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    The Largest CRE Database in the US with Over 1 Million Listings

    1889 Lexington Ave, Unit New York Manhattan, NY 10035

    Sponsored
    For Sale
    $1,995,000

    MULTI_FAMILY - New York (Manhattan), NY

    Lot size:
    0.03 Acres
    Days on Market:
    80
    Last Refresh:
    Feb 5 at 5:06 pm

    Property Features for 1889 Lexington Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    R7D, C1-5
    Rooms
    Basement
    APN
    1645-0153
    Basement
    Finished, Full
    Lot size
    0.03 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Steam
    Cooling system
    Wall/Window Unit(s), Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1890
    Number of units
    12
    Building materials
    Brick

    We can help!

    Listing Contact
    Wen Pin Tsai

    Chous Consolidated Enterprise (917) 217-9476

    Listing agent Wen Pin Tsai (347) 677-9655

    Listing date Nov 18, 2025

    MLS# 934278

    Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    East Harlem Multifamily Investment Opportunity

    This 12-unit multifamily building is located in East Harlem, New York. The renovated walk-up property features spacious pre-war apartments, including five bedrooms, six studios, and one two-bedroom apartment. The building is fully occupied and rent-stabilized. The property is situated in a prime location with numerous shopping and dining options. The building is zoned for hotel operation. The zoning allows for the construction of an additional three stories. The property generates a rental income of $160,200, with operating expenses of $40,506, resulting in a net operating income of $119,694. With a 6% CAP rate and $120,000 in annual net profit, the property offers immediate income and long-term appreciation potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Zipcar Location Freight Service SuuChef Restaurant Fernando Faraldo Newspaper & Magazine

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Manhattan
    County
    New York
    State
    New York
    Longitude
    -73.9406805
    Latitude
    40.7996561

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    FAQs

    What type of property is this?
    Apartment building - 12-unit, rent-stabilized building in prime location with income potential.
    Where is this apartment building located?
    The property is located at 1889 Lexington Ave, Unit New York Manhattan, NY.
    What is the asking price?
    The asking price for this property is $1,995,000.
    What are key features of this property?
    This property features: - High Net Operating Income: $119,694 annually with a 6% CAP rate, providing immediate income.; - Stable Rental Income: Fully occupied, generating $160,200 annually from rent-stabilized apartments.; - Prime East Harlem Location: Enjoy being surrounded by shopping and dining options.
    (718) 353-8818
    Request Owner's contact information
    1889 Lexington Ave, Unit New York Manhattan, NY 10035
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1889 Lexington Ave, Unit New York Manhattan, NY 10035
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    We can help!
    Listing Contact
    Wen Pin Tsai
    (718) 353-8818
    Learn more
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