East Harlem Mixed-Use
For Sale
$3,600,000
355 E 116th St, New York, NY 10029
Mixed-use property in prime East Harlem retail corridor.
Property Size7,384 SF
Price / SF$487.54
Days on Market97
Property Features for 355 E 116th St
General Information
Standard status
Active
Size
7,384 SF
Property subtype
Mixed-Use
Occupancy
100%
Amenities
355 East 116th Street, is a 4 mixed-use unit asset in Harlem, Manhattan. This property spans 4 stories, approx. 7,384 SF.
Tax Class: 2A Protected | Zoning: R7X, C1-5 | Three 5-Bedroom Units | 1 Commercial Unit
355 East 116th Street is well located in close proximity to Jefferson Park, Public School 155, and the 116th Street 6 Train.
Building Details
Building Size
7,384 SF
Units
4
Listing Agency:
Marcus & Millichap - Manhattan
(212) 430-5136
Listed By:
Seth Glasser · License #License(s): NY: 10301209629
(212) 430-5136
Source:
Marcusmillichap
Added: May 20
Changed: Aug 23
Last Checked: Aug 24 at 3:12AM
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 Marcus & Millichap - Manhattan
Investment Insights
Based on property information with market context.
Located in East Harlem, 355 East 116th Street is a mixed-use property spanning 7,384 square feet across four stories. The building is situated between 1st and 2nd Avenue. It features a total of 4 units, including 3 residential units and 1 commercial tenant. The commercial tenant is responsible for 50% of any property tax increases over the 2026 Base Year, 100% of water consumption, and 100% of gas and electric consumption. The residential apartments are statutorily free-market. The property is located near Jefferson Park, Public School 155, and the 116th Street 6 Train.
Key Highlights
- Prime East Harlem location on a desirable retail street near 1st Avenue.
- Attractive 6.9% cap rate.
- Statutorily free‑market residential units offer upside growth potential.
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
$281,587
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
7.82%
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%
$5,631,740
$5.6M
Cap Rate 7%
$4,022,671
$4.0M
Cap Rate 9%
$3,128,744
$3.1M
Market Conditions
NOI Build-Up for 7,384 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
$531.6K $72.00/SF
− Vacancy
−$19.7K −$2.66/SF
EGI
$512.0K $69.34/SF
− OpEx
−$230.4K −$31.20/SF
NOI
$281.6K $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%
$5,631,740
Cap Rate 7%
$4,022,671
Cap Rate 9%
$3,128,744
Alternative Uses
Best Use
Mixed Use
$14.24M
$12.46M – $16.61M
NOI $996,840 @ 7.0% cap · market cap 27.69%
Second Best
Apartment 5plus
$4.02M
$3.52M – $4.69M
NOI $281,587 @ 7.0% cap · market cap 7.82%
Theoretical Best
Specialty Retail
$26.35M
$23.05M – $30.74M
NOI $1,844,154 @ 7.0% cap · market cap 51.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,965
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property in prime East Harlem retail corridor.
Where is this mixed-use property located?
The property is located at 355 E 116th St New York, NY.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Prime East Harlem location on a desirable retail street near 1st Avenue.; Attractive 6.9% cap rate.; Statutorily free‑market residential units offer upside growth potential.
