Chinatown Mixed-Use Building with
For Sale
$7,990,000
198 Grand Street New York, Manhattan, NY 10013
MULTI_FAMILY - New York (Manhattan), NY
Property Size12,373 SF
Price / SF$645.76
Days on Market142
Property Features for 198 Grand Street New York
General Information
Property type
Residential Multi Family
Property subtype
Other
Standard status
Active
APN
0471-0054
Size
12,373 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
352661
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Separate Meters
Water source
Public
Building Details
Year built
2006
Number of units
6
Building materials
Brick
Listing Agency:
Lin Pan Realty Group LLC
(516) 693-9888
Listed By:
Lin Lin Kuriyama
(516) 472-8112
Added: Mar 23
Changed: May 12
Last Checked: Aug 11 at 6:06PM
MLS# 975167
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 mixed-use building is located in Chinatown and features approximately 12,373 square feet. The building includes elevator access and multiple outdoor spaces, including a rooftop garden. The retail component generates approximately $28,000 per month in income. The residential units are subject to rent stabilization regulations, including restrictions through March 15, 2029. There are currently four vacant residential units that are not generating income. The property offers a potential value-add opportunity through the lease-up of vacant units and long-term repositioning. The property is to be sold as-is. All measurements are approximate.
Key Highlights
- Prime mixed‑use building in the heart of Chinatown.
- Significant retail income of approximately $28,000/month.
- Elevator access and multiple outdoor spaces, including a rooftop garden.
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
$394,389
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
4.94%
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%
$7,887,780
$7.9M
Cap Rate 7%
$5,634,129
$5.6M
Cap Rate 9%
$4,382,100
$4.4M
Market Conditions
NOI Build-Up for 12,373 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
$742.4K $60.00/SF
− Vacancy
−$111.4K −$9.00/SF
EGI
$631.0K $51.00/SF
− OpEx
−$236.6K −$19.13/SF
NOI
$394.4K $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%
$7,887,780
Cap Rate 7%
$5,634,129
Cap Rate 9%
$4,382,100
Alternative Uses
Best Use
Retail
$24.87M
$21.76M – $29.02M
NOI $1,741,185 @ 7.0% cap · market cap 21.79%
Second Best
Mixed Use
$5.63M
$4.93M – $6.57M
NOI $394,389 @ 7.0% cap · market cap 4.94%
Theoretical Best
Specialty Retail
$30.80M
$26.95M – $35.93M
NOI $2,155,872 @ 7.0% cap · market cap 26.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
33,012
Businesses Nearby
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 Multifamily in Northeast region
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 - Mixed-use building with retail income and residential units.
Where is this mixed-use property located?
The property is located at 198 Grand Street New York Manhattan, NY.
What is the asking price?
The asking price for this property is $7,990,000.
What are key features of this property?
This property features: Prime mixed‑use building in the heart of Chinatown.; Significant retail income of approximately $28,000/month.; Elevator access and multiple outdoor spaces, including a rooftop garden.
