Finished Office Unit with
For Sale
$958,000
53 Elizabeth Street New York, Manhattan, NY 10013
Commercial Sale, New York (Manhattan), NY
Property Size2,310 SF
Lot Size0.11 Acres
Price / SF$414.72
Days on Market142
Property Features for 53 Elizabeth Street New York
General Information
Property type
Commercial Sale
Property subtype
Office
Rooms
Basement
Basement
Storage Space
Directions
Google Maps
Standard status
Active
APN
0204-1103
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
18191
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
central HVAC
signage opportunity
Building Details
Year built
2013
Floors in Building
1
Building materials
Brick
Listing Agency:
B Square Realty
(718) 939-8388
Listed By:
Li Li
(646) 889-9988
Added: May 8
Changed: Aug 19
Last Checked: Sep 26 at 1:06AM
MLS# 997823
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This vacant commercial condominium combines a finished ground-floor unit with a substantial cellar, creating a flexible configuration for office or retail occupancy. The ground level contains approximately 1,199 SF, while the cellar adds approximately 1,111 SF with 9-foot ceilings, for approximately 2,310 SF of usable space. A central HVAC system provides both heating and air conditioning, and the elevator has keyed access to the ground and cellar floors. The building was constructed in 2013 and includes brick construction, public water, and public sewer.
The property is located at 53 Elizabeth Street in Manhattan’s Chinatown/Little Italy corridor, surrounded by restaurants, cafes, shopping, offices, and neighborhood services. Access to the B, D, J, N, Q, R, Z, 6, and W subway lines supports transit connectivity. The unit also offers potential wall and entrance signage locations for the owner’s business.
The property is located at 53 Elizabeth Street in Manhattan’s Chinatown/Little Italy corridor, surrounded by restaurants, cafes, shopping, offices, and neighborhood services. Access to the B, D, J, N, Q, R, Z, 6, and W subway lines supports transit connectivity. The unit also offers potential wall and entrance signage locations for the owner’s business.
Key Highlights
- Approximately 2,310 SF of usable space across approximately 1,199 SF ground floor and approximately 1,111 SF cellar
- Cellar features a 9‑foot ceiling height and can provide storage or additional office area
- Finished vacant condominium suitable for retail or office use
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
$72,332
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
7.55%
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%
$1,446,640
$1.4M
Cap Rate 7%
$1,033,314
$1.0M
Cap Rate 9%
$803,689
$803.7K
Market Conditions
NOI Build-Up for 2,310 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
$118.9K $51.48/SF
− Vacancy
−$22.5K −$9.73/SF
EGI
$96.4K $41.75/SF
− OpEx
−$24.1K −$10.44/SF
NOI
$72.3K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /SF/Yr
Expense Ratio
25.00%
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%
$1,446,640
Cap Rate 7%
$1,033,314
Cap Rate 9%
$803,689
Alternative Uses
Best Use
Retail
$4.64M
$4.06M – $5.42M
NOI $325,074 @ 7.0% cap · market cap 33.93%
Second Best
Office B
$1.03M
$904.2K – $1.21M
NOI $72,332 @ 7.0% cap · market cap 7.55%
Theoretical Best
Specialty Retail
$5.75M
$5.03M – $6.71M
NOI $402,494 @ 7.0% cap · market cap 42.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
30,870
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office units - Vacant commercial condominium with finished interiors, private HVAC, and flexible ground-floor retail or office utility.
Where is this office units located?
The property is located at 53 Elizabeth Street New York Manhattan, NY.
What is the asking price?
The asking price for this property is $958,000.
What are key features of this property?
This property features: Approximately 2,310 SF of usable space across approximately 1,199 SF ground floor and approximately 1,111 SF cellar; Cellar features a 9‑foot ceiling height and can provide storage or additional office area; Finished vacant condominium suitable for retail or office use
