Renovated Mixed-Use
For Sale
$2,800,000
273 Lenox Avenue, New York, NY 10027
Commercial Sale, New York, NY
Property Size4,860 SF
Price / SF$576.13
Days on Market221
Property Features for 273 Lenox Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bedroom 2, Bathroom 2
Fireplace
1
Subdivision
Mt. Morris Park
High school district
000000
Standard status
Active
Size
4,860 SF
Amenities
full-height dry cellar with sidewalk hatch access
separate HVAC systems
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
John Mcguinness
(212) 369-1518
Added: Jan 30
Changed: Sep 5
Last Checked: Sep 8 at 12:06AM
MLS# 11873419
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 4860-square-foot mixed-use townhouse combines a two-bedroom, two-bathroom duplex with two independent commercial units. The upper residence spans two floors and includes large windows, high ceilings, natural light, and a fireplace. At street level, the storefront provides direct retail access along Lenox Avenue, while a separate second-floor office suite adds another commercial component.
Extensive gut renovation work completed in the 2010s modernized the building, with individual HVAC systems serving each unit. A full-height dry cellar with sidewalk hatch access provides additional storage. The property is located at 273 Lenox Avenue in New York, NY 10027, within Harlem’s Lenox Avenue corridor.
Extensive gut renovation work completed in the 2010s modernized the building, with individual HVAC systems serving each unit. A full-height dry cellar with sidewalk hatch access provides additional storage. The property is located at 273 Lenox Avenue in New York, NY 10027, within Harlem’s Lenox Avenue corridor.
Key Highlights
- 4860‑square‑foot mixed‑use townhouse at 273 Lenox Avenue
- Two‑bedroom, two‑bathroom duplex across the upper two floors
- Two separate commercial units: a street‑level storefront and second‑floor office suite
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
$154,913
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
5.53%
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%
$3,098,260
$3.1M
Cap Rate 7%
$2,213,043
$2.2M
Cap Rate 9%
$1,721,256
$1.7M
Market Conditions
NOI Build-Up for 4,860 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
$291.6K $60.00/SF
− Vacancy
−$43.7K −$9.00/SF
EGI
$247.9K $51.00/SF
− OpEx
−$92.9K −$19.13/SF
NOI
$154.9K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,098,260
Cap Rate 7%
$2,213,043
Cap Rate 9%
$1,721,256
Alternative Uses
Best Use
Retail
$9.77M
$8.55M – $11.40M
NOI $683,921 @ 7.0% cap · market cap 24.43%
Second Best
Mixed Use
$2.21M
$1.94M – $2.58M
NOI $154,913 @ 7.0% cap · market cap 5.53%
Theoretical Best
Specialty Retail
$12.10M
$10.59M – $14.11M
NOI $846,806 @ 7.0% cap · market cap 30.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
9,401
Businesses Nearby
Explore this area
Business Placement
Demographics for 10027, NY
64,037
Population
28,038
Households
2.3
Avg Household Size
32
Median Age
52%
College-Educated
87%
High-School Grad
0.9 sq mi
ZIP Area
71,152
Density / Sq Mi
$64,220
Median Household Income
$44,231
Median Earnings
$1,609
Median Rent
$915,000
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Owner residence sits above two independent commercial units with separate HVAC systems and flexible occupancy options.
Where is this mixed-use property located?
The property is located at 273 Lenox Avenue New York, NY.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 4860‑square‑foot mixed‑use townhouse at 273 Lenox Avenue; Two‑bedroom, two‑bathroom duplex across the upper two floors; Two separate commercial units: a street‑level storefront and second‑floor office suite
