Retail Cooperative Unit in Union
For Sale
Contact for pricing
825 Broadway, New York, NY 10003
Retail space in Union Square/Greenwich Village, steps from subway.
Property Size4,000 SF
Price / SF$1,625
Days on Market196
Property Features for 825 Broadway
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Modified Gross
Investment Type
Stabilized
Net Operating Income
$471,409
Building Details
Year Built
1979
Tenancy
Single
Listing Agency:
Marshall Real Estate, LLC
Listed By:
Matthew Marshall · License #NY 10491203132
Source:
Crexi
Added: Feb 5
Changed: Aug 15
Last Checked: Aug 19 at 11:06PM
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 Marshall Real Estate, LLC
Investment Insights
Based on property information with market context.
Located on the west side of Broadway between East 12th Street and East 13th Street, just one block south of Union Square, 825 Broadway is a retail cooperative unit spanning approximately 4,000 gross square feet across two floors. The ground floor features 2,000 square feet with an additional 2,000 square feet in the basement. The property is located at the base of the 49 East 12th Street cooperative building, which was converted in 1979 to 42 residential units with a retail store at the base. Positioned in the heart of Union Square / Greenwich Village, the property is steps away from several major subway lines and benefits from an exceptional blend of upscale residential living, an abundance of commercial office buildings leased to tech firms, high-end retailers, and world-class entertainment. The retail space is surrounded by co-tenants that include Leon’s Italian Restaurant, Max Brenner, Whole Foods Market, Strand Bookstore and Regal Cinemas. The storefront is 100% leased to “Cohen Fashion Optical”, a fashion-forward eyeglasses retailer with over 100 locations across the New York City metro area, Long Island, New Jersey, Pennsylvania, Connecticut, Massachusetts, Florida and Puerto Rico. Founded in 1924 and headquartered in Garden City, New York, Cohen Fashion Optical provides eye exams and on-trend fashion eyewear.
Key Highlights
- Prime location in the heart of Union Square/Greenwich Village, benefiting from high foot traffic and proximity to major subway lines.
- Stable income stream from a 100% leased storefront to Cohen Fashion Optical, a well‑established national retailer.
- Desirable co‑tenancy with nearby businesses including Leon’s Italian Restaurant, Max Brenner, Whole Foods Market, Strand Bookstore and Regal Cinemas.
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
$562,898
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
8.66%
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%
$11,257,960
$11.3M
Cap Rate 7%
$8,041,400
$8.0M
Cap Rate 9%
$6,254,422
$6.3M
Market Conditions
NOI Build-Up for 4,000 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
$942.7K $235.68/SF
− Vacancy
−$138.6K −$34.64/SF
EGI
$804.1K $201.04/SF
− OpEx
−$241.2K −$60.31/SF
NOI
$562.9K $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%
$11,257,960
Cap Rate 7%
$8,041,400
Cap Rate 9%
$6,254,422
Alternative Uses
Best Use
Retail
$8.04M
$7.04M – $9.38M
NOI $562,898 @ 7.0% cap · market cap 8.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.96M
$8.71M – $11.62M
NOI $696,960 @ 7.0% cap · market cap 10.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,355
Businesses Nearby
410k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 41%
Dining 30%
Shops & Services 14%
Electronics 8%
Food Bazaar Supermarket
Groceries
102,163 visits/mo
0.5 miles
Food Bazaar Supermarket
Groceries
41,952 visits/mo
0.3 miles
McDonald's
Dining
37,292 visits/mo
0.3 miles
Dunkin' Donuts
Dining
35,295 visits/mo
0.3 miles
Shoppers World
Apparel
16,961 visits/mo
0.3 miles
Demographics for 10003, NY
57,076
Population
30,730
Households
1.9
Avg Household Size
32
Median Age
82%
College-Educated
96%
High-School Grad
0.6 sq mi
ZIP Area
95,127
Density / Sq Mi
$153,750
Median Household Income
$82,560
Median Earnings
$2,772
Median Rent
$1,137,000
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 space in Union Square/Greenwich Village, steps from subway.
Where is this retail space located?
The property is located at 825 Broadway New York, NY.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Prime location in the heart of Union Square/Greenwich Village, benefiting from high foot traffic and proximity to major subway lines.; Stable income stream from a 100% leased storefront to Cohen Fashion Optical, a well‑established national retailer.; Desirable co‑tenancy with nearby businesses including Leon’s Italian Restaurant, Max Brenner, Whole Foods Market, Strand Bookstore and Regal Cinemas.
