Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    188 St Nicholas Ave New York, NY 10026

    • Apartment buildings
    • 64,058 SF
    For Sale
    View listing
    $9,500,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 188 St Nicholas Ave

    Year built
    1920
    Property size
    64,058 SF
    Property type
    Apartment buildings

    Description

    This seven-story, 64,058 square foot elevator building at 188 St. Nicholas Avenue, New York, NY 10026 presents a compelling value-add investment opportunity. Built in 1920, this corner property boasts 42 residential units, with approximately 33% free-market and 67% rent-regulated. The building sits on an 11,523 square foot lot (APN 1925/50) and is zoned R7A. The asking price is $9,500,000, translating to $148.30 per square foot and $226,190.48 per unit. Its prime location, just five blocks from Harlem's vibrant 125th Street retail core, offers significant upside potential. Short-term value can be realized through renovations of existing free-market units and currently vacant units. Long-term appreciation is anticipated due to the potential for increased rental income from larger units within the Harlem market. The building's corner location ensures excellent natural light and ventilation throughout. This is a rare chance to acquire a stable, cash-flowing asset with substantial growth prospects in a thriving New York City neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9526
    Latitude
    40.8063

    Comparable in this City

    • Value Estimation
      $10,450,000
      41,070 SF

      207 110th St

      APARTMENT HOUSE (5+ UNITS) • 41,070 SF
      207 110th St, New York, NY 10026-4135
      View Details
    • Value Estimation
      $14,635,000
      54,000 SF

      244 112th St

      APARTMENT HOUSE (5+ UNITS) • 54,000 SF
      244 112th St, New York, NY 10026-3514
      View Details
    • Value Estimation
      $2,850,000
      106,008 SF

      5 116th St

      APARTMENT HOUSE (5+ UNITS) • 106,008 SF
      5 116th St, New York, NY 10026
      View Details
    • Value Estimation
      $24,990,000
      82,112 SF

      11 118th St

      APARTMENT HOUSE (5+ UNITS) • 82,112 SF
      11 118th St, New York, NY 10026-1962
      View Details
    • Value Estimation
      $5,585,000
      26,495 SF

      357-359 118th St, Unit 21

      APARTMENT HOUSE (5+ UNITS) • 26,495 SF
      357-359 118th St, New York, NY 10026
      View Details
    • Value Estimation
      $5,765,000
      21,156 SF

      102 119th St

      APARTMENT HOUSE (5+ UNITS) • 21,156 SF
      102 119th St, New York, NY 10026-1301
      View Details

    Similar Nearby for Sale

    • $879,000

      Harlem Co-op Near Central Park

      Spacious 3-bedroom co-op in Harlem, close to Central Park.
      1809 Adam Clayton Powell Jr. Blvd, New York, NY 10026
      View Details
    • $1,100,000

      Apartment Building on Adam C Powell

      Apartment building for sale on Adam C Powell Blvd.
      1809 Adam C Powell Blvd, New York, NY 10026
      View Details
    • $660,000
      Pending

      Lenox Avenue Apartment Building

      Apartment building for sale in New York, NY.
      130 Lenox Ave, New York, NY 10026
      View Details
    • $355,000
      Pending

      Harlem HDFC Apartment Opportunity

      Affordable HDFC apartment near transportation, Central Park, and Harlem.
      50 W 112Th St, New York, NY 10026
      View Details
    • $580,000

      Residential Property in New York

      Residential property for sale in New York, NY.
      29 W 119Th St, New York, NY 10026
      View Details

    Similar Nearby for Lease

    • $2,550 /Mo
      Pending

      Two-Bedroom Apartment with Park Views

      Second-floor apartment near Columbia with modern amenities and park views.
      340 Manhattan Ave, New York, NY 10026
      View Details
    • $3,700 /Mo

      Spacious 2-Bedroom Central Park Adjacent

      Large 2-bedroom apartment across from Central Park North.
      35 Central Park North, New York, NY 10026
      View Details
    • Contact for pricing
      361 SF

      Retail Space Available for Rent

      Retail space available, suitable for dry use.
      137-139 E 110Th St, New York, NY 10026
      View Details
    • $9,000 /Mo
      3,257 SF

      Central Park North Ground-Floor Space

      Ground-floor office/medical space with Central Park views, convenient transit access.
      35 Central Park North, New York, NY 10026
      View Details
    • Contact for pricing
      925 SF

      Manhattan Retail Space with Patio

      Retail space in gentrifying Manhattan neighborhood with private patio.
      192 Malcolm X Blvd, New York, NY 10026
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    188 St Nicholas Ave
    New York, NY 10026
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!