SoHo Retail Condo For
For Sale
Contact for pricing
597 Broadway, New York, NY 10012
Retail condo in prime SoHo location available for sale.
Property Size4,500 SF
Price / SF$1,744
Days on Market162
Property Features for 597 Broadway
General Information
Standard status
Active
Size
4,500 SF
Property subtype
Retail
Building Details
Year Built
1900
Stories
2
Listing Agency:
Corcoran
(917) 698-8545
Listed By:
Bryan Ware · License #10301213716
Source:
Crexi
Added: Mar 3
Changed: Aug 8
Last Checked: Aug 11 at 7:23PM
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 Corcoran
Investment Insights
Based on property information with market context.
This is a 4,500 square foot retail condo for sale situated on the 2nd floor. The property is located at Broadway and Houston in SoHo. The space features a recently renovated kitchen, conference rooms, private offices, and a bathroom. It also includes a private elevator. Neighbors on the block include Prada, Hugo Boss, and Arc'teryx. The property can be used as loft or office studio.
Key Highlights
- Prime SoHo location (Broadway & Houston)
- Approximately 4500SF loft/office studio
- Private elevator
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
—
—
no second resolved use
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
Property Profile
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail condo in prime SoHo location available for sale.
Where is this retail space located?
The property is located at 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: Prime SoHo location (Broadway & Houston); Approximately 4500SF loft/office studio; Private elevator
