424 Broadway Unit 3, New York, New York 10013

Property Description

ICONIC SOHO FULL-FLOOR A rare opportunity to own an income-producing, full-floor commercial loft in the heart of Downtown Manhattan. Located near Broadway and Canal Street—where SoHo, Nolita, Tribeca, and Little Italy converge—this approximately 4,000-square-foot third-floor loft is currently occupied by an art gallery and offers an extraordinary combination of architectural character, natural light, flexible use, and investment potential. Oversized windows illuminate the expansive open interior, while approximately 10- to 12-foot ceilings, classic hardwood floors, exposed architectural details, and 24/7 elevator access create an impressive setting for a gallery, showroom, creative headquarters, design studio, fashion company, professional office, or owner-user. Property Highlights • Approximately 4,000 square feet • Currently leased to an art gallery • 24/7 elevator access • Oversized windows and excellent natural light • Approximately 10- to 12-foot ceilings • Expansive, flexible open layout • Classic hardwood flooring • Two private bathrooms • Lease expiration: April 30, 2027 Current Annual Income $202,464 Projected Monthly Rent at $65/SF $21,666 Projected Annual Income at $65/SF $259,992 Annual Operating Expenses Expense Annual Amount Common Charges $22,000 per year Real Estate Taxes $46,726 per year Insurance $1,250 per year Total Annual Expenses $69,976 Investment Overview Current Net Operating Income: approximately $132,488 annually Projected Net Operating Income at $65/SF: approximately $190,016 annually Current Cap Rate at $3,750,000: approximately 3.53% Projected Cap Rate at $3,750,000: approximately 5.07%