Four-Unit Mixed-Use
For Sale
Contact for pricing
977 2nd Ave, New York, NY 10022
Three residences and one commercial space are fully leased, including a licensed cannabis dispensary.
Property Size4,460 SF
Price / SF$1,076
Days on Market211
Property Features for 977 2nd Ave
General Information
Standard status
Active
Size
4,460 SF
Property subtype
RETAIL
Listing Agency:
B6 Real Estate Advisors
(212) 473-2600
Listed By:
Alex Woodlief · License #10401244880
(646) 933-2677
Source:
Moodyscre
Added: Feb 3
Changed: Aug 31
Last Checked: Aug 31 at 2:13AM
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 B6 Real Estate Advisors
Investment Insights
Based on property information with market context.
Located at 977 2nd Ave in New York, this 4,460-square-foot mixed-use property combines three residential units with one commercial unit. The building is fully leased, providing an established occupancy profile across its residential and commercial components.
The commercial space is occupied by a licensed cannabis dispensary tenant. All units are described as 100% free-market, and the property carries protected tax class 2A status.
The commercial space is occupied by a licensed cannabis dispensary tenant. All units are described as 100% free-market, and the property carries protected tax class 2A status.
Key Highlights
- 4,460‑square‑foot mixed‑use building at 977 2nd Ave, New York, NY 10022
- Three residential units plus one commercial unit
- Fully leased across all four units
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
$142,163
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
2.96%
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%
$2,843,260
$2.8M
Cap Rate 7%
$2,030,900
$2.0M
Cap Rate 9%
$1,579,589
$1.6M
Market Conditions
NOI Build-Up for 4,460 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
$267.6K $60.00/SF
− Vacancy
−$40.1K −$9.00/SF
EGI
$227.5K $51.00/SF
− OpEx
−$85.3K −$19.13/SF
NOI
$142.2K $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 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%
$2,843,260
Cap Rate 7%
$2,030,900
Cap Rate 9%
$1,579,589
Alternative Uses
Best Use
Retail
$8.97M
$7.85M – $10.46M
NOI $627,631 @ 7.0% cap · market cap 13.08%
Second Best
Mixed Use
$2.03M
$1.78M – $2.37M
NOI $142,163 @ 7.0% cap · market cap 2.96%
Theoretical Best
Specialty Retail
$11.10M
$9.71M – $12.95M
NOI $777,110 @ 7.0% cap · market cap 16.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
45,181
Businesses Nearby
Explore this area
Business Placement
Demographics for 10022, NY
36,708
Population
25,686
Households
1.4
Avg Household Size
45
Median Age
84%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
91,770
Density / Sq Mi
$171,038
Median Household Income
$119,657
Median Earnings
$2,928
Median Rent
$1,116,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three residences and one commercial space are fully leased, including a licensed cannabis dispensary.
Where is this mixed-use property located?
The property is located at 977 2nd Ave New York, NY.
What is the asking price?
The asking price for this property is $4,800,000.
What are key features of this property?
This property features: 4,460‑square‑foot mixed‑use building at 977 2nd Ave, New York, NY 10022; Three residential units plus one commercial unit; Fully leased across all four units
