Medical Office
For Sale
$1,388,000
198 Canal Street #303 &304 New York, New York, NY 10013
Four exam rooms, a reception area, storage, and a private bathroom serve medical or professional occupancy.
Property Size1,847 SF
Price / SF$751.49
Days on Market1095
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
Site & Location
Neighborhood
Downtown
Public Transit
Yes
Additional Details
Condition
Turnkey
Taxes and HOA fees
Annual Taxes
$12,645
Building Details
Building Size
1,847 SF
Year Built
1915
Stories
6
Units
2
Listed By:
Gail Leone
(914) 723-8228
Source:
Clairedleone
Added: Oct 26, 2023
Changed: Oct 23
Last Checked: Oct 23 at 5:12PM
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 Gail Leone
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Investment Insights
Based on property information with market context.
This 1,847-square-foot medical office condominium at 198 Canal Street, #303 & 304, includes a reception area, four exam rooms, storage, and a private bathroom. The building dates to 1915, and the property is zoned C6-IG. Medical and professional uses are identified for the space.
The unit is on the south side of Canal Street between Mott and Mulberry Streets. The Canal Street and Centre Street subway station is two blocks away, with service on the J, Z, N, Q, R, and 6 lines.
The unit is on the south side of Canal Street between Mott and Mulberry Streets. The Canal Street and Centre Street subway station is two blocks away, with service on the J, Z, N, Q, R, and 6 lines.
Key Highlights
- 1,847 gross square feet in a medical office condominium
- Four exam rooms, reception area, storage, and private bathroom
- Located at 198 Canal Street, #303 & 304, between Mott and Mulberry Streets
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,835
Cap Rate
4.17%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Current Use
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
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- URvet Care Tribeca — 200 Chambers St, New York, NY 10007
- Eye Care For Animals NYC — 146 Reade St, New York, NY 10013
Frequently Asked Questions
What type of property is this?
Medical Office Space - Four exam rooms, a reception area, storage, and a private bathroom serve medical or professional occupancy.
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 square feet in a medical office condominium; Four exam rooms, reception area, storage, and private bathroom; Located at 198 Canal Street, #303 & 304, between Mott and Mulberry Streets
