Medical Office Condo with Exam
For Sale
$1,388,000
198 Canal Street New York, Manhattan, NY 10013
Commercial Sale, New York (Manhattan), NY
Property Size1,847 SF
Price / SF$751.49
Days on Market1055
Property Features for 198 Canal Street New York
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C6-IG
Directions
Call listing agent.
Standard status
Active
APN
0200-1007
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12645
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Building Details
Year built
1915
Floors in Building
1
Number of units
2
Listing Agency:
EXP Realty
(888) 276-0630
Listed By:
Emily P. Koo · License #10301218036
(917) 279-0069
Added: Oct 26, 2023
Changed: Sep 1
Last Checked: Sep 14 at 3:06AM
MLS# L3513048
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,847-gross-square-foot commercial condominium is configured for medical or professional operations. The interior includes a reception area, four exam rooms, dedicated storage, and a private bathroom, providing a practical arrangement for an established or expanding practice. Baseboard heating, public sewer service, and a 1915 construction date are also documented. The property carries C6-IG zoning.
The address is on the south side of Canal Street between Mott and Mulberry Streets. It is positioned near Chinatown, SoHo, TriBeCa, and the Lower East Side, with restaurants, coffee shops, and retail in the surrounding area. The Canal Street and Centre Street subway station is two blocks away and serves the J, Z, N, Q, R, and 6 lines.
The address is on the south side of Canal Street between Mott and Mulberry Streets. It is positioned near Chinatown, SoHo, TriBeCa, and the Lower East Side, with restaurants, coffee shops, and retail in the surrounding area. The Canal Street and Centre Street subway station is two blocks away and serves the J, Z, N, Q, R, and 6 lines.
Key Highlights
- 1,847 gross SF commercial condominium
- Interior includes reception area, four exam rooms, storage, and a private bathroom
- C6‑IG zoning
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
$57,835
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
4.17%
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%
$1,156,700
$1.2M
Cap Rate 7%
$826,214
$826.2K
Cap Rate 9%
$642,611
$642.6K
Market Conditions
NOI Build-Up for 1,847 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
$95.1K $51.48/SF
− Vacancy
−$18.0K −$9.73/SF
EGI
$77.1K $41.75/SF
− OpEx
−$19.3K −$10.44/SF
NOI
$57.8K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /SF/Yr
Expense Ratio
25.00%
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%
$1,156,700
Cap Rate 7%
$826,214
Cap Rate 9%
$642,611
Alternative Uses
Best Use
Office B
$826.2K
$722.9K – $963.9K
NOI $57,835 @ 7.0% cap · market cap 4.17%
Second Best
Healthcare Medical
$786.5K
$688.2K – $917.6K
NOI $55,055 @ 7.0% cap · market cap 3.97%
Theoretical Best
Specialty Retail
$4.60M
$4.02M – $5.36M
NOI $321,821 @ 7.0% cap · market cap 23.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
36,609
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10013, NY
31,042
Population
15,933
Households
1.9
Avg Household Size
36
Median Age
72%
College-Educated
89%
High-School Grad
0.5 sq mi
ZIP Area
62,084
Density / Sq Mi
$159,474
Median Household Income
$92,765
Median Earnings
$2,378
Median Rent
$2,000,001
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured for clinical use with reception, storage, and a private bathroom.
Where is this medical office space located?
The property is located at 198 Canal Street New York Manhattan, NY.
What is the asking price?
The asking price for this property is $1,388,000.
What are key features of this property?
This property features: 1,847 gross SF commercial condominium; Interior includes reception area, four exam rooms, storage, and a private bathroom; C6‑IG zoning
