245 W 14th St
New York, NY 10011 Chelsea

• Unit Size: 3,964 SF
• Condo Use: Retail
• Price: $3,850,000 USD
• Sale Type: Investment
• Price/SF: $971.24 USD

Description

Building was constructed 7 years ago. Space features restroom in the rear and small contiguous basement. Architectural features, great storefront just off of 7th Avenue. Heavy foot traffic.

Sale Notes

Located at the vibrant crossroads of Chelsea, the West Village, and the Meatpacking District, 245 W 14th Street presents a rare opportunity to acquire a fully leased retail condominium in one of Manhattan’s most dynamic corridors. This 4,318 SF retail asset—comprised of 3,964 SF above grade and 354 SF below grade—is positioned at the base of a 12-story luxury residential building constructed in 2015, offering a modern and well-maintained physical condition. The property boasts approximately 35 feet of prime frontage along West 14th Street, a high-traffic retail artery flanked by multiple subway stations and surrounded by a dense mix of residential, retail, and cultural destinations. Its strategic location ensures maximum visibility and consistent foot traffic, enhancing long-term tenant performance and asset value. Ocean Wireless Corp occupies the entire space under a market-rate lease through September 2033, contributing $103/SF in base rent and covering 100% of taxes over the base year. With over eight years of remaining weighted average lease term (WALT), the asset delivers stable cash flow and minimal management burden. The projected net operating income stands at $274,776, supported by a gross annual income of $410,925 and modest operating expenses. This offering is ideal for investors seeking a turnkey retail asset with strong in-place income, long-term tenancy, and exceptional location fundamentals in a supply-constrained submarket.