Elevator Office
For Sale
$558,000
7 Chatham Square #704 New York, New York, NY 10038
Bright professional office in a well-maintained building with extensive subway and bus access.
Property Size534 SF
Days on Market103
Property Features for 7 Chatham Square #704 New York
General Information
Standard status
Active
Size
534 SF
Property subtype
Commercial
Zoning
C6-1G
Taxes and HOA fees
Annual Taxes
$9,232
Building Details
Building Size
534 SF
Year Built
1920
Listing Agency:
United Real Estate Fortune
(646) 750-8970
Listed By:
Le Quan · License #10401318524
(646) 750-8970
Source:
Maurafinnegan
Added: May 21
Changed: Aug 29
Last Checked: Aug 30 at 5:34PM
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 United Real Estate Fortune
Investment Insights
Based on property information with market context.
Unit #704 at 7 Chatham Square is an office condominium in a well-maintained elevator building dating to 1920. The bright space receives substantial natural light and provides a professional setting for medical, legal, accounting, consulting, and other office uses. The property is zoned C6-1G and may suit an owner-user or investor seeking a Manhattan office asset.
The Lower Manhattan location places the office near the 6, J, Z, N, Q, R, W, B, and D subway lines, as well as MTA bus routes. The Manhattan Bridge and Brooklyn Bridge are readily accessible, and the surrounding area includes active retail corridors, restaurants, government offices, courthouses, and major downtown business districts.
The Lower Manhattan location places the office near the 6, J, Z, N, Q, R, W, B, and D subway lines, as well as MTA bus routes. The Manhattan Bridge and Brooklyn Bridge are readily accessible, and the surrounding area includes active retail corridors, restaurants, government offices, courthouses, and major downtown business districts.
Key Highlights
- Office condominium at 7 Chatham Square, Unit #704
- C6‑1G zoning
- Well‑maintained elevator building constructed in 1920
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
$16,721
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
3.00%
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%
$334,420
$334.4K
Cap Rate 7%
$238,871
$238.9K
Cap Rate 9%
$185,789
$185.8K
Market Conditions
NOI Build-Up for 534 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
$27.5K $51.48/SF
− Vacancy
−$5.2K −$9.73/SF
EGI
$22.3K $41.75/SF
− OpEx
−$5.6K −$10.44/SF
NOI
$16.7K $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%
$334,420
Cap Rate 7%
$238,871
Cap Rate 9%
$185,789
Alternative Uses
Best Use
Office B
$238.9K
$209.0K – $278.7K
NOI $16,721 @ 7.0% cap · market cap 3.00%
Second Best
Healthcare Medical
$227.4K
$199.0K – $265.3K
NOI $15,917 @ 7.0% cap · market cap 2.85%
Theoretical Best
Specialty Retail
$1.33M
$1.16M – $1.55M
NOI $93,044 @ 7.0% cap · market cap 16.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
37,693
Businesses Nearby
Explore this area
Business Placement
Demographics for 10038, NY
25,332
Population
12,624
Households
2
Avg Household Size
33
Median Age
62%
College-Educated
83%
High-School Grad
0.3 sq mi
ZIP Area
84,440
Density / Sq Mi
$115,121
Median Household Income
$87,698
Median Earnings
$3,140
Median Rent
$865,700
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Bright professional office in a well-maintained building with extensive subway and bus access.
Where is this office units located?
The property is located at 7 Chatham Square #704 New York New York, NY.
What is the asking price?
The asking price for this property is $558,000.
What are key features of this property?
This property features: Office condominium at 7 Chatham Square, Unit #704; C6‑1G zoning; Well‑maintained elevator building constructed in 1920
