Move-In Ready Office Condo
For Sale
$950,000
128 Mott St 302, New York, NY 10013
Move-in ready office condo with approximately 1,200 SF and immediate occupancy, positioned for professional service use.
Property Size1,197 SF
Price / SF$791.67
Days on Market115
Property Features for 128 Mott St 302
General Information
Standard status
Active
Size
1,197 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$11,035
Building Details
Building Size
1,197 SF
Year Built
1912
Listing Agency:
RE/MAX Edge
(718) 612-3088
Listed By:
Dazhi (Simon) Su · License #10401312047
(718) 612-3088
Source:
Elliman
Added: Apr 28
Changed: Aug 7
Last Checked: Aug 20 at 8:29AM
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 RE/MAX Edge
Investment Insights
Based on property information with market context.
Prime commercial condo office suite at 128 Mott St #302, offered for sale with approximately 1,200 SF of move-in ready space and no renovation required. Immediate occupancy is available, making it well-suited for professional uses such as medical offices, travel agencies, accounting firms, yoga studios, or other professional services.
Located in Manhattan’s Little Italy and Chinatown, the unit benefits from strong foot traffic and excellent accessibility within a vibrant commercial corridor. The area is surrounded by busy restaurants, retail, and residential buildings. Transit, walking, and biking accessibility are reflected in a 100 WalkScore, 100 TransitScore, and 94 BikeScore.
Located in Manhattan’s Little Italy and Chinatown, the unit benefits from strong foot traffic and excellent accessibility within a vibrant commercial corridor. The area is surrounded by busy restaurants, retail, and residential buildings. Transit, walking, and biking accessibility are reflected in a 100 WalkScore, 100 TransitScore, and 94 BikeScore.
Key Highlights
- Approximately 1,200 SF commercial condo unit at 128 Mott St #302 in New York, NY 10013
- Move‑in ready with no renovation required
- Immediate occupancy available
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
$37,575
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
3.96%
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%
$751,500
$751.5K
Cap Rate 7%
$536,786
$536.8K
Cap Rate 9%
$417,500
$417.5K
Market Conditions
NOI Build-Up for 1,200 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
$61.8K $51.48/SF
− Vacancy
−$11.7K −$9.73/SF
EGI
$50.1K $41.75/SF
− OpEx
−$12.5K −$10.44/SF
NOI
$37.6K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /SF/Yr
Expense Ratio
25.00%
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%
$751,500
Cap Rate 7%
$536,786
Cap Rate 9%
$417,500
Alternative Uses
Best Use
Office B
$536.8K
$469.7K – $626.3K
NOI $37,575 @ 7.0% cap · market cap 3.96%
Second Best
Healthcare Medical
$511.0K
$447.1K – $596.2K
NOI $35,770 @ 7.0% cap · market cap 3.77%
Theoretical Best
Specialty Retail
$2.99M
$2.61M – $3.48M
NOI $209,088 @ 7.0% cap · market cap 22.01%
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 Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Move-in ready office condo with approximately 1,200 SF and immediate occupancy, positioned for professional service use.
Where is this office units located?
The property is located at 128 Mott St 302 New York, NY.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Approximately 1,200 SF commercial condo unit at 128 Mott St #302 in New York, NY 10013; Move‑in ready with no renovation required; Immediate occupancy available
