?

The asking price for this property is $6,500,000.

What are key features of this property?

This property features: Two vacant ground‑floor retail condominiums, offered individually or together; Combined area of approximately 6,313 SF; 167 feet of frontage on Washington Street, with corners at Desbrosses Street and Watts Street