Mixed-Use Building with Approved
For Sale
Contact for pricing
205 Henry St, New York, NY 10002
Three-story mixed-use building with approved plans for a six-story condo.
Property Size4,874 SF
Price / SF$677.06
Days on Market930
Property Features for 205 Henry St
General Information
Standard status
Active
Size
4,874 SF
Class
B
Property subtype
Mixed Use
Zoning
R7-2 (3.44) with a C1-5 Overlay (2.0)
Investment Type
Owner/User
Net Operating Income
$315,336
Building Details
Year Built
2022
Buildings
1
Stories
3
Units
4
Listing Agency:
Brown Harris Stevens
Listed By:
Kervin Vales · License #109918089
(212) 396-8244
Source:
Crexi
Added: Feb 18, 2024
Changed: Sep 2
Last Checked: Sep 4 at 11:11AM
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 Brown Harris Stevens
Investment Insights
Based on property information with market context.
This is a 24-foot wide, three-story mixed-use building with approved plans for a six-story, 10-unit condominium mixed-use building. The first floor is designated as community facility space. Floors two through six each contain two one-bedroom apartments. The sixth floor will also feature a mezzanine space. This property presents a development opportunity, as the project is partially complete with the foundation and basement already built. All plans and permits are included with the property. The zoning allows for a building with two floors of commercial space and upper floors for residential use, or the property can be a fully residential building. The site also offers a user opportunity, with the potential for a store or office on the ground floor. The first floor can be converted into parking space due to the property's curb cut. An owner could have their store or office on the ground floor, an office on the second floor, live on the third and fourth floors, and rent out the other two floors. The property size is 4874 square feet.
Key Highlights
- Approved plans for a six‑story, 10‑unit condo mixed‑use building are included.
- The project is half‑complete with the foundation and basement already built, saving time and money.
- All plans and permits are included with the property.
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
$153,531
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
4.65%
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%
$3,070,620
$3.1M
Cap Rate 7%
$2,193,300
$2.2M
Cap Rate 9%
$1,705,900
$1.7M
Market Conditions
NOI Build-Up for 4,874 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
$292.4K $60.00/SF
− Vacancy
−$46.8K −$9.60/SF
EGI
$245.6K $50.40/SF
− OpEx
−$92.1K −$18.90/SF
NOI
$153.5K $31.50/SF
Area
ZIP 10002
Vacancy
16.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,070,620
Cap Rate 7%
$2,193,300
Cap Rate 9%
$1,705,900
Alternative Uses
Best Use
Mixed Use
$2.19M
$1.92M – $2.56M
NOI $153,531 @ 7.0% cap · market cap 4.65%
Second Best
Apartment 5plus
$2.19M
$1.91M – $2.55M
NOI $152,976 @ 7.0% cap · market cap 4.64%
Theoretical Best
Specialty Retail
$12.13M
$10.62M – $14.15M
NOI $849,246 @ 7.0% cap · market cap 25.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,724
Businesses Nearby
Explore this area
Business Placement
Demographics for 10002, NY
82,155
Population
39,646
Households
2.1
Avg Household Size
41
Median Age
39%
College-Educated
71%
High-School Grad
0.8 sq mi
ZIP Area
102,694
Density / Sq Mi
$46,525
Median Household Income
$51,425
Median Earnings
$1,207
Median Rent
$808,500
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Mixed-use property - Three-story mixed-use building with approved plans for a six-story condo.
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: Approved plans for a six‑story, 10‑unit condo mixed‑use building are included.; The project is half‑complete with the foundation and basement already built, saving time and money.; All plans and permits are included with the property.
