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    104 Franklin St New York, NY 10013

    Sponsored
    For Lease
    Contact for pricing

    Prestigious Franklin St. Office Suites Available

    Lot size:
    5,121 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional executive office space at 104 Franklin Street in New York City offers a rare opportunity to lease a highly desirable location. The building boasts a total of 5,121 square feet, currently entirely vacant and available for lease. Two contiguous spaces are available, with a minimum divisible space of 2,617 square feet and a maximum contiguous space of 2,504 square feet. This presents flexibility for businesses seeking either a single large suite or the possibility of dividing the space to accommodate multiple tenants. The property is classified as an executive office building, reflecting its high-quality construction and ideal location within New York County. The building features impressive ceiling heights ranging from 12 to 16 feet, creating a spacious and modern atmosphere. The address, 104 Franklin Street, places the property in a prime location within the vibrant New York City landscape, offering excellent accessibility and visibility. The zip code is 10013. This is an unparalleled opportunity to secure prestigious office space in a highly sought-after area of Manhattan. The entire 5,121 square feet is immediately available. This property is perfect for businesses seeking a sophisticated and functional workspace in the heart of New York City. The building's multiple tenancy option allows for a variety of configurations to suit individual business needs.

    Property Features for 104 Franklin St

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    5,121 SF

    Unit(s) available at that property

    Space
    Fourth Floor
    Size
    2,504 SF
    Space
    Fifth Floor
    Size
    2,617 SF

    HighLights

    • Prime Tribeca location on a major east‑west thoroughfare between West Broadway and Sixth Avenue.
    • Fully renovated office spaces featuring new HVAC systems, tenant‑controlled climate control, and updated pantries.
    Property Profile Location Intelligence

    Current Use by Public Records

    Dr Julie Von Holistic Medicine Practitioner Temboo Software Company Erika Bloom Pilates Pilates Studio NYC Lease Car Car Leasing Service Erika Bloom Wellness Pilates Studio

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Food Market Clothing Store 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
    -74.0056029
    Latitude
    40.7186214

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    FAQs

    What type of property is this?
    Office Property / Space - Prestigious Franklin St. Office Suites Available
    Where is this office property / space located?
    The property is located at 104 Franklin St New York, NY.
    What are key features of this property?
    This property features: Prime Tribeca location on a major east-west thoroughfare between West Broadway and Sixth Avenue.; Fully renovated office spaces featuring new HVAC systems, tenant-controlled climate control, and updated pantries.;
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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
    104 Franklin St New York, NY 10013
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