1882 Park Avenue New York, NY 10035
- Office buildings
- 3,990 SF
- 0.03 lot acres
Current Use by Public Records
- Office buildings
Property Details for 1882 Park Avenue
- Year built
- 2003
- Lot size
- 0.03 lot acres
- Property size
- 3,990 SF
- Zone code
- M16R9
- Property type
- Office buildings
- APN
- 01753-0034
- APU
- 17530034
Description
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.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,850,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,965,000
- 6.5%
- $1,955,000
- 7%
- $1,740,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,970,000
- Geo Method
- $1,805,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $2,210,000
- Retail
- $2,185,000
- Mixed-Use
- $1,805,000
- Hospitality
- $1,660,000
- Educational
- $2,215,000
- Residential Income
- $2,010,000
- Energy
- $2,090,000
- Income-Based Land
- $1,805,000
- Food Service
- $2,190,000
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9379
- Latitude
- 40.8073
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
