East Harlem Commercial Building
For Sale
Contact for pricing
1882 Park Ave, New York, NY 10035
Three-story commercial building in East Harlem, delivered vacant.
Property Size4,655 SF
Price / SF$408.16
Days on Market1233
Property Features for 1882 Park Ave
General Information
Standard status
Active
Size
4,655 SF
Class
A
Property subtype
Industrial
Zoning
M1-6/R9
Lease Type
Modified Gross
Net Operating Income
$132,717
Building Details
Stories
3
Listing Agency:
Highcap Group
Listed By:
Anthony Volman · License #NY
Source:
Crexi
Added: May 23, 2023
Changed: Oct 4
Last Checked: Oct 5 at 6:13PM
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 Highcap Group
Investment Insights
Based on property information with market context.
This is a 3-story commercial building located in East Harlem. The building offers 3,990 square feet with an additional 665 square feet below grade. Ceiling heights range from 11 to 12 feet throughout the building. The ground floor features a garage/industrial space with a driving door. The second and third floors are configured as office spaces. The property has 20 feet of frontage and is zoned M1-6/R9. It will be delivered vacant. The building has been recently renovated and includes upgraded electrical and mechanical systems, HVIC, video surveillance, and hardwood floors. The building offers 10,400 BSF for residential use and 13,830 BSF for commercial use. This property presents a user, development, or reposition opportunity.
Key Highlights
- Delivered Vacant: Ideal for immediate use, development, or repositioning.
- High Development Potential: 10,400 BSF Residential and 13,830 BSF Commercial potential due to M1‑6/R9 zoning.
- Recently Renovated: Upgraded electrical, mechanical systems, HVAC, video surveillance, and hardwood floors.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$148,378
Cap Rate
7.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,967,560
$3.0M
Cap Rate 7%
$2,119,686
$2.1M
Cap Rate 9%
$1,648,644
$1.6M
Market Conditions
NOI Build-Up for 4,655 SF
Gross rent
$279.3K $60.00/SF
− Vacancy
−$41.9K −$9.00/SF
EGI
$237.4K $51.00/SF
− OpEx
−$89.0K −$19.13/SF
NOI
$148.4K $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 Rate 5%
$2,967,560
Cap Rate 7%
$2,119,686
Cap Rate 9%
$1,648,644
Alternative Uses
Best Use
Mixed Use
$2.12M
$1.85M – $2.47M
NOI $148,378 @ 7.0% cap · market cap 7.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$11.59M
$10.14M – $13.52M
NOI $811,087 @ 7.0% cap · market cap 42.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
7,202
Businesses Nearby
Explore this area
Business Placement
Demographics for 10035, NY
35,980
Population
16,340
Households
2.2
Avg Household Size
38
Median Age
31%
College-Educated
76%
High-School Grad
1.4 sq mi
ZIP Area
25,700
Density / Sq Mi
$40,556
Median Household Income
$44,042
Median Earnings
$1,283
Median Rent
$663,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-story commercial building in East Harlem, delivered vacant.
Where is this mixed-use property located?
The property is located at 1882 Park Ave New York, NY.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Delivered Vacant: Ideal for immediate use, development, or repositioning.; High Development Potential: **10,400 BSF Residential and 13,830 BSF Commercial potential** due to M1‑6/R9 zoning.; Recently Renovated: Upgraded electrical, mechanical systems, HVAC, video surveillance, and hardwood floors.
