East Harlem Mixed-Use
For Sale
$1,659,000
239 East 116 St, New York, NY 10029
Four-story mixed-use property in East Harlem with conversion potential.
Property Size3,060 SF
Days on Market153
Property Features for 239 East 116 St
General Information
Standard status
Active
Size
3,060 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$9,146
Building Details
Building Size
3,060 SF
Year Built
1910
Units
4
Listing Agency:
Charles Rutenberg Realty Inc
(516) 639-0021
Listed By:
Richard A. Diller · License #10301206571
(516) 639-0021
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 6:21AM
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 Charles Rutenberg Realty Inc
Investment Insights
Based on property information with market context.
This four-story mixed-use property is located in the transforming corridor of East Harlem in Manhattan. The property is well-maintained and configured with 3 one-bedroom, one-bath units and 1 commercial office unit. The commercial unit is currently vacant, and all other units are short-term leases with excellent tenants. Rents are below market value. MTA bus and subway service are available on 116th Street. The property is located between Second and Third Avenue. There are no rent controls or rent-stabilized units. The property can be converted to a residential single-family townhouse or all residential apartment units. The current taxes are $9,146. The zoning is R7D, C1-5, EHC.
Key Highlights
- Mixed‑use property in a transforming East Harlem corridor
- Potential for conversion to a single‑family townhouse or all residential units
- No rent control or rent stabilization
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
$116,692
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
7.03%
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%
$2,333,840
$2.3M
Cap Rate 7%
$1,667,029
$1.7M
Cap Rate 9%
$1,296,578
$1.3M
Market Conditions
NOI Build-Up for 3,060 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
$220.3K $72.00/SF
− Vacancy
−$8.2K −$2.66/SF
EGI
$212.2K $69.34/SF
− OpEx
−$95.5K −$31.20/SF
NOI
$116.7K $38.13/SF
Area
ZIP 10029
Vacancy
3.70%
Lease Rate
$72.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,333,840
Cap Rate 7%
$1,667,029
Cap Rate 9%
$1,296,578
Alternative Uses
Best Use
Mixed Use
$5.90M
$5.16M – $6.89M
NOI $413,100 @ 7.0% cap · market cap 24.90%
Second Best
Apartment 5plus
$1.67M
$1.46M – $1.94M
NOI $116,692 @ 7.0% cap · market cap 7.03%
Theoretical Best
Specialty Retail
$10.92M
$9.55M – $12.74M
NOI $764,235 @ 7.0% cap · market cap 46.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,138
Businesses Nearby
Explore this area
Business Placement
Demographics for 10029, NY
78,141
Population
36,955
Households
2.1
Avg Household Size
36
Median Age
36%
College-Educated
78%
High-School Grad
1.2 sq mi
ZIP Area
65,118
Density / Sq Mi
$38,308
Median Household Income
$41,951
Median Earnings
$1,183
Median Rent
$818,100
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four-story mixed-use property in East Harlem with conversion potential.
Where is this mixed-use property located?
The property is located at 239 East 116 St New York, NY.
What is the asking price?
The asking price for this property is $1,659,000.
What are key features of this property?
This property features: Mixed‑use property in a transforming East Harlem corridor; Potential for conversion to a single‑family townhouse or all residential units; No rent control or rent stabilization
