54th Street New York, NY 10019
- Mixed-use properties
- 15,000 SF
Current Use by Public Records
- Mixed-use properties
Property Details for 54th Street
- Year built
- 1915
- Property size
- 15,000 SF
- Property type
- Mixed-use properties
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9838
- Latitude
- 40.7646
