Mixed-Use Retail and Residential
For Sale
Contact for pricing
1631-1637 Park Avenue New York, Ny, NY 10029
Mixed-use building with four street-level storefronts and two vacant upper floors, including a built-out bar with basement space.
Property Size6,200 SF
Lot Size0.06 Acres
Price / SF$629.03
Days on Market185
Property Features for 1631-1637 Park Avenue New York
General Information
Standard status
Active
Size
6,200 SF
Class
C
Lot size
0.06 Acres
Property subtype
Mixed Use
Zoning
Commercial
Investment Type
Value Add
Building Details
Year Built
1910
Year Renovated
2025
Buildings
1
Stories
1
Units
4
Construction
Masonry
Tenancy
Multi
Listing Agency:
Met Business Capital
Listed By:
Louis Posner · License #35PO1180533
Source:
Crexi
Added: Feb 7
Changed: Aug 10
Last Checked: Aug 10 at 11:20AM
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 Met Business Capital
Investment Insights
Based on property information with market context.
This mixed-use building is a masonry, 3-story structure with retail use at street level and two upper floors currently vacant. The ground level includes four storefront spaces; one is fully built out as a bar with basement and sub-basement. The upper two floors are vacant, and there is no internal access to these areas.
The exterior staircase permit has already been obtained, providing a path for connecting access from the street level to the upper floors. The property includes frontage of approximately 18 feet on E 116th St and approximately 80 feet on Park Ave. The site is a corner lot.
The building supports modified gross service type and has no elevators. Constructed in 1910, it is classified as a Class C building with an indicated building height of 46 feet. Smallest retail space and maximum contiguous retail space are both listed at 1,800 SF, with one retail space available.
The exterior staircase permit has already been obtained, providing a path for connecting access from the street level to the upper floors. The property includes frontage of approximately 18 feet on E 116th St and approximately 80 feet on Park Ave. The site is a corner lot.
The building supports modified gross service type and has no elevators. Constructed in 1910, it is classified as a Class C building with an indicated building height of 46 feet. Smallest retail space and maximum contiguous retail space are both listed at 1,800 SF, with one retail space available.
Key Highlights
- Mixed‑use building with four street‑level storefronts and two vacant upper floors for future build‑out or redevelopment
- Built‑out bar on the ground floor includes basement and sub‑basement space
- Urban GLA 1,800 SF; 3 stories; masonry construction; built in 1910; no elevators
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
$236,436
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
6.06%
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%
$4,728,720
$4.7M
Cap Rate 7%
$3,377,657
$3.4M
Cap Rate 9%
$2,627,067
$2.6M
Market Conditions
NOI Build-Up for 6,200 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
$446.4K $72.00/SF
− Vacancy
−$16.5K −$2.66/SF
EGI
$429.9K $69.34/SF
− OpEx
−$193.4K −$31.20/SF
NOI
$236.4K $38.13/SF
Area
ZIP 10029
Vacancy
3.70%
Lease Rate
$72.00 /SF/Yr
Expense Ratio
45.00%
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%
$4,728,720
Cap Rate 7%
$3,377,657
Cap Rate 9%
$2,627,067
Alternative Uses
Best Use
Specialty Retail
$22.12M
$19.36M – $25.81M
NOI $1,548,450 @ 7.0% cap · market cap 39.70%
Second Best
Retail
$17.02M
$14.89M – $19.86M
NOI $1,191,330 @ 7.0% cap · market cap 30.55%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
10,847
Businesses Nearby
Explore this area
Business Placement
Demographics for 10029, NY
78,141
Population
36,955
Households
2.1
Avg Household Size
36
Median Age
36%
College-Educated
78%
High-School Grad
1.2 sq mi
ZIP Area
65,118
Density / Sq Mi
$38,308
Median Household Income
$41,951
Median Earnings
$1,183
Median Rent
$818,100
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Mixed-use property - Mixed-use building with four street-level storefronts and two vacant upper floors, including a built-out bar with basement space.
Where is this mixed-use property located?
The property is located at 1631-1637 Park Avenue New York Ny, NY.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: Mixed‑use building with four street‑level storefronts and two vacant upper floors for future build‑out or redevelopment; Built‑out bar on the ground floor includes basement and sub‑basement space; Urban GLA 1,800 SF; 3 stories; masonry construction; built in 1910; no elevators
