Medical Office Condo
For Sale
$1,388,000
198 CANAL ST Unit 303 &304, New York, NY 10013
Turnkey medical/professional condo with a reception area, four exam rooms, private bathroom, and storage.
Property Size1,847 SF
Price / SF$751.49
Days on Market1011
Property Features for 198 CANAL ST Unit 303 &304
General Information
Standard status
Active
Size
1,847 SF
Property subtype
Office
Amenities
3
Listing Agency:
EXP Realty
(888) 276-0630
Listed By:
Emily Koo · License #10301218036
Source:
Xome
Added: Oct 24, 2023
Changed: Jul 27
Last Checked: Jul 30 at 3:39AM
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 EXP Realty
Investment Insights
Based on property information with market context.
This turnkey commercial condo totals 1,847 gross square feet and is configured for medical or professional use. The interior layout includes a reception area, four exam rooms, a private bathroom, and ample storage for medical supplies and equipment.
The property is located on Canal Street’s south side in Chinatown, situated between Mott and Mulberry Streets. Nearby transit includes the Canal Street & Centre Street subway station, approximately two blocks away, with service on the J, Z, N, Q, R, and 6 lines.
Units 303 and 304 are offered together as part of the condo suite, providing a cohesive space for day-to-day operations within a built-out medical/professional environment.
The property is located on Canal Street’s south side in Chinatown, situated between Mott and Mulberry Streets. Nearby transit includes the Canal Street & Centre Street subway station, approximately two blocks away, with service on the J, Z, N, Q, R, and 6 lines.
Units 303 and 304 are offered together as part of the condo suite, providing a cohesive space for day-to-day operations within a built-out medical/professional environment.
Key Highlights
- 1847 gross SF commercial condo with turnkey build‑out for medical or professional use
- Reception area plus four exam rooms
- Private bathroom included
Financial Insights For Office B
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 | $95.1k | $51.48 |
| − Vacancy | −$18.0k | −$9.73 |
| EGI | $77.1k | $41.75 |
| − OpEx | −$19.3k | −$10.44 |
| NOI | $57.8k | $31.31 |
1,847 SF · lease $51.48/SF/yr · vacancy 18.90% · expense 25.00%
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
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Turnkey medical/professional condo with a reception area, four exam rooms, private bathroom, and storage.
Where is this medical office space located?
The property is located at 198 CANAL ST Unit 303 &304 New York, 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: 1847 gross SF commercial condo with turnkey build‑out for medical or professional use; Reception area plus four exam rooms; Private bathroom included
