Building Details

Tenancy Multi

Listing Agency: NYCRS - New York Show Phone

Listed By: John Pasquale Show Phone

Source: Moodyscre

Added: Dec 26, 2024 Changed: Oct 25 Last Checked: Oct 30 at 5:55PM

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Investment Insights

Based on property information with market context.

The subject property is a multi-tenant retail storefront building currently rented by multiple tenants, with the ability to be delivered vacant.

Located on Wooster Street between Broome and Grand Street, the surrounding retail mix includes Isabel Marant, Acne Studios, Alexander Wang, Celine, Morgane Le Fay, and Zadig & Voltaire.

Ownership is taking bids and will entertain reasonable offers. The property can serve as a retail investment opportunity or support multiple possible uses depending on the incoming tenant’s plans.

Key Highlights

• Multi‑tenant retail storefront building on Wooster Street between Broome and Grand Street
• Currently rented by multiple tenants; can be delivered vacant
• Located among major retail and fashion brands including Isabel Marant, Acne Studios, Alexander Wang, Celine, Morgane Le Fay, and Zadig & Voltaire

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$647,333

Cap Rate

7.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$12,946,660 $12.9M

Cap Rate 7%

$9,247,614 $9.2M

Cap Rate 9%

$7,192,589 $7.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,600 SF

Gross rent

$1.08M $235.68/SF

− Vacancy

−$159.4K −$34.64/SF

EGI

$924.8K $201.04/SF

− OpEx

−$277.4K −$60.31/SF

NOI

$647.3K $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 Rate 5%

$12,946,660

Cap Rate 7%

$9,247,614

Cap Rate 9%

$7,192,589

Alternative Uses

Best Use

Retail

$9.25M

$8.09M – $10.79M (±1% cap)

NOI $647,333 @ 7.0% cap · market cap 7.00%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$11.45M

$10.02M – $13.36M (±1% cap)

NOI $801,504 @ 7.0% cap · market cap 8.66%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Pep Real Estate Real Estate Agency Lasvit Inc. (Bike/Boat/Book/etc) Store Oberon Asset Management Financial Advisor Alarm Will Sound Music Venue JULIANNA BASS INC (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Nursing Home Pet Grooming Service Buffet Adult Day Care Clothing & Fashion Store Parking Lot & Garage

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

33,018

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

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 - Multi-tenant retail storefront building can be delivered vacant for a new operator or flexible use.

Where is this retail space located?

The property is located at 51 Wooster St New York, NY.

What is the asking price?

The asking price for this property is $9,250,000.

What are key features of this property?

This property features: Multi‑tenant retail storefront building on Wooster Street between Broome and Grand Street; Currently rented by multiple tenants; can be delivered vacant; Located among major retail and fashion brands including Isabel Marant, Acne Studios, Alexander Wang, Celine, Morgane Le Fay, and Zadig & Voltaire