Bright Office Condo
For Sale
$558,000
7 Chatham Sq 704, New York, NY 10038
Functional professional office layout in an elevator building, well-suited for a range of service and professional uses.
Property Size534 SF
Days on Market83
Property Features for 7 Chatham Sq 704
General Information
Standard status
Active
Size
534 SF
Property subtype
Commercial
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:
Elliman
Added: Jun 1
Changed: Aug 14
Last Checked: Aug 22 at 12:03PM
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 a professional office condo offering a functional layout for use by medical, legal, accounting, consulting, or other professional services. The unit is in a well-maintained elevator building and is described as bright with excellent natural light.
The property is located in Lower Manhattan near multiple subway lines, with access to the Manhattan Bridge, Brooklyn Bridge, and MTA bus routes. The surrounding area includes retail corridors, restaurants, government offices, and courthouses, supporting day-to-day accessibility for clients and staff.
This space is a practical fit for owner-users seeking a centrally located office condo with elevator access and natural light, as well as for investors looking for a professional office asset in a dense downtown setting. The unit’s configuration supports a variety of professional-office operations, and the transit access is a key convenience factor for regular client visits and employee commutes.
The property is located in Lower Manhattan near multiple subway lines, with access to the Manhattan Bridge, Brooklyn Bridge, and MTA bus routes. The surrounding area includes retail corridors, restaurants, government offices, and courthouses, supporting day-to-day accessibility for clients and staff.
This space is a practical fit for owner-users seeking a centrally located office condo with elevator access and natural light, as well as for investors looking for a professional office asset in a dense downtown setting. The unit’s configuration supports a variety of professional-office operations, and the transit access is a key convenience factor for regular client visits and employee commutes.
Key Highlights
- 7 Chatham Square, Unit 704: professional office condo in a well‑maintained elevator building
- Functional office layout suitable for medical, legal, accounting, consulting, or other professional office use
- Bright interior with excellent natural light
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
—
—
no second resolved use
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
36,022
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 - Functional professional office layout in an elevator building, well-suited for a range of service and professional uses.
Where is this office units located?
The property is located at 7 Chatham Sq 704 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: 7 Chatham Square, Unit 704: professional office condo in a well‑maintained elevator building; Functional office layout suitable for medical, legal, accounting, consulting, or other professional office use; Bright interior with excellent natural light
