Corner Mixed-Use Development
For Sale
Contact for pricing
2256 3rd Avenue, New York City, NY 10035
Corner mixed-use portfolio offering a defined buildable development footprint.
Property Size25,200 SF
Price / SF$367.06
Days on Market67
Property Features for 2256 3rd Avenue
General Information
Standard status
Active
Size
25,200 SF
Property subtype
Mixed Use
Zoning
C4-6 / EHC (MIH)
Investment Type
Redevelopment
Building Details
Buildings
2
Units
9
Tenancy
Multi
Listing Agency:
Ariel Property Advisors
Listed By:
Victor Sozio · License #NY 10301211469
(212) 544-9500
Source:
Crexi
Added: Jul 3
Changed: Aug 14
Last Checked: Sep 6 at 9:20PM
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 Ariel Property Advisors
Investment Insights
Based on property information with market context.
Corner mixed-use portfolio presented for sale with long-term development potential. The offering is described as having approximately 76,000 buildable square feet.
The property is located at 2256–2260 3rd Avenue in East Harlem, Northern Manhattan.
The property is located at 2256–2260 3rd Avenue in East Harlem, Northern Manhattan.
Key Highlights
- Corner mixed‑use portfolio located at 2256–2260 3rd Avenue in East Harlem, Northern Manhattan
- 76,000 buildable square feet development footprint
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
$803,250
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
8.68%
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%
$16,065,000
$16.1M
Cap Rate 7%
$11,475,000
$11.5M
Cap Rate 9%
$8,925,000
$8.9M
Market Conditions
NOI Build-Up for 25,200 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
$1.51M $60.00/SF
− Vacancy
−$226.8K −$9.00/SF
EGI
$1.29M $51.00/SF
− OpEx
−$482.0K −$19.13/SF
NOI
$803.3K $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%
$16,065,000
Cap Rate 7%
$11,475,000
Cap Rate 9%
$8,925,000
Alternative Uses
Best Use
Mixed Use
$11.47M
$10.04M – $13.39M
NOI $803,250 @ 7.0% cap · market cap 8.68%
Second Best
Apartment 5plus
$11.26M
$9.86M – $13.14M
NOI $788,440 @ 7.0% cap · market cap 8.52%
Theoretical Best
Specialty Retail
$62.73M
$54.89M – $73.18M
NOI $4,390,848 @ 7.0% cap · market cap 47.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,202
Businesses Nearby
Explore this area
Business Placement
Demographics for 10035, NY
35,980
Population
16,340
Households
2.2
Avg Household Size
38
Median Age
31%
College-Educated
76%
High-School Grad
1.4 sq mi
ZIP Area
25,700
Density / Sq Mi
$40,556
Median Household Income
$44,042
Median Earnings
$1,283
Median Rent
$663,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner mixed-use portfolio offering a defined buildable development footprint.
Where is this mixed-use property located?
The property is located at 2256 3rd Avenue New York City, NY.
What is the asking price?
The asking price for this property is $9,250,000.
What are key features of this property?
This property features: Corner mixed‑use portfolio located at 2256–2260 3rd Avenue in East Harlem, Northern Manhattan; 76,000 buildable square feet development footprint
