Mixed-Use Brick Building with
For Sale
$2,888,000
303 W 116th Street New York, Manhattan, NY 10026
Five-story brick building with ground-floor retail and four full-floor residential apartments, plus a basement with direct backyard access.
Property Size6,590 SF
Lot Size0.05 Acres
Price / SF$438.24
Days on Market321
Property Features for 303 W 116th Street New York
General Information
Standard status
Active
Size
6,590 SF
Lot size
0.05 Acres
Property subtype
Commercial
Zoning
R7A / R8A
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$12,801
Building Details
Building Size
6,590 SF
Year Built
1910
Stories
5
Units
5
Construction
brick
Tenancy
Multi
Listing Agency:
RE/MAX Distinguished Hms.&Prop
(816) 812-6240
Listed By:
Ayleen Aybar · License #1040129216
(816) 812-6240
Source:
Cohenandcohenrealty
Added: Sep 24, 2025
Changed: Aug 8
Last Checked: Aug 10 at 11:20AM
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 RE/MAX Distinguished Hms.&Prop
Investment Insights
Based on property information with market context.
Located at 303 W 116th Street in Manhattan, this classic five-story brick mixed-use building combines a ground-floor retail space with four full-floor residential apartments above. The property includes architectural and interior character such as hardwood floors and high ceilings. A full basement provides direct access to the backyard, offering practical options for storage and additional use. All units are delivered vacant, with a stated possibility to reconfigure the top floors or complete renovations.
The building is built on an approximate 20' x 100.92' lot with an approximate 20' x 63' building footprint. The listing notes strong transit accessibility, with steps to the B/C trains and close access to the 2/3 lines, as well as proximity to Columbia University and Morningside Park.
Zoning is described as R7A/R8A with a C1-4 commercial overlay, and a rent roll is available upon request.
The building is built on an approximate 20' x 100.92' lot with an approximate 20' x 63' building footprint. The listing notes strong transit accessibility, with steps to the B/C trains and close access to the 2/3 lines, as well as proximity to Columbia University and Morningside Park.
Zoning is described as R7A/R8A with a C1-4 commercial overlay, and a rent roll is available upon request.
Key Highlights
- 5‑story brick mixed‑use building (1910) with 6,590+ SF total space: ground‑floor retail plus four full‑floor residential apartments
- Ground‑floor retail space formerly home to LoLo's Seafood Shack, with strong on‑site foot‑traffic from a highly visible Harlem corridor
- Full basement with direct access to the backyard, offering added space for storage, expansion, or other uses
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
$223,029
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
7.72%
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%
$4,460,580
$4.5M
Cap Rate 7%
$3,186,129
$3.2M
Cap Rate 9%
$2,478,100
$2.5M
Market Conditions
NOI Build-Up for 6,590 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
$336.1K $51.00/SF
− Vacancy
−$17.5K −$2.65/SF
EGI
$318.6K $48.35/SF
− OpEx
−$95.6K −$14.50/SF
NOI
$223.0K $33.84/SF
Area
New York, NY
Vacancy
5.20%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
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%
$4,460,580
Cap Rate 7%
$3,186,129
Cap Rate 9%
$2,478,100
Alternative Uses
Best Use
Retail
$13.25M
$11.59M – $15.46M
NOI $927,375 @ 7.0% cap · market cap 32.11%
Second Best
Multifamily LT 5
$3.19M
$2.79M – $3.72M
NOI $223,029 @ 7.0% cap · market cap 7.72%
Theoretical Best
Specialty Retail
$16.40M
$14.35M – $19.14M
NOI $1,148,242 @ 7.0% cap · market cap 39.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
9,113
Businesses Nearby
Explore this area
Business Placement
Demographics for 10026, NY
35,644
Population
17,648
Households
2
Avg Household Size
37
Median Age
54%
College-Educated
90%
High-School Grad
0.4 sq mi
ZIP Area
89,110
Density / Sq Mi
$74,140
Median Household Income
$56,919
Median Earnings
$1,546
Median Rent
$1,014,100
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?
Quadplex - Five-story brick building with ground-floor retail and four full-floor residential apartments, plus a basement with direct backyard access.
Where is this quadplex located?
The property is located at 303 W 116th Street New York Manhattan, NY.
What is the asking price?
The asking price for this property is $2,888,000.
What are key features of this property?
This property features: 5‑story brick mixed‑use building (1910) with 6,590+ SF total space: ground‑floor retail plus four full‑floor residential apartments; Ground‑floor retail space formerly home to LoLo's Seafood Shack, with strong on‑site foot‑traffic from a highly visible Harlem corridor; Full basement with direct access to the backyard, offering added space for storage, expansion, or other uses
