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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    502 E 118Th St New York, NY 10035

    • Commercial real estate
    • 12,164 SF
    For Sale
    View listing
    $1,975,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-5906262
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 502 E 118Th St

    Year built
    1899
    Property size
    12,164 SF
    Property type
    Commercial real estate

    Description

    This unique East Harlem property, at 502 E 118th St, offers an exceptional redevelopment opportunity. The asking price is $2,750,000 for this 12,164 square foot, mixed-use building on a rare L-shaped 3,536 square foot lot (20x100 and 25x50). The three-unit apartment building, built in 1899 and spanning three stories across two buildings, sits on a beautiful cobblestone street cul-de-sac. The property boasts a convenient location, one block from the East River Plaza mall (featuring Costco, Target, Marshalls, Aldi, Burlington Coat Factory, and Planet Fitness), and close proximity to public transportation (116th Street crosstown bus and the 6 train). The FDR entrance/exit is two blocks away, with a nearby bike/walking path. The R7A-C4-4 zoning allows for diverse development options, including rental conversion, condo development, medical facility, commercial retail, or a mixed-use building. The property can be delivered vacant and presents a compelling investment for those seeking a 1031 exchange, portfolio addition, or owner-occupied income generation. The attached garage currently fits up to six cars. This first offering in 53 years presents endless possibilities for the savvy investor. The property is currently owner-occupied and has only been lived in by the owner and their family.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9317915
    Latitude
    40.7960065

    Comparable in this City

    • $1,250,000
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      Residential Income Property For Sale

      Residential income property available for purchase in New York.
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    Similar Nearby for Sale

    • $1,250,000
      Pending

      East Harlem Mixed-Use Building

      Multi-use building in East Harlem with residential and commercial units.
      2056 Madison Ave, New York, NY 10035
      View Details
    • $990,000
      3,812 SF

      Harlem Brownstone Multifamily Investment Opportunity

      25-foot-wide, 7-unit building in prime Harlem location.
      51 E 126Th St, Manhattan, NY 10035
      View Details
    • $375,000

      Apartment Building for Sale

      Apartment building available for purchase.
      1901 Madison Ave, New York, NY 10035
      View Details
    • $200,000

      Prewar Apartment in Prime Location

      Charming prewar apartment near dining, shopping, and transportation.
      205 E 124Th St, New York, NY 10035
      View Details
    • $699,000

      Madison Avenue Apartment Building

      Apartment building located on Madison Avenue in New York.
      1831 Madison Ave, New York, NY 10035
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    • $629,999

      Residential Income Property For Sale

      Residential income property available for purchase in New York.
      333 E 119Th St, New York, NY 10035
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    Similar Nearby for Lease

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      35,624 SF

      Prime NYC Retail Space Available

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      33,462 SF

      Mixed-Use Property in Harlem

      Three-level mixed-use property with retail and residential components.
      158 E 126Th St, New York, NY 10035
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    • $2,950 /Mo
      1,250 SF

      Office Space in New York

      Office space available for rent in New York, NY.
      178 E 117Th St, New York, NY 10035
      View Details
    • Contact for pricing
      7,500 SF

      Versatile Space Near Transportation

      25,000 SF available for lease near transportation.
      220-226 E 117Th St, New York, NY 10035
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      Retail Space in Harlem Corridor

      Retail opportunity in Harlem's premier retail corridor, starting at 700 SF.
      212 E 125Th St, New York, NY 10035
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    • $5,500 /Mo
      2,500 SF

      Retail Space with Open Floorplan

      Retail space featuring an open floor plan and high ceilings.
      508 E 117Th St, New York, NY 10035
      View Details
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    502 E 118Th St
    New York, NY 10035
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    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
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