Unique Mixed-Use Property on East
For Sale
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428 E 13th St, New York, NY 10009
Free market, mixed-use property with development potential in prime location.
Property Size7,152 SF
Price / SF$894.85
Days on Market1639
Property Features for 428 E 13th St
General Information
Standard status
Active
Size
7,152 SF
Property subtype
Multifamily
Zoning
R8B
Investment Type
Value Add
Building Details
Buildings
3
Stories
4
Units
4
Listing Agency:
Community Growth
Listed By:
Brian Kanarek · License #10311206837
Source:
Crexi
Added: Apr 12, 2022
Changed: Sep 11
Last Checked: Oct 5 at 6:19PM
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 Community Growth
Investment Insights
Based on property information with market context.
The property at 428 East 13th Street offers retail, office, or residential space with a significant ground floor presence on the south side of East 13th Street, situated between Avenue A and 1st Avenue. This unique offering features a sizable lot width, a curb cut, and free market status. The property includes a double-door driveway leading into a complex of three buildings: a wide 1890 townhouse building, a studio, and a carriage house. Spanning over 24 feet in width, the property benefits from skylights and fireplaces. Suitable for live/work residence, office, or retail use, 428 East 13th Street features a double ceiling height studio space and a six-level carriage house. The property includes eight fireplaces and six skylights. There are two additional full basement spaces, along with 2,896 square feet of additional development rights, and excellent natural light.
Key Highlights
- Free market property with significant development rights (2,896 sf).
- Unique complex comprised of townhouse, studio, and carriage house.
- Double door driveway and curb cut on a wide (24+ feet) lot.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$227,970
Cap Rate
3.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,559,400
$4.6M
Cap Rate 7%
$3,256,714
$3.3M
Cap Rate 9%
$2,533,000
$2.5M
Market Conditions
NOI Build-Up for 7,152 SF
Gross rent
$429.1K $60.00/SF
− Vacancy
−$64.4K −$9.00/SF
EGI
$364.8K $51.00/SF
− OpEx
−$136.8K −$19.13/SF
NOI
$228.0K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,559,400
Cap Rate 7%
$3,256,714
Cap Rate 9%
$2,533,000
Alternative Uses
Best Use
Mixed Use
$3.26M
$2.85M – $3.80M
NOI $227,970 @ 7.0% cap · market cap 3.56%
Second Best
Office B
$3.20M
$2.80M – $3.73M
NOI $223,949 @ 7.0% cap · market cap 3.50%
Theoretical Best
Specialty Retail
$17.80M
$15.58M – $20.77M
NOI $1,246,164 @ 7.0% cap · market cap 19.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
21,839
Businesses Nearby
Explore this area
Business Placement
Demographics for 10009, NY
61,716
Population
32,375
Households
1.9
Avg Household Size
36
Median Age
63%
College-Educated
87%
High-School Grad
0.6 sq mi
ZIP Area
102,860
Density / Sq Mi
$87,963
Median Household Income
$84,069
Median Earnings
$1,925
Median Rent
$690,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Free market, mixed-use property with development potential in prime location.
Where is this mixed-use property located?
The property is located at 428 E 13th St New York, NY.
What is the asking price?
The asking price for this property is $6,400,000.
What are key features of this property?
This property features: Free market property with significant development rights (2,896 sf).; Unique complex comprised of townhouse, studio, and carriage house.; Double door driveway and curb cut on a wide (24+ feet) lot.
