1882 Park Ave, New York, NY 10035
Three-story commercial building in East Harlem, delivered vacant.
- Added:
- May 23, 2023
- Days on Market:
- 1142
- Last Refresh:
- Jun 25 at 11:56 am
Property Features for 1882 Park Ave
General Information
- Standard status
- Active
- Size
- 4,655 SF
- Property subtype
- Industrial
Listing office Highcap Group
Listing date May 23, 2023
Source Crexi
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 Highcap Group
HighLights
- Delivered Vacant: Ideal for immediate use, development, or repositioning.
- High Development Potential: 10,400 BSF Residential and 13,830 BSF Commercial potential due to M1‑6/R9 zoning.
- Recently Renovated: Upgraded electrical, mechanical systems, HVAC, video surveillance, and hardwood floors.
- Versatile 3‑Story Commercial Building: Suitable for various uses with office space and a ground floor garage/industrial area.
- Spacious Interiors: 3,990 SF building with 11’-12’ ceilings throughout.
- Convenient Ground Floor Access: Garage/Industrial space with a driving door.
Overview
Local Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $279.3k | $60.00 |
| − Vacancy | −$41.9k | −$9.00 |
| EGI | $237.4k | $51.00 |
| − OpEx | −$89.0k | −$19.13 |
| NOI | $148.4k | $31.88 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9368
- Latitude
- 40.8022
