East Harlem Commercial Building
For Sale
Contact for pricing
1882 Park Ave, New York, NY 10035
Three-story commercial building in East Harlem, delivered vacant.
Property Size4,655 SF
Price / SF$408.16
Days on Market1188
Property Features for 1882 Park Ave
General Information
Standard status
Active
Size
4,655 SF
Class
A
Property subtype
Industrial
Zoning
M1-6/R9
Lease Type
Modified Gross
Net Operating Income
$132,717
Building Details
Stories
3
Listing Agency:
Highcap Group
Listed By:
Anthony Volman · License #NY
Source:
Crexi
Added: May 23, 2023
Changed: Aug 17
Last Checked: Aug 20 at 5:43AM
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
Investment Insights
Based on property information with market context.
This is a 3-story commercial building located in East Harlem. The building offers 3,990 square feet with an additional 665 square feet below grade. Ceiling heights range from 11 to 12 feet throughout the building. The ground floor features a garage/industrial space with a driving door. The second and third floors are configured as office spaces. The property has 20 feet of frontage and is zoned M1-6/R9. It will be delivered vacant. The building has been recently renovated and includes upgraded electrical and mechanical systems, HVIC, video surveillance, and hardwood floors. The building offers 10,400 BSF for residential use and 13,830 BSF for commercial use. This property presents a user, development, or reposition opportunity.
Key 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.
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
$148,378
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
7.81%
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%
$2,967,560
$3.0M
Cap Rate 7%
$2,119,686
$2.1M
Cap Rate 9%
$1,648,644
$1.6M
Market Conditions
NOI Build-Up for 4,655 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
$279.3K $60.00/SF
− Vacancy
−$41.9K −$9.00/SF
EGI
$237.4K $51.00/SF
− OpEx
−$89.0K −$19.13/SF
NOI
$148.4K $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%
$2,967,560
Cap Rate 7%
$2,119,686
Cap Rate 9%
$1,648,644
Alternative Uses
Best Use
Mixed Use
$2.12M
$1.85M – $2.47M
NOI $148,378 @ 7.0% cap · market cap 7.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$11.59M
$10.14M – $13.52M
NOI $811,087 @ 7.0% cap · market cap 42.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,202
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-story commercial building in East Harlem, delivered vacant.
Where is this mixed-use property located?
The property is located at 1882 Park Ave New York, NY.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 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.
