Renovated Mixed-Use Property with
For Sale
$2,800,000
273 Lenox Avenue, New York, NY 10027
COMMERCIAL - Other - New York, NY
Property Size4,860 SF
Price / SF$576.13
Days on Market195
Property Features for 273 Lenox Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
Fireplace
1
Subdivision
Mt. Morris Park
High school district
000000
Standard status
Active
Size
4,860 SF
Amenities
full-height dry cellar with sidewalk hatch access
separate HVAC systems per unit
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
John Mcguinness
Added: Jan 30
Changed: Aug 4
Last Checked: Aug 13 at 12:06AM
MLS# 11873419
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.
273 Lenox Avenue is a renovated mixed-use building offering an owner’s duplex above two independent commercial spaces. The upper level is configured as a two-bedroom, two-bathroom duplex with natural light and soaring ceilings, and it includes a fireplace. Below, the street-level storefront provides direct retail access and visibility for retail, gallery, showroom, medical, wellness, or professional office use.
A completely separate second-floor office suite sits above the storefront, creating an additional income-producing space or a private headquarters for an owner-occupant. The building was extensively gut renovated in the 2010s and modernized with separate HVAC systems serving each unit independently.
Additional improvements include a full-height, dry cellar with sidewalk hatch access for storage. The property size is 4,860 square feet.
A completely separate second-floor office suite sits above the storefront, creating an additional income-producing space or a private headquarters for an owner-occupant. The building was extensively gut renovated in the 2010s and modernized with separate HVAC systems serving each unit independently.
Additional improvements include a full-height, dry cellar with sidewalk hatch access for storage. The property size is 4,860 square feet.
Key Highlights
- 4,860‑square‑foot renovated mixed‑use building with an owner’s duplex plus two separate commercial spaces
- Upper level: two‑bedroom, two‑bathroom duplex with natural light and soaring ceilings
- Street‑level storefront with direct retail access and visibility along Lenox Avenue
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
$154,913
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
5.53%
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%
$3,098,260
$3.1M
Cap Rate 7%
$2,213,043
$2.2M
Cap Rate 9%
$1,721,256
$1.7M
Market Conditions
NOI Build-Up for 4,860 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
$291.6K $60.00/SF
− Vacancy
−$43.7K −$9.00/SF
EGI
$247.9K $51.00/SF
− OpEx
−$92.9K −$19.13/SF
NOI
$154.9K $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%
$3,098,260
Cap Rate 7%
$2,213,043
Cap Rate 9%
$1,721,256
Alternative Uses
Best Use
Retail
$9.77M
$8.55M – $11.40M
NOI $683,921 @ 7.0% cap · market cap 24.43%
Second Best
Mixed Use
$2.21M
$1.94M – $2.58M
NOI $154,913 @ 7.0% cap · market cap 5.53%
Theoretical Best
Specialty Retail
$12.10M
$10.59M – $14.11M
NOI $846,806 @ 7.0% cap · market cap 30.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
9,401
Businesses Nearby
Explore this area
Business Placement
Demographics for 10027, NY
64,037
Population
28,038
Households
2.3
Avg Household Size
32
Median Age
52%
College-Educated
87%
High-School Grad
0.9 sq mi
ZIP Area
71,152
Density / Sq Mi
$64,220
Median Household Income
$44,231
Median Earnings
$1,609
Median Rent
$915,000
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 - Renovated duplex above a street-level storefront with direct retail access and a separate second-floor office suite.
Where is this mixed-use property located?
The property is located at 273 Lenox Avenue New York, NY.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 4,860‑square‑foot renovated mixed‑use building with an owner’s duplex plus two separate commercial spaces; Upper level: two‑bedroom, two‑bathroom duplex with natural light and soaring ceilings; Street‑level storefront with direct retail access and visibility along Lenox Avenue
