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    54th Street New York, NY 10019

    Sponsored
    For Sale
    $10,000,000

    Prime NYC location, 7% cap rate, high NOI.

    Property size:
    15,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional mixed-use building, located on W 54th St in Manhattan (zip code 10019), presents a compelling investment opportunity. The property, totaling 15,000 square feet, boasts a blend of commercial and residential space. It comprises a ground-floor restaurant/retail space and six studio apartments, currently operating at 100% occupancy. The building, constructed in 1915 and extensively renovated in 2023, features five stories and is situated on a lot ranging from 1,600 to 1,700 square feet. The current lease structure is a gross lease with a remaining term of approximately 1.7 years, expiring August 1, 2026. The current Net Operating Income (NOI) is $600,000, with a pro-forma NOI projected at $700,000, yielding a pro-forma cap rate of 8%. The asking price is $10,000,000, translating to a price per square foot of $666.67. Significant upside potential exists, with an additional 7,400 square feet of air rights available for future development. The land value is estimated at $1,000 to $2,000 per square foot. The property is zoned C5-P, MiD i. This is a value-add opportunity for an owner/user, offering a strong current income stream and substantial future development potential in a highly desirable Manhattan location. The building features new electrical and plumbing systems. Each apartment generates approximately $4,500 in annual income, while the commercial space brings in $300,000 annually.

    Property Features for 54th Street

    General Information

    Property type
    Mixed-use properties
    Square Feet
    15,000 SF
    Class
    B

    Building Details

    Year Built/Renovated
    1915/2023
    Buildings
    1
    Stories
    5
    Units
    7

    HighLights

    • $10,000,000 asking price for a mixed‑use building in Manhattan.
    • Newly renovated 15,000 square foot building with six studio apartments and one retail space.
    • 7% current cap rate, 8% pro‑forma cap rate, with a $600,000 current NOI and $700,000 pro‑forma NOI.
    • Features 7,400 square feet of air rights for future development.
    • Located at W 54th St, New York, NY 10019, in a C5‑P, MiD i zoned lot (approximately 1,600‑1,700 sq ft).
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9837639
    Latitude
    40.7645703

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    FAQs

    What type of property is this?
    Mixed-use property - Prime NYC location, 7% cap rate, high NOI.
    Where is this mixed-use property located?
    The property is located at 54th Street New York, NY.
    What is the asking price?
    The asking price for this property is $10,000,000.
    What are key features of this property?
    This property features: $10,000,000 asking price for a mixed-use building in Manhattan.; Newly renovated 15,000 square foot building with six studio apartments and one retail space.; 7% current cap rate, 8% pro-forma cap rate, with a $600,000 current NOI and $700,000 pro-forma NOI.
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    54th Street New York, NY 10019
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    Realmo Value Estimation

    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.

    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
    54th Street New York, NY 10019
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