Four-Story Mixed-Use
For Sale
$8,500,000
223-225 E 31st Street, New York, NY 10016
Commercial Sale, New York, NY
Property Size9,071 SF
Lot Size0.07 Acres
Price / SF$1,044
Days on Market154
Property Features for 223-225 E 31st Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 4, Bathroom 1, Bathroom 3
Subdivision
Kips Bay
High school district
000000
Standard status
Active
Size
8,141 SF
Lot size
0.07 Acres
Amenities
retractable sunroof
private terrace
sunroom
skylight
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Percy Mori
(917) 822-1384
Added: Apr 10
Changed: Sep 9
Last Checked: Sep 10 at 6:06AM
MLS# 11689780
Copyright © 2026 My State 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 four-story mixed-use property combines two connected townhouses under one certificate of occupancy, with a 33-foot width and 98-foot depth. The commercial component spans the first and second floors plus the basement and includes a reception area, kitchen, two half bathrooms, three private offices, one on-site garage parking space, and a full-lot basement. A rear studio measures approximately 23 feet high, 42 feet long, and 30 feet wide, with a retractable sunroof. The second floor also includes hardwood-floored rooms, a full bathroom, and multipaned windows.
The third floor contains an approximately 1,897-square-foot apartment with two bedrooms, two bathrooms, a living-dining area, sunroom, and private terrace. The fourth floor is an approximately 1,500-square-foot, two-bedroom, two-bath apartment with a skylit living room and large kitchen. Additional buildable FAR totals 2,216 square feet. The property is located at 223-225 E 31st Street between Second and Third Avenue, near NYU Langone Health, AMC Theatres, restaurants, shops, supermarkets, cafes, and fitness studios.
The third floor contains an approximately 1,897-square-foot apartment with two bedrooms, two bathrooms, a living-dining area, sunroom, and private terrace. The fourth floor is an approximately 1,500-square-foot, two-bedroom, two-bath apartment with a skylit living room and large kitchen. Additional buildable FAR totals 2,216 square feet. The property is located at 223-225 E 31st Street between Second and Third Avenue, near NYU Langone Health, AMC Theatres, restaurants, shops, supermarkets, cafes, and fitness studios.
Key Highlights
- Two connected townhouses under one certificate of occupancy
- 33 feet wide by 98 feet deep
- Approximately 9,071 square feet with 2,216 square feet of additional buildable FAR
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
$259,494
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
3.05%
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%
$5,189,880
$5.2M
Cap Rate 7%
$3,707,057
$3.7M
Cap Rate 9%
$2,883,267
$2.9M
Market Conditions
NOI Build-Up for 8,141 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
$488.5K $60.00/SF
− Vacancy
−$73.3K −$9.00/SF
EGI
$415.2K $51.00/SF
− OpEx
−$155.7K −$19.13/SF
NOI
$259.5K $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%
$5,189,880
Cap Rate 7%
$3,707,057
Cap Rate 9%
$2,883,267
Alternative Uses
Best Use
Mixed Use
$3.71M
$3.24M – $4.32M
NOI $259,494 @ 7.0% cap · market cap 3.05%
Second Best
Office B
$3.64M
$3.19M – $4.25M
NOI $254,917 @ 7.0% cap · market cap 3.00%
Theoretical Best
Specialty Retail
$20.26M
$17.73M – $23.64M
NOI $1,418,488 @ 7.0% cap · market cap 16.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
60,751
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two connected townhouses combine commercial space, residential apartments, parking, and a private terrace in Murray Hill.
Where is this mixed-use property located?
The property is located at 223-225 E 31st Street New York, 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: Two connected townhouses under one certificate of occupancy; 33 feet wide by 98 feet deep; Approximately 9,071 square feet with 2,216 square feet of additional buildable FAR
