Two-Story Retail and Office
For Sale
Contact for pricing
601-607 East 187th Street, New York City, NY 10458
Two-story walkup building with four retail units and three office units on a corner location at East 187th Street and Arthur Avenue.
Property Size7,500 SF
Price / SF$613.33
Days on Market49
Property Features for 601-607 East 187th Street
General Information
Standard status
Active
Size
7,500 SF
Property subtype
Mixed Use
Zoning
R6, C1-4
Additional Details
Office Units
3
Building Details
Year Built
1930
Stories
2
Units
7
Tenancy
Multi
Listing Agency:
Meridian Capital Group Midtown
(212) 468-5958
Listed By:
Shallini Mehra · License #NY 10301207794
Source:
Crexi
Added: Jul 8
Changed: Aug 23
Last Checked: Aug 24 at 9:25PM
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 Meridian Capital Group Midtown
Investment Insights
Based on property information with market context.
Built in 1930, this two-story walkup commercial building is offered for sale and totals 7,500 SF. The property is configured with four retail units and three office units, providing a mixed-use setup within a single building.
The building is located on the northeast corner of East 187th Street and Arthur Avenue in Belmont, described in the remarks as a strong Italian-American neighborhood with active community and cultural events.
With seven total units arranged across two levels, the property offers an owner a straightforward multi-tenant structure spanning both retail and office space.
The building is located on the northeast corner of East 187th Street and Arthur Avenue in Belmont, described in the remarks as a strong Italian-American neighborhood with active community and cultural events.
With seven total units arranged across two levels, the property offers an owner a straightforward multi-tenant structure spanning both retail and office space.
Key Highlights
- Built in 1930, 2‑story walkup commercial building with 7,500 SF
- Tenant mix includes 4 retail units and 3 office units
- Corner location on the northeast corner of East 187th Street and Arthur Avenue (601 East 187th Street / 2398 Arthur 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
$234,845
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
5.11%
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%
$4,696,900
$4.7M
Cap Rate 7%
$3,354,929
$3.4M
Cap Rate 9%
$2,609,389
$2.6M
Market Conditions
NOI Build-Up for 7,500 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
$386.1K $51.48/SF
− Vacancy
−$73.0K −$9.73/SF
EGI
$313.1K $41.75/SF
− OpEx
−$78.3K −$10.44/SF
NOI
$234.8K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /SF/Yr
Expense Ratio
25.00%
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%
$4,696,900
Cap Rate 7%
$3,354,929
Cap Rate 9%
$2,609,389
Alternative Uses
Best Use
Retail
$15.08M
$13.19M – $17.59M
NOI $1,055,434 @ 7.0% cap · market cap 22.94%
Second Best
Office B
$3.35M
$2.94M – $3.91M
NOI $234,845 @ 7.0% cap · market cap 5.11%
Theoretical Best
Specialty Retail
$18.67M
$16.34M – $21.78M
NOI $1,306,800 @ 7.0% cap · market cap 28.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Location Intelligence
Trade Area within ½ mile
5,552
Businesses Nearby
Explore this area
Business Placement
Demographics for 10458, NY
81,299
Population
30,592
Households
2.7
Avg Household Size
32
Median Age
16%
College-Educated
68%
High-School Grad
1.2 sq mi
ZIP Area
67,749
Density / Sq Mi
$42,107
Median Household Income
$29,596
Median Earnings
$1,548
Median Rent
$515,700
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?
Retail space - Two-story walkup building with four retail units and three office units on a corner location at East 187th Street and Arthur Avenue.
Where is this retail space located?
The property is located at 601-607 East 187th Street New York City, NY.
What is the asking price?
The asking price for this property is $4,600,000.
What are key features of this property?
This property features: Built in 1930, 2‑story walkup commercial building with 7,500 SF; Tenant mix includes 4 retail units and 3 office units; Corner location on the northeast corner of East 187th Street and Arthur Avenue (601 East 187th Street / 2398 Arthur Avenue)
