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    16Th St New York, NY 10011

    Sponsored
    For Lease
    $130 SF/Yr

    Iconic Chelsea Venue - 11,700 SF

    Lot size:
    11,700 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional 11,700 square foot single-tenant property presents a unique investment opportunity in New York City's vibrant Meatpacking District, nestled within the Chelsea submarket. Currently configured as a nightclub and restaurant, this special-purpose venue boasts a prime location on West 16th Street, zip code 10011, offering unparalleled exposure and accessibility. The property's substantial size allows for versatile use, catering to a range of entertainment and hospitality concepts. Its strategic placement within the bustling Meatpacking District ensures high foot traffic and visibility, attracting a diverse clientele. The property's existing infrastructure provides a solid foundation for immediate operation or creative redevelopment, aligning with the area's dynamic and evolving character. This is a rare chance to acquire a significant commercial space in one of Manhattan's most sought-after neighborhoods, offering substantial potential for growth and return on investment. The property's classification as Retail, Restaurant, and Special Purpose reflects its adaptability and suitability for a variety of uses within the entertainment and hospitality sectors. Its single-tenant occupancy simplifies management and provides a clear revenue stream. The property's precise latitude and longitude coordinates are 40.7406549, -74.000523. This is an unparalleled chance to own a piece of New York City's iconic nightlife scene.

    Property Features for 0 16Th St

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    11,700 SF

    Unit(s) available at that property

    Space
    Size
    11,700 SF
    Rate per SF
    $130

    HighLights

    • 11,700 SF single‑tenant property in NYC's Meatpacking District (Chelsea submarket).
    • $126,000/month rental income (no short‑term leases).
    • Two‑story nightclub/venue with 20' ceilings, 790‑person capacity, stage, lighting system, fully vented kitchen, 12 bathrooms, elevator, and security systems.
    • Located at 16th Street, zip code 10011.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    New York
    County
    New York
    State
    New York
    Longitude
    -74.000523
    Latitude
    40.7406549

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    FAQs

    What type of property is this?
    Restaurant - Iconic Chelsea Venue - 11,700 SF
    Where is this restaurant located?
    The property is located at 16Th St New York, NY.
    What is the lease rate?
    The lease rate is $130 SF/Yr.
    What are key features of this property?
    This property features: 11,700 SF single-tenant property in NYC's Meatpacking District (Chelsea submarket).; $126,000/month rental income (no short-term leases).; Two-story nightclub/venue with 20' ceilings, 790-person capacity, stage, lighting system, fully vented kitchen, 12 bathrooms, elevator, and security systems.
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    16Th St New York, NY 10011
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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
    16Th St New York, NY 10011
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