Chinatown/Little Italy Commercial
For Sale
Contact for pricing
53 Elizabeth Street 1C, New York, NY 10013
Versatile commercial space in prime Downtown Manhattan location.
Property Size2,310 SF
Price / SF$414.72
Days on Market101
Property Features for 53 Elizabeth Street 1C
General Information
Standard status
Active
Size
2,310 SF
Property subtype
Office, Retail
Building Details
Year Built
2013
Listing Agency:
B Square Realty
Listed By:
Li Barbie Li · License #NY 10301212225
Source:
Crexi
Added: May 12
Changed: Aug 8
Last Checked: Aug 20 at 2:13PM
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 B Square Realty
Investment Insights
Based on property information with market context.
This ground-floor commercial condominium, complete with additional cellar space, is situated in the vibrant Chinatown/Little Italy corridor. The vacant and fully finished unit provides approximately 1,199 SF on the ground floor, complemented by an approximately 1,111 SF cellar featuring a 9-foot ceiling height, totaling approximately 2,310 SF of usable space. The ground floor is suitable for retail or office use, offering flexibility for various business types, while the cellar provides valuable storage or extra office space. Equipped with its own central HVAC system for heating and air conditioning, the unit features a finished interior ready for immediate occupancy. The new owner has the opportunity to advertise on the side wall next to the interior entrance and place signage on the top space of the building's main entrance for extra exposure. The elevator provides keyed entrances on its ground floor, as well as the cellar floor. Located in a heavily trafficked neighborhood, the property benefits from exceptional accessibility and a strong surrounding retail and office presence. It is surrounded by restaurants, cafés, shopping, and neighborhood services, with convenient access to multiple subway lines including B, D, J, N, Q, R, Z, 6, and W trains, offering outstanding walkability and transit connectivity. This is a compelling opportunity for owner-users or investors seeking a versatile commercial space with low real estate taxes in a prime Downtown Manhattan location.
Key Highlights
- Prime Downtown Manhattan location in the heart of Chinatown/Little Italy, offering high foot traffic and exceptional accessibility.
- Approximately 2,310 SF of usable space: 1,199 SF ground floor suitable for retail or office, plus 1,111 SF cellar.
- Vacant and fully finished interior, ready for immediate occupancy**, minimizing renovation costs.
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
Property Profile
Current Use
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Versatile commercial space in prime Downtown Manhattan location.
Where is this retail space located?
The property is located at 53 Elizabeth Street 1C New York, 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: Prime Downtown Manhattan location in the heart of Chinatown/Little Italy, offering high foot traffic and exceptional accessibility.; Approximately 2,310 SF of usable space: **1,199 SF ground floor suitable for retail or office**, plus 1,111 SF cellar.; Vacant and fully finished interior, ready for immediate occupancy**, minimizing renovation costs.
