Chinatown Mixed-Use Elevator
For Sale
$7,990,000
198 Grand St, New York, NY 10013
Mixed-use building in prime location with retail and residential units.
Property Size12,373 SF
Price / SF$645.76
Days on Market140
Property Features for 198 Grand St
General Information
Standard status
Active
Size
12,373 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$352,661
Building Details
Building Size
12,373 SF
Year Built
2006
Units
6
Listing Agency:
Lin Pan Realty Group LLC
(516) 472-8112
Listed By:
Lin Lin Kuriyama
(516) 472-8112
Source:
Elliman
Added: Mar 25
Changed: Aug 8
Last Checked: Aug 8 at 6:29AM
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 Lin Pan Realty Group LLC
Investment Insights
Based on property information with market context.
This mixed-use building, constructed in 2006, is located in Chinatown and offers approximately 12,373 square feet. The elevator building features a retail component and four residential units. The ground-floor retail space generates approximately $28,000 per month. The residential units can be delivered vacant, offering potential for repositioning, rental increase, or end-user flexibility. Additional features include a private rooftop garden with open city views and private outdoor space. The building is located on Grand Street with foot traffic, surrounded by businesses, restaurants, and transportation. This property is suitable for investors seeking income with upside potential, or end-users looking for a live/work opportunity.
Key Highlights
- Strong income‑producing retail space generating approximately $28,000/month.
- Four residential units can be delivered vacant, offering significant upside potential.
- Elevator building, a rare amenity in Chinatown.
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
$394,389
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
4.94%
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%
$7,887,780
$7.9M
Cap Rate 7%
$5,634,129
$5.6M
Cap Rate 9%
$4,382,100
$4.4M
Market Conditions
NOI Build-Up for 12,373 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
$742.4K $60.00/SF
− Vacancy
−$111.4K −$9.00/SF
EGI
$631.0K $51.00/SF
− OpEx
−$236.6K −$19.13/SF
NOI
$394.4K $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%
$7,887,780
Cap Rate 7%
$5,634,129
Cap Rate 9%
$4,382,100
Alternative Uses
Best Use
Retail
$24.87M
$21.76M – $29.02M
NOI $1,741,185 @ 7.0% cap · market cap 21.79%
Second Best
Mixed Use
$5.63M
$4.93M – $6.57M
NOI $394,389 @ 7.0% cap · market cap 4.94%
Theoretical Best
Specialty Retail
$30.80M
$26.95M – $35.93M
NOI $2,155,872 @ 7.0% cap · market cap 26.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
33,012
Businesses Nearby
Explore this area
Business Placement
Demographics for 10013, NY
31,042
Population
15,933
Households
1.9
Avg Household Size
36
Median Age
72%
College-Educated
89%
High-School Grad
0.5 sq mi
ZIP Area
62,084
Density / Sq Mi
$159,474
Median Household Income
$92,765
Median Earnings
$2,378
Median Rent
$2,000,001
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building in prime location with retail and residential units.
Where is this mixed-use property located?
The property is located at 198 Grand St New York, NY.
What is the asking price?
The asking price for this property is $7,990,000.
What are key features of this property?
This property features: Strong income‑producing retail space generating approximately $28,000/month.; Four residential units can be delivered vacant, offering significant upside potential.; Elevator building, a rare amenity in Chinatown.
