Medical Office
For Sale
$1,388,000
Ste-303-198 Canal St, New York, NY
Condominium medical office with reception, exam rooms, storage, and a private bathroom for professional practice use.
Property Size1,847 SF
Price / SF$751.49
Days on Market1041
Property Features for Ste-303-198 Canal St
General Information
Standard status
Active
Size
1,847 SF
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$12,046
Listing Agency:
EXP REALTY
(888) 276-0630
Listed By:
Emily P. Koo · License #10301218036
(888) 276-0630
Source:
Exprealty
Added: Oct 26, 2023
Changed: Aug 30
Last Checked: Jul 18 at 8:19AM
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 medical office condominium contains 1,847 gross square feet arranged for clinical or professional operations. The interior includes a reception area, four exam rooms, dedicated storage, and a private bathroom, providing a practical layout for a medical practice or other professional office use.
The property is at 198 Canal St 303 &304 in New York, positioned on the south side of Canal Street between Mott and Mulberry Streets. Canal Street and Centre Street subway service is two blocks away, with access to the J, Z, N, Q, R, and 6 lines. The surrounding Chinatown setting includes restaurants, coffee shops, and retail businesses, with SoHo, TriBeCa, and the Lower East Side nearby.
The property is at 198 Canal St 303 &304 in New York, positioned on the south side of Canal Street between Mott and Mulberry Streets. Canal Street and Centre Street subway service is two blocks away, with access to the J, Z, N, Q, R, and 6 lines. The surrounding Chinatown setting includes restaurants, coffee shops, and retail businesses, with SoHo, TriBeCa, and the Lower East Side nearby.
Key Highlights
- 1,847 gross square feet of medical office condominium space
- Reception area, four exam rooms, storage, and private bathroom
- Located at 198 Canal St 303 &304, New York, NY 10013
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
Location Intelligence
Trade Area within ½ mile
30,992
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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 - Condominium medical office with reception, exam rooms, storage, and a private bathroom for professional practice use.
Where is this medical office space located?
The property is located at Ste-303-198 Canal St 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 square feet of medical office condominium space; Reception area, four exam rooms, storage, and private bathroom; Located at 198 Canal St 303 &304, New York, NY 10013
