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.
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 Details
for 54th St
Property type
Mixed-use properties
Square Feet
15,000 SF
Class
B
Year Built/Renovated
1915/2023
Buildings
1
Stories
5
Units
7
Location Insight
City
New York
County
New York
State
New York
Latitude
40.7645703
Longitude
-73.9837639
54th St, New York, New York
Nearby Similar for Sale
For Sale
$8,750,000
West Village Mixed-Use Gem
Prime West Village location, high NOI, strong lease
How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
Contacts
Simon Lou
Learn more
Useful Information
Request information
54th St, New York, New York, 10019
Message sent successfully
Error
Email this Information
Message sent successfully
Error
Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
54th St
Sign Up
Already a member?
Just one more step, let’s verify your email
We have sent a verification link to
Please check your inbox to complete the process.
Just click on the link in that email to complete your Sign up.
If you don’t see it, you may need to check your spam folder.
Email verification link expired
It seems that the verification link has expired.
No worries! We can send you a new link to email
Log In
Don't have an account?
Reset your password
New to Paperhouses?
Paperhouses
Reset your password
Enter the email address associated with your account and we'll send you a link to reset your password.
Check your email
We've resent password reset instructions to if it is an email on file.
Thanks! If matches an email we have on file, then we've sent you an email containing further instructions for resetting your password.
If you haven't received an email in 5 minutes, check your spam, resend, or try a different email.