Elevator Office
For Sale
$558,000
7 Chatham Square #704 New York, New York, NY 10038
The unit is in a building with elevator service and natural light.
Property Size534 SF
Price / SF$1,044
Days on Market158
Property Features for 7 Chatham Square #704 New York
General Information
Standard status
Active
Size
534 SF
Elevators
Yes
Property subtype
Commercial
Zoning
C6-1G
Site & Location
Neighborhood
South Street Seaport
Public Transit
Yes
Additional Details
Property Use
Office
Taxes and HOA fees
Annual Taxes
$9,232
Building Details
Building Size
534 SF
Year Built
1920
Listed By:
Gail Leone
(914) 723-8228
Source:
Clairedleone
Added: May 21
Changed: Oct 23
Last Checked: Oct 23 at 3:40PM
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 Gail Leone
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This office unit is located at 7 Chatham Square, Unit 704, in an elevator building. The space receives natural light and is identified for professional office use, including medical, legal, accounting, and consulting work. The property was built in 1920 and is zoned C6-1G.
Subway service nearby includes the 6, J, Z, N, Q, R, W, B, and D lines. The Manhattan and Brooklyn bridges are also accessible from the location.
Subway service nearby includes the 6, J, Z, N, Q, R, W, B, and D lines. The Manhattan and Brooklyn bridges are also accessible from the location.
Key Highlights
- Office unit at 7 Chatham Square, Unit 704
- Elevator building with natural light
- Zoned C6‑1G
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,721
Cap Rate
3.00%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
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
Frequently Asked Questions
What type of property is this?
Office unit - The unit is in a building with elevator service and natural light.
Where is this office unit 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 unit at 7 Chatham Square, Unit 704; Elevator building with natural light; Zoned C6‑1G
