Harlem Mixed-Use Investment
303 W 116th St New York, NY 10026
303 W 116th St, New York, NY, 10026
$2,888,000
For Sale
$2,888,000
Five-story building with retail and residential units in South Harlem.
Property Size6,590 SF
Lot Size0.05 Acres
Price / SF$438.24
Days on Market134
Property Features for 303 W 116th St
General Information
- Standard status
- Active
- Size
- 6,590 SF
- Lot size
- 0.05 Acres
- Property subtype
- Commercial
Building Details
- Year Built
- 1910
Listing agency
RE/MAX Distinguished Homes & Properties
(816) 812-6240
Listed by
Ayleen Aybar · License #1040129216
(816) 812-6240
Source
Elliman
Added: Mar 10 Updated: Jul 10 at 3:48PM Checked: Jul 21 at 7:03AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Distinguished Homes & Properties
Investment Insights
Based on property information with market context.
This five-story brick building in South Harlem presents a mixed-use opportunity with both residential and commercial components. The property features four full-floor residential apartments situated above a ground-floor retail space. The building has a brick facade, hardwood floors, and high ceilings. The ground-floor commercial space benefits from high visibility and foot traffic. A full basement with direct access to the backyard offers potential for storage, expansion, or additional use. Built on a lot measuring approximately 20 feet by 100.92 feet, the building footprint is approximately 20 feet by 63 feet, totaling over 6,590 square feet. The property is located on one of Harlem’s busiest East-West corridors, with convenient access to the B/C trains and proximity to the 2/3 lines. It is also located near Columbia University, Morningside Park, and the dining options on Frederick Douglass Blvd. The zoning is R7A / R8A with a C1-4 commercial overlay.
Key Highlights
- Turnkey, income‑producing mixed‑use property with retail and residential units in South Harlem.
- High‑visibility ground floor retail space on a busy East‑West corridor.
- Strong potential to add value through renovation or reconfiguration of vacant residential units.
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $395.4k | $60.00 |
| − Vacancy | −$59.3k | −$9.00 |
| EGI | $336.1k | $51.00 |
| − OpEx | −$126.0k | −$19.13 |
| NOI | $210.1k | $31.88 |
6,590 SF · lease $60.00/SF/yr · vacancy 15.00% · expense 37.50%
Alternative Uses
Best Use
Retail
$13.25M
$11.59M – $15.46M
NOI $927,375 @ 7.0% cap · market cap 32.11%
Second Best
Mixed Use
$3.00M
$2.63M – $3.50M
NOI $210,056 @ 7.0% cap · market cap 7.27%
Theoretical Best
Specialty Retail
$16.40M
$14.35M – $19.14M
NOI $1,148,242 @ 7.0% cap · market cap 39.76%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Storefront properties
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Five-story building with retail and residential units in South Harlem.
Where is this mixed-use property located?
The property is located at 303 W 116th St New York, NY.
What is the asking price?
The asking price for this property is $2,888,000.
What are key features of this property?
This property features: Turnkey, income‑producing mixed‑use property with retail and residential units in South Harlem.; High‑visibility ground floor retail space on a busy East‑West corridor.; Strong potential to add value through renovation or reconfiguration of vacant residential units.
