Retail Condo Loft Office with Private
For Sale
Contact for pricing
595-597 Broadway, New York, NY 10012
Second-floor retail/office condo with private elevator access, central air, conference space, and multiple private offices.
Property Size4,500 SF
Price / SF$1,744
Days on Market50
Property Features for 595-597 Broadway
General Information
Standard status
Active
Size
4,500 SF
Elevators
Yes
Property subtype
RETAIL
Additional Details
Floor
2
Amenities
recently renovated kitchen
private elevator
conference rooms
private offices
bathroom
central air conditioning
elevator access
exposed ceiling
open plan
Listing Agency:
The Corcoran Group | Westside Columbus
(202) 794-0711
Listed By:
Bryan Ware · License #10301213716
(917) 698-8545
Source:
Moodyscre
Added: Jul 28
Changed: Sep 7
Last Checked: Sep 15 at 7:41AM
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 The Corcoran Group | Westside Columbus
Investment Insights
Based on property information with market context.
Second-floor retail/office condo offered for sale with approximately 4,500 SF of finished space. The layout features an open floor plan along with private offices, conference rooms, and designated workstations. Interior improvements include a recently renovated kitchen, exposed ceiling elements, and an interior bathroom.
Access is supported by elevator service with a private elevator, and the space also includes central air conditioning. The build-out is described as fully built-out for retail/office use, with conference and office components designed to support a range of team sizes, listed as fitting 13 to 40 workers. The space ceiling finish is described as 13" finished ceilings, and includes a kitchen, open plan areas, and restroom.
Lease-rate detail is described only in terms of what it does not include (utilities, property expenses, and building services).
Access is supported by elevator service with a private elevator, and the space also includes central air conditioning. The build-out is described as fully built-out for retail/office use, with conference and office components designed to support a range of team sizes, listed as fitting 13 to 40 workers. The space ceiling finish is described as 13" finished ceilings, and includes a kitchen, open plan areas, and restroom.
Lease-rate detail is described only in terms of what it does not include (utilities, property expenses, and building services).
Key Highlights
- Approximately 4,500 SF retail/office condo on the second floor
- Private elevator access to the 2nd floor space
- Open floor plan with private offices and conference rooms
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
$633,260
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
8.07%
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%
$12,665,200
$12.7M
Cap Rate 7%
$9,046,571
$9.0M
Cap Rate 9%
$7,036,222
$7.0M
Market Conditions
NOI Build-Up for 4,500 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
$1.06M $235.68/SF
− Vacancy
−$155.9K −$34.64/SF
EGI
$904.7K $201.04/SF
− OpEx
−$271.4K −$60.31/SF
NOI
$633.3K $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 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%
$12,665,200
Cap Rate 7%
$9,046,571
Cap Rate 9%
$7,036,222
Alternative Uses
Best Use
Retail
$9.05M
$7.92M – $10.55M
NOI $633,260 @ 7.0% cap · market cap 8.07%
Second Best
Office B
$2.01M
$1.76M – $2.35M
NOI $140,907 @ 7.0% cap · market cap 1.79%
Theoretical Best
Specialty Retail
$11.20M
$9.80M – $13.07M
NOI $784,080 @ 7.0% cap · market cap 9.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
33,920
Businesses Nearby
Explore this area
Business Placement
Demographics for 10012, NY
23,125
Population
14,568
Households
1.6
Avg Household Size
35
Median Age
83%
College-Educated
96%
High-School Grad
0.3 sq mi
ZIP Area
77,083
Density / Sq Mi
$130,938
Median Household Income
$88,301
Median Earnings
$2,731
Median Rent
$1,500,000
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 - Second-floor retail/office condo with private elevator access, central air, conference space, and multiple private offices.
Where is this retail space located?
The property is located at 595-597 Broadway New York, NY.
What is the asking price?
The asking price for this property is $7,850,000.
What are key features of this property?
This property features: Approximately 4,500 SF retail/office condo on the second floor; Private elevator access to the 2nd floor space; Open floor plan with private offices and conference rooms
