Mixed-Use Building with 12
For Sale
$3,750,000
Pending
2049 2nd Avenue, New York, NY 10029
Commercial Sale, New York, NY
Property Size8,530 SF
Days on Market405
Property Features for 2049 2nd Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
8
Bathrooms
14
Full bathrooms
14
Rooms
Bathroom 5, Bathroom 4, Bathroom 10, Bathroom 7, Bedroom 2, Bathroom 11, Bathroom 13, Bedroom 6, Bathroom 6, Bathroom 1, Bathroom 2, Bathroom 9, Bedroom 1, Bedroom 7, Bedroom 8, Bedroom 4, Bathroom 8, Bedroom 3, Bedroom 5, Bathroom 12, Bathroom 14, Bathroom 3
Subdivision
East Harlem
High school district
000000
Standard status
Pending
Size
8,530 SF
Amenities
Live-In Super
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Jonathan Kramer
Added: Jul 15, 2025
Changed: Aug 23
Last Checked: Aug 23 at 11:06PM
MLS# 11536785
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use property at 2049 2nd Avenue includes 12 free-market residential units above a commercial space currently occupied by a Mexican restaurant. The apartments are arranged across three layouts: studio alcove, one-bedroom, and one-bedroom with home office, with four units of each configuration. The building contains 8,530 square feet and has a live-in superintendent.
Recent work includes boiler upgrades, roof replacement and waterproofing, lobby and hallway renovations, new lighting, and updates to select apartment kitchens, bathrooms, and oak flooring. Exterior improvements include an EIFS/Stucco and waterproofing system on the side and rear facades, along with brick repointing and power-washing. The property occupies the northwest corner of East 105th Street and 2nd Avenue in East Harlem. An Alteration Type I Permit was completed in 2022 for lot line window removal related to an adjacent development site.
Recent work includes boiler upgrades, roof replacement and waterproofing, lobby and hallway renovations, new lighting, and updates to select apartment kitchens, bathrooms, and oak flooring. Exterior improvements include an EIFS/Stucco and waterproofing system on the side and rear facades, along with brick repointing and power-washing. The property occupies the northwest corner of East 105th Street and 2nd Avenue in East Harlem. An Alteration Type I Permit was completed in 2022 for lot line window removal related to an adjacent development site.
Key Highlights
- 12 residential units above a commercial space
- 8,530 square feet with three apartment layouts
- Four studio alcove, four one‑bedroom, and four one‑bedroom‑with‑home‑office units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$325,290
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.67%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,505,800
$6.5M
Cap Rate 7%
$4,647,000
$4.6M
Cap Rate 9%
$3,614,333
$3.6M
Market Conditions
NOI Build-Up for 8,530 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$614.2K $72.00/SF
− Vacancy
−$22.7K −$2.66/SF
EGI
$591.4K $69.34/SF
− OpEx
−$266.1K −$31.20/SF
NOI
$325.3K $38.13/SF
Area
ZIP 10029
Vacancy
3.70%
Lease Rate
$72.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$6,505,800
Cap Rate 7%
$4,647,000
Cap Rate 9%
$3,614,333
Alternative Uses
Best Use
Specialty Retail
$30.43M
$26.63M – $35.51M
NOI $2,130,368 @ 7.0% cap · market cap 56.81%
Second Best
Mixed Use
$16.45M
$14.39M – $19.19M
NOI $1,151,550 @ 7.0% cap · market cap 30.71%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
11,342
Businesses Nearby
Explore this area
Business Placement
Demographics for 10029, NY
78,141
Population
36,955
Households
2.1
Avg Household Size
36
Median Age
36%
College-Educated
78%
High-School Grad
1.2 sq mi
ZIP Area
65,118
Density / Sq Mi
$38,308
Median Household Income
$41,951
Median Earnings
$1,183
Median Rent
$818,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - East Harlem corner property combines apartments, commercial occupancy, and recent building improvements.
Where is this mixed-use property located?
The property is located at 2049 2nd Avenue New York, NY.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: 12 residential units above a commercial space; 8,530 square feet with three apartment layouts; Four studio alcove, four one‑bedroom, and four one‑bedroom‑with‑home‑office units
