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    1882 Park Avenue New York, NY 10035

    Sponsored
    For Sale
    $1,900,000

    Vacant 3-Story Warehouse, $1.9M

    Property size:
    4,655 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional three-story Class A industrial warehouse, located at 1882 Park Ave, New York, NY 10035, presents a unique investment opportunity in East Harlem. Boasting 4,655 square feet of space, this property features a 12-foot ceiling height throughout, a ground floor garage with a drive-in door, and office spaces on the second and third floors. The building sits on a 1,680 square foot lot with a 20-foot frontage. Recent renovations include upgraded electrical and mechanical systems, a high-voltage installation (HVIC), video surveillance, and hardwood floors. The property is delivered vacant and zoned M1-6/R9, offering flexibility for various uses. With a net operating income (NOI) of $132,717 and an asking price of $1,900,000, this represents a compelling 6.99% cap rate. Additional building square footage includes 665 square feet below grade, 10,400 square feet of residential buildable square footage, and 13,830 square feet of commercial buildable square footage. Floor plans are available upon request. This property is ideal for owner-users or developers seeking a repositioning opportunity in a rapidly developing neighborhood.

    Property Features for 1882 Park Avenue

    General Information

    Property type
    Distribution properties
    Square Feet
    4,655 SF
    Class
    A

    Building Details

    Stories
    3

    HighLights

    • East Harlem user/developer/repositioning opportunity.
    • Three‑story commercial building totaling 3,990 square feet with an additional 665 square feet below grade.
    • 11‑12 foot ceiling heights.
    • Ground floor garage with drive‑in door.
    • Second and third floors are office spaces.
    • 10,400 square feet of residential buildable square footage and 13,830 square feet of commercial buildable square footage.
    Property Profile Location Intelligence

    Current Use by Public Records

    Distribution centers

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9377359773
    Latitude
    40.807078707513

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    FAQs

    What type of property is this?
    Distribution property - Vacant 3-Story Warehouse, $1.9M
    Where is this distribution property located?
    The property is located at 1882 Park Avenue 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: East Harlem user/developer/repositioning opportunity.; Three-story commercial building totaling 3,990 square feet with an additional 665 square feet below grade.; 11-12 foot ceiling heights.
    Request Owner's contact information
    1882 Park Avenue New York, NY 10035
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    New York, NY 10035
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1882 Park Avenue New York, NY 10035
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