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    Commercial Condo in Chinatown, Manhattan Title is generated by Realmo AI

    198 Canal Street New York, Manhattan, NY 10013

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    For Sale
    $1,388,000

    COMMERCIAL - New York (Manhattan), NY

    Type:Office
    Property size:
    1,847 SF
    Price / SF:
    $751/SF
    Added:
    Oct 26, 2023
    Days on Market:
    930
    Last Refresh:
    May 12 at 10:06 am

    Property Features for 198 Canal Street New York

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    C6-IG
    Standard status
    Active
    APN
    0200-1007
    Size
    1,847 SF

    Taxes and HOA fees

    Tax Annual Amount
    12046

    Building Details

    Floors in Building
    6
    Number of units
    2

    We can help!

    Listing Contact
    Emily P. Koo

    Listing agent Emily P. Koo License #10301218036

    Listing office EXP Realty 6856 Groton St, Hauppauge, NY

    Listing date Oct 26, 2023

    MLS# L3513048

    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.

    HighLights

    • Prime location in the heart of Chinatown on Canal Street, between Mott and Mulberry Streets.
    • Turn‑key commercial condo ideal for medical or professional use.
    • Convenient access to J, Z, N, Q, R, and 6 subway lines (Canal Street & Centre Street station).
    • 1847 gross sqft featuring a roomy reception area, four exam rooms, and ample storage.
    • Private bathroom for added convenience.
    • Located near SoHo, TriBeCa, and the Lower East Side, surrounded by coffee shops, restaurants, and shops.

    Overview

    This commercial condo offers 1847 gross square feet and is situated in the heart of Chinatown, between Mott and Mulberry Streets on the south side of Canal Street. The turn-key unit is suitable for medical or professional use. The location is near coffee shops, restaurants, and shops, and is positioned between Chinatown, SoHo, TriBeCa, and the Lower East Side. The Canal Street & Centre Street subway station is located two blocks away, providing access to the J, Z, N, Q, R, and 6 lines. The unit features a reception area, four exam rooms, and storage space suitable for medical supplies and equipment. A private bathroom is also included. The property is zoned C6-IG.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Lower East Side ... Crisis Center Naing-Thulin Kevin MD Physician Anthony Py Chan ... Medical Clinic J Tang Co ... Law Firm Lee Kwok Man ... Physician

    Suggested Use

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

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

    Similar Places Nearby

    • New York Veterinary Practice — 71 Broadway, New York, NY 10006
    • Biscuits & Bath - Financial District — 71 Broadway, New York, NY 10006
    • Bond Vet - Financial District — 2 Gold St, Manhattan, NY 10038
    • CurePet — Trump Bldg, 40 Wall St, New York, NY 10005
    • Seaport Animal Hospital — 80 Beekman St, New York, NY 10038

    Location Insight

    • Map
    • Local Demand
    City
    Manhattan
    County
    New York
    State
    New York
    Longitude
    -73.998409
    Latitude
    40.716764

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    FAQs

    What type of property is this?
    Medical Office Space - Turn-key commercial condo ideal for medical or professional use.
    Where is this medical office space located?
    The property is located at 198 Canal Street New York Manhattan, NY.
    What is the asking price?
    The asking price for this property is $1,388,000.
    What are key features of this property?
    This property features: Prime location in the heart of Chinatown on Canal Street, between Mott and Mulberry Streets.; Turn‑key commercial condo ideal for medical or professional use.; Convenient access to J, Z, N, Q, R, and 6 subway lines (Canal Street & Centre Street station).
    (888) 276-0630
    We can help!
    Listing Contact
    Emily P. Koo
    Real Estate License ID: 10301218036
    Learn More
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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.

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