5 Lispenard StNew York, NY 10013

Property Details for 5 Lispenard St

Year built

1915

Lot size

0.03 AC

Property size (Sq ft)

4,775 SF

Zone code

C62A

Property type

Retail residential properties

APN

00211-0014

APU

2110014

Description

This exceptional Tribeca mixed-use property at 5 Lispenard Street presents a compelling value-add opportunity. The three-story building, constructed in 1915, offers a total of 5,000 square feet, currently 100% vacant, and comprises one ground-floor retail unit (approximately 3,000 square feet, previously a veterinary office) and two residential units (approximately 1,000 square feet each) on the upper floors. The property sits on a 1,500 square foot lot and benefits from an additional 4,000 square feet of available air rights, under the C6-2A zoning designation. This allows for significant redevelopment potential, with the possibility of expanding the existing footprint. The building's prime location in the desirable Tribeca neighborhood offers unparalleled access to public transportation, including the A, C, E, 1, 4, 5, 6, N, Q, R, and W subway lines, all within a short walk. Its proximity to Canal Street, West Broadway, and Church Street places it at the heart of Tribeca's vibrant commercial and residential scene, near the West Side Highway and the Roxy Hotel. This property is ideal for investors seeking a flexible investment strategy, allowing for redevelopment, conversion, or value-add opportunities, catering to both commercial and residential uses. The building's vacant status provides immediate opportunity for customization and tenant selection, maximizing potential returns.

• CAP approach

  CAP return

  Valuation

  6%

  $978,918

  6.5%

  $903,617

  7%

  $839,073

• Comparable approach

  Method

  Valuation

  Relative Method

  $967,047

  Geo Method

  $967,047

• Alternative Use

  Use

  Valuation

  Residential

  $903,617

  Hospitality

  $827,708

  Educational

  $688,643

  Medical

  $712,327

  Retail

  $1,071,223

Location Insight

City

New York

County

New York

State

New York

Latitude

40.7206

Longitude

-74.0048

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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