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    Mixed-Use Building in Prime Location Title is generated by Realmo AI

    5 Eldridge St, New York, NY 10002

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    Mixed-use building with commercial and residential units in vibrant neighborhood.

    Type:Mixed Use
    Property size:
    8,768 SF
    Price / SF:
    $912/SF
    Added:
    Feb 1, 2021
    Days on Market:
    1949
    Last Refresh:
    May 19 at 10:22 pm

    Property Features for 5 Eldridge St

    General Information

    Standard status
    Active
    Size
    8,768 SF
    Property subtype
    Mixed Use

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Ilya Kulichkin

    Listing agent Ilya Kulichkin License #NY 10401310377

    Listing office eXp Realty

    Listing date Feb 1, 2021

    Source Crexi

    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 eXp Realty

    HighLights

    • Significant upside potential through renovations and expansion using 3,178 sq ft of air rights.
    • Prime location at the intersection of the Lower East Side, Bowery, Chinatown, and Two Bridges.
    • Mixed‑use building (6 commercial, 8 residential) with income from roof billboard rental and potential for side advertising.
    • Potential to add bedrooms to residential floors and develop commercial units.
    • Delivered with some vacant units, offering renovation opportunities.
    • Historic building with artistic significance.

    Overview

    Located between Canal and Division Streets, this mixed-use building spans 8,370 square feet and features 6 commercial and 8 residential units. Constructed around 1900, the 6-story building is situated in an area with heavy foot traffic, close to shops, cafes, hotels, diners, parks, museums, and houses of worship. The roof is currently rented for billboard use, and the partially open side of the building offers additional advertising opportunities. The property has 3,178 square feet of air rights, presenting potential for expansion or development. The location is at the intersection of the Lower East Side, Bowery, Chinatown, and Two Bridges. The building's proximity to the bridge ensures city views and sunsets. It is a few blocks from East Broadway and Grand Street Subway stations. The property can be delivered with some vacant units. The building has attracted commercial tenants such as Beverly's Exhibitions art gallery, Azikiwe Mohammed art studio and gallery, Oso Advisory art gallery, and LESC motorcycle shop.
    Property Profile Location Intelligence

    Current Use by Public Records

    Contractor Construction NYC Construction Company China Employment Agency Employment Agency New World Employment ... Employment Agency Jobs Employment Agency Shing Tao Employment ... Employment Agency

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9939185
    Latitude
    40.7145509

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    FAQs

    What type of property is this?
    Mixed-use property - Mixed-use building with commercial and residential units in vibrant neighborhood.
    Where is this mixed-use property located?
    The property is located at 5 Eldridge St New York, NY.
    What is the asking price?
    The asking price for this property is $8,000,000.
    What are key features of this property?
    This property features: **Significant upside potential** through renovations and expansion using 3,178 sq ft of air rights.; **Prime location** at the intersection of the Lower East Side, Bowery, Chinatown, and Two Bridges.; Mixed‑use building (6 commercial, 8 residential) with income from roof billboard rental and potential for side advertising.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Ilya Kulichkin
    Real Estate License ID: NY 10401310377
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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