Four-Story Mixed-Use
For Sale
$8,500,000
223-225 E 31st Street, New York City, NY 10016
Combined townhouse improvements provide commercial space, two residential apartments, parking, and additional buildable FAR.
Property Size9,071 SF
Lot Size0.07 Acres
Price / SF$937.05
Days on Market155
Property Features for 223-225 E 31st Street
General Information
Standard status
Active
Size
9,071 SF
Total Parking Spaces
1
Lot size
0.07 Acres
Property subtype
Mixed Use
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$71,172
Amenities
retractable sunroof
private terrace
skylight
sunroom
Building Details
Building Size
9,071 SF
Year Built
1920
Buildings
1
Stories
4
Construction
Anglo-Italianate
Listing Agency:
Compass
Listed By:
Percy Mori
(917) 822-1384
Source:
Philipscheinfeld
Added: Apr 10
Changed: Sep 10
Last Checked: Sep 9 at 9:51PM
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 Compass
Investment Insights
Based on property information with market context.
This four-story mixed-use property combines two adjoining townhouses under one certificate of occupancy and contains approximately 9,071 square feet. The commercial component occupies the first and second floors plus the basement, with a reception area, kitchen, two half bathrooms, three private offices, a garage parking space, and a rear studio featuring a retractable sunroof and 23-foot ceiling. The basement extends across the full lot for storage or additional functional space.
The third floor contains an approximately 1,897-square-foot apartment with two bedrooms, two bathrooms, living and dining areas, a sunroom, and a private terrace. The fourth-floor residence is approximately 1,500 square feet and includes two bedrooms, two bathrooms, a large living room with skylight, and a kitchen. The property spans 33 feet by 98 feet and includes 2,216 square feet of additional buildable FAR. It is located on East 31st Street between Second and Third Avenue in Manhattan, near NYU Langone Health, AMC Theatres, restaurants, shops, fitness studios, and neighborhood services.
The third floor contains an approximately 1,897-square-foot apartment with two bedrooms, two bathrooms, living and dining areas, a sunroom, and a private terrace. The fourth-floor residence is approximately 1,500 square feet and includes two bedrooms, two bathrooms, a large living room with skylight, and a kitchen. The property spans 33 feet by 98 feet and includes 2,216 square feet of additional buildable FAR. It is located on East 31st Street between Second and Third Avenue in Manhattan, near NYU Langone Health, AMC Theatres, restaurants, shops, fitness studios, and neighborhood services.
Key Highlights
- Approximately 9,071 square feet across four stories
- Two adjoining townhouses with one certificate of occupancy
- Commercial area spans the first and second floors plus full‑lot basement
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
$289,138
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
3.40%
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%
$5,782,760
$5.8M
Cap Rate 7%
$4,130,543
$4.1M
Cap Rate 9%
$3,212,644
$3.2M
Market Conditions
NOI Build-Up for 9,071 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
$544.3K $60.00/SF
− Vacancy
−$81.6K −$9.00/SF
EGI
$462.6K $51.00/SF
− OpEx
−$173.5K −$19.13/SF
NOI
$289.1K $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%
$5,782,760
Cap Rate 7%
$4,130,543
Cap Rate 9%
$3,212,644
Alternative Uses
Best Use
Mixed Use
$4.13M
$3.61M – $4.82M
NOI $289,138 @ 7.0% cap · market cap 3.40%
Second Best
Apartment 5plus
$4.05M
$3.55M – $4.73M
NOI $283,807 @ 7.0% cap · market cap 3.34%
Theoretical Best
Specialty Retail
$22.58M
$19.76M – $26.34M
NOI $1,580,531 @ 7.0% cap · market cap 18.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,673
Businesses Nearby
Explore this area
Business Placement
Demographics for 10016, NY
62,336
Population
36,985
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
97%
High-School Grad
0.5 sq mi
ZIP Area
124,672
Density / Sq Mi
$153,065
Median Household Income
$107,691
Median Earnings
$3,321
Median Rent
$928,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Combined townhouse improvements provide commercial space, two residential apartments, parking, and additional buildable FAR.
Where is this mixed-use property located?
The property is located at 223-225 E 31st Street New York City, NY.
What is the asking price?
The asking price for this property is $8,500,000.
What are key features of this property?
This property features: Approximately 9,071 square feet across four stories; Two adjoining townhouses with one certificate of occupancy; Commercial area spans the first and second floors plus full‑lot basement
