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    205 Henry St New York, NY 10002

    Sponsored
    For Sale
    $3,300,000

    10-Unit Condo Conversion Potential, High NOI

    Property size:
    4,874 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional mixed-use property at 205 Henry Street in New York, NY 10002 presents a compelling redevelopment opportunity. The existing three-story, 4,874 square foot building, built in 2022, sits on a 2,088 square foot lot and boasts approved plans for a six-story, 10-unit condo conversion. Currently vacant, the building features a first-floor community facility space and upper floors with two one-bedroom apartments per floor. The foundation and basement are already complete, and all necessary plans and permits are included in the sale, significantly reducing development time and costs. The property is zoned R7-2 (3.44) with a C1-5 Overlay (2.0), allowing for a mix of commercial and residential use, or a fully residential building. The asking price is $3,300,000, representing a compelling $677.06 per square foot and a projected Net Operating Income (NOI) of $315,336, yielding a 9.56% cap rate. Additional air rights of 3,936 square feet offer further development potential. This is an ideal investment for owner-users seeking a blend of commercial and residential space or developers looking for a streamlined path to a high-return condo project. The property's 24-foot width and central location in New York City add to its significant value.

    Property Features for 205 Henry St

    General Information

    Property type
    Mixed-use properties
    Square Feet
    4,874 SF
    Class
    B

    Building Details

    Year Built
    2022
    Buildings
    1
    Stories
    3
    Units
    4

    HighLights

    • $3,300,000 asking price for a 4,874 SF mixed‑use building in New York, NY.
    • Vacant, three‑story building with approved plans for a six‑story, 10‑unit condo conversion.
    • Partially completed; foundation and basement are in place, plans and permits included.
    • Zoned for mixed‑use (two commercial floors, upper residential) or fully residential.
    • 9.56% cap rate; projected NOI of $315,336.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.98735
    Latitude
    40.7138059

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    FAQs

    What type of property is this?
    Mixed-use property - 10-Unit Condo Conversion Potential, High NOI
    Where is this mixed-use property located?
    The property is located at 205 Henry St New York, NY.
    What is the asking price?
    The asking price for this property is $3,300,000.
    What are key features of this property?
    This property features: $3,300,000 asking price for a 4,874 SF mixed-use building in New York, NY.; Vacant, three-story building with approved plans for a six-story, 10-unit condo conversion.; Partially completed; foundation and basement are in place, plans and permits included.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    205 Henry St New York, NY 10002
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