Mixed-Use Building in Prime
For Sale
Contact for pricing
Pending
5 Eldridge St, New York, NY 10002
Mixed-use building with commercial and residential units in vibrant neighborhood.
Property Size8,768 SF
Days on Market2043
Property Features for 5 Eldridge St
General Information
Standard status
Pending
Size
8,768 SF
Property subtype
Mixed Use
Zoning
C6-1G
Occupancy
72%
Lease Type
Modified Gross
Net Operating Income
$151,000
Building Details
Year Built
1900
Buildings
1
Stories
6
Units
14
Tenancy
Multi
Listing Agency:
eXp Realty
Listed By:
Ilya Kulichkin · License #NY 10401310377
(561) 777-5227
Source:
Crexi
Added: Feb 1, 2021
Changed: Aug 23
Last Checked: Sep 2 at 12:32AM
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 eXp Realty
Investment Insights
Based on property information with market context.
Located between Canal and Division Streets, this mixed-use building spans 8,370 square feet and features 6 commercial and 8 residential units. Constructed around 1900, the 6-story building is situated in an area with heavy foot traffic, close to shops, cafes, hotels, diners, parks, museums, and houses of worship. The roof is currently rented for billboard use, and the partially open side of the building offers additional advertising opportunities. The property has 3,178 square feet of air rights, presenting potential for expansion or development. The location is at the intersection of the Lower East Side, Bowery, Chinatown, and Two Bridges. The building's proximity to the bridge ensures city views and sunsets. It is a few blocks from East Broadway and Grand Street Subway stations. The property can be delivered with some vacant units. The building has attracted commercial tenants such as Beverly's Exhibitions art gallery, Azikiwe Mohammed art studio and gallery, Oso Advisory art gallery, and LESC motorcycle shop.
Key Highlights
- Significant upside potential** through renovations and expansion using 3,178 sq ft of air rights.
- Prime location** at the intersection of the Lower East Side, Bowery, Chinatown, and Two Bridges.
- Mixed‑use building (6 commercial, 8 residential) with income from roof billboard rental and potential for side advertising.
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
$276,192
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
3.45%
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%
$5,523,840
$5.5M
Cap Rate 7%
$3,945,600
$3.9M
Cap Rate 9%
$3,068,800
$3.1M
Market Conditions
NOI Build-Up for 8,768 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
$526.1K $60.00/SF
− Vacancy
−$84.2K −$9.60/SF
EGI
$441.9K $50.40/SF
− OpEx
−$165.7K −$18.90/SF
NOI
$276.2K $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%
$5,523,840
Cap Rate 7%
$3,945,600
Cap Rate 9%
$3,068,800
Alternative Uses
Best Use
Mixed Use
$3.95M
$3.45M – $4.60M
NOI $276,192 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$21.82M
$19.10M – $25.46M
NOI $1,527,736 @ 7.0% cap · market cap 19.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
21,064
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building with commercial and residential units in vibrant neighborhood.
Where is this mixed-use property located?
The property is located at 5 Eldridge St New York, NY.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: Significant upside potential** through renovations and expansion using 3,178 sq ft of air rights.; Prime location** at the intersection of the Lower East Side, Bowery, Chinatown, and Two Bridges.; Mixed‑use building (6 commercial, 8 residential) with income from roof billboard rental and potential for side advertising.
