Medical Office Condo with Exam
For Sale
$1,388,000
198 Canal Street #303 &304 New York, New York, NY 10013
Configured with a reception area, four exam rooms, storage, and a private bathroom.
Property Size1,847 SF
Price / SF$751.49
Days on Market1041
Property Features for 198 Canal Street #303 &304 New York
General Information
Standard status
Active
Size
1,847 SF
Property subtype
Commercial
Zoning
C6-IG
Additional Details
Public Transit
Yes
Office Units
1
Taxes and HOA fees
Annual Taxes
$12,046
Building Details
Building Size
1,847 SF
Stories
6
Units
2
Listing Agency:
EXP Realty
(888) 276-0630
Listed By:
Emily P. Koo · License #10301218036
Source:
Cornerstonemyhome
Added: Oct 26, 2023
Changed: Aug 29
Last Checked: Aug 30 at 5:46PM
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 EXP Realty
Investment Insights
Based on property information with market context.
This 1,847 gross square foot commercial condominium is arranged for medical or professional occupancy, with a reception area, four exam rooms, dedicated storage, and a private bathroom. The layout provides practical support space for a practice requiring patient-facing rooms and on-site storage.
The property is located at 198 Canal Street on the south side of Canal Street, between Mott and Mulberry Streets, within Chinatown. The surrounding area includes restaurants, coffee shops, and retail businesses, with proximity to Chinatown, SoHo, TriBeCa, and the Lower East Side. Canal Street and Centre Street subway station is two blocks away, with access to the J, Z, N, Q, R, and 6 lines. The property is zoned C6-IG.
The property is located at 198 Canal Street on the south side of Canal Street, between Mott and Mulberry Streets, within Chinatown. The surrounding area includes restaurants, coffee shops, and retail businesses, with proximity to Chinatown, SoHo, TriBeCa, and the Lower East Side. Canal Street and Centre Street subway station is two blocks away, with access to the J, Z, N, Q, R, and 6 lines. The property is zoned C6-IG.
Key Highlights
- 1,847 gross SF commercial condominium
- Four exam rooms with reception area
- Dedicated storage for medical supplies and equipment
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
$57,835
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
4.17%
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%
$1,156,700
$1.2M
Cap Rate 7%
$826,214
$826.2K
Cap Rate 9%
$642,611
$642.6K
Market Conditions
NOI Build-Up for 1,847 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
$95.1K $51.48/SF
− Vacancy
−$18.0K −$9.73/SF
EGI
$77.1K $41.75/SF
− OpEx
−$19.3K −$10.44/SF
NOI
$57.8K $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%
$1,156,700
Cap Rate 7%
$826,214
Cap Rate 9%
$642,611
Alternative Uses
Best Use
Office B
$826.2K
$722.9K – $963.9K
NOI $57,835 @ 7.0% cap · market cap 4.17%
Second Best
Healthcare Medical
$786.5K
$688.2K – $917.6K
NOI $55,055 @ 7.0% cap · market cap 3.97%
Theoretical Best
Specialty Retail
$4.60M
$4.02M – $5.36M
NOI $321,821 @ 7.0% cap · market cap 23.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
31,868
Businesses Nearby
Under-served
Demand for This Use
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured with a reception area, four exam rooms, storage, and a private bathroom.
Where is this medical office space located?
The property is located at 198 Canal Street #303 &304 New York New York, NY.
What is the asking price?
The asking price for this property is $1,388,000.
What are key features of this property?
This property features: 1,847 gross SF commercial condominium; Four exam rooms with reception area; Dedicated storage for medical supplies and equipment
