East Harlem Mixed-Use
For Sale
Contact for pricing
1873 Lexington Ave, New York, NY 10035
Four-unit building with retail, commercial, and residential spaces.
Property Size3,612 SF
Lot Size0.04 Acres
Price / SF$539.87
Days on Market654
Property Features for 1873 Lexington Ave
General Information
Standard status
Active
Size
3,612 SF
Lot size
0.04 Acres
Property subtype
Mixed Use
Zoning
R9, C2-5, EHC
Investment Type
Value Add
Building Details
Units
4
Listing Agency:
Brax Realty Group LLC
(646) 668-4801
Listed By:
Alan Stenson · License #NY 10401274397
Source:
Crexi
Added: Nov 6, 2024
Changed: Aug 17
Last Checked: Aug 22 at 5:54AM
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 Brax Realty Group LLC
Investment Insights
Based on property information with market context.
Located in the East Harlem neighborhood of Manhattan, the property at 1873 Lexington Avenue is a four-story brick building. It contains four units: one retail unit on the first floor/street level, one commercial unit on the second floor, and two residential free-market units. The building has a total of 3,612 square feet and sits on a 1,806 square foot lot with dimensions of 21ft x 86ft. The property also has approximately 10,632 square feet of additional air rights. This property presents an opportunity for an investor seeking to add value or for an end-user.
Key Highlights
- Located in East Harlem, Manhattan
- Four‑story brick building with a mix of retail, commercial, and residential units
- Includes one retail unit and one commercial unit
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
$115,133
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
5.90%
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%
$2,302,660
$2.3M
Cap Rate 7%
$1,644,757
$1.6M
Cap Rate 9%
$1,279,256
$1.3M
Market Conditions
NOI Build-Up for 3,612 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
$216.7K $60.00/SF
− Vacancy
−$32.5K −$9.00/SF
EGI
$184.2K $51.00/SF
− OpEx
−$69.1K −$19.13/SF
NOI
$115.1K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,302,660
Cap Rate 7%
$1,644,757
Cap Rate 9%
$1,279,256
Alternative Uses
Best Use
Mixed Use
$1.64M
$1.44M – $1.92M
NOI $115,133 @ 7.0% cap · market cap 5.90%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.99M
$7.87M – $10.49M
NOI $629,355 @ 7.0% cap · market cap 32.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,943
Businesses Nearby
Explore this area
Business Placement
Demographics for 10035, NY
35,980
Population
16,340
Households
2.2
Avg Household Size
38
Median Age
31%
College-Educated
76%
High-School Grad
1.4 sq mi
ZIP Area
25,700
Density / Sq Mi
$40,556
Median Household Income
$44,042
Median Earnings
$1,283
Median Rent
$663,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four-unit building with retail, commercial, and residential spaces.
Where is this mixed-use property located?
The property is located at 1873 Lexington Ave New York, NY.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Located in East Harlem, Manhattan; Four‑story brick building with a mix of retail, commercial, and residential units; Includes one retail unit and one commercial unit
