Mixed-Use Walk-Up Development
For Sale
Contact for pricing
1737 2nd Ave, New York, NY 10128
Fully occupied mixed-use walk-up on a 25-foot by 75-foot lot with Second Avenue frontage in C2-8 zoning.
Property Size7,500 SF
Lot Size0.04 Acres
Price / SF$733.33
Days on Market145
Property Features for 1737 2nd Ave
General Information
Standard status
Active
Size
7,500 SF
Class
C
Lot size
0.04 Acres
Property subtype
Mixed Use, Multifamily
Zoning
C2-8
Occupancy
100%
Building Details
Year Built
1920
Buildings
1
Stories
5
Units
10
Listing Agency:
Capital Realty Investors, Inc
Listed By:
Flavia Zaguini · License #10311210405
Source:
Crexi
Added: Apr 17
Changed: Aug 24
Last Checked: Sep 8 at 8:37AM
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 Capital Realty Investors, Inc
Investment Insights
Based on property information with market context.
1737 Second Avenue is a fully occupied mixed-use walk-up building located in the Upper East Side/Yorkville area. The property sits on a 25-foot by 75-foot lot and provides 25 feet of frontage on Second Avenue. The asset includes approximately 11,250 square feet of unused development rights (“Air Rights”) in C2-8 zoning.
The building is positioned between 89th and 90th Streets, steps from Ruppert Park at the corner of 90th Street and 2nd Avenue, and near the 86th Street/2nd Avenue Q-Train Station.
With existing occupancy and a development component through unused air rights, the property offers a straightforward mixed-use hold with additional flexibility tied to the included development rights.
The building is positioned between 89th and 90th Streets, steps from Ruppert Park at the corner of 90th Street and 2nd Avenue, and near the 86th Street/2nd Avenue Q-Train Station.
With existing occupancy and a development component through unused air rights, the property offers a straightforward mixed-use hold with additional flexibility tied to the included development rights.
Key Highlights
- Fully occupied mixed‑use walk‑up building on a 25' x 75' lot in C2‑8 zoning
- 25 feet of frontage on Second Avenue
- Approximately 11,250 SF of unused development rights (air rights)
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
$234,161
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
4.26%
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%
$4,683,220
$4.7M
Cap Rate 7%
$3,345,157
$3.3M
Cap Rate 9%
$2,601,789
$2.6M
Market Conditions
NOI Build-Up for 7,500 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
$449.1K $59.88/SF
− Vacancy
−$23.4K −$3.11/SF
EGI
$425.7K $56.77/SF
− OpEx
−$191.6K −$25.54/SF
NOI
$234.2K $31.22/SF
Area
ZIP 10128
Vacancy
5.20%
Lease Rate
$59.88 /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%
$4,683,220
Cap Rate 7%
$3,345,157
Cap Rate 9%
$2,601,789
Alternative Uses
Best Use
Apartment 5plus
$3.35M
$2.93M – $3.90M
NOI $234,161 @ 7.0% cap · market cap 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.33M
$4.67M – $6.22M
NOI $373,278 @ 7.0% cap · market cap 6.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
16,242
Businesses Nearby
Explore this area
Business Placement
Demographics for 10128, NY
64,249
Population
35,940
Households
1.8
Avg Household Size
38
Median Age
77%
College-Educated
96%
High-School Grad
0.5 sq mi
ZIP Area
128,498
Density / Sq Mi
$148,705
Median Household Income
$103,078
Median Earnings
$2,648
Median Rent
$1,295,600
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Fully occupied mixed-use walk-up on a 25-foot by 75-foot lot with Second Avenue frontage in C2-8 zoning.
Where is this residential income property located?
The property is located at 1737 2nd Ave New York, NY.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Fully occupied mixed‑use walk‑up building on a 25' x 75' lot in C2‑8 zoning; 25 feet of frontage on Second Avenue; Approximately 11,250 SF of unused development rights (air rights)
