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    Renovated One-Bedroom Apartment Title is generated by Realmo AI

    398 Third Avenue, New York, NY 10016

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    For Lease
    $3,995/Mo $73 SF/Yr (calc)

    Commercial Building, Low-rise - New York, NY

    Property size:
    650 SF
    Added:
    May 26, 2026
    Days on Market:
    11
    Last Refresh:
    Jun 5 at 11:06 pm

    Property Features for 398 Third Avenue

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Bedrooms
    1
    Bathrooms
    1
    Rooms
    Bathroom 1, Bedroom 1
    Parking features
    Garage
    Interior features
    Walk-in Closet
    Standard status
    Active
    Size
    650 SF

    Taxes and HOA fees

    Tax Annual Amount
    0

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Mohaby Jerome

    Listing agent Mohaby Jerome

    Listing office Compass 90 Fifth Avenue, 3rd Floor, New York, NY

    Listing date May 26, 2026

    MLS# 11792337 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Newly renovated one‑bedroom apartment with modern finishes and sleek design
    • Hardwood floors and high ceilings throughout the apartment
    • Modern kitchen with marble countertops and stainless steel appliances, including a dishwasher
    • In‑unit washer and dryer plus an AC unit included
    • Walk‑in closet and stylish bathroom with a bathtub
    • Pet‑friendly well‑maintained walk‑up building; two blocks from the train station

    Overview

    This newly renovated one-bedroom apartment offers a spacious layout with hardwood floors and high ceilings. The kitchen is equipped with marble countertops and stainless steel appliances, including a dishwasher. Additional in-home conveniences include an AC unit included, plus an in-unit washer and dryer. The apartment also features a stylish bathroom with a bathtub.

    Set in Kips Bay, the building is a well-maintained walk-up and is pet-friendly. It’s located about two blocks from the train station, with easy access to public transportation. Residents will also be within close range of Whole Foods and Trader Joe’s, as well as Madison Square Park, plus an established mix of nearby restaurants, cafes, and shopping.

    For tenants seeking a turn-key, modern living setup, the combination of in-unit laundry, included AC, and stainless steel kitchen appliances can help reduce day-to-day friction. The high-ceiling, hardwood-floor feel supports a comfortable residential experience, while the building’s walk-up format and pet-friendly policy provide additional lifestyle alignment for many renters. With nearby transit and everyday destinations, the apartment is well suited for those who want strong access to the neighborhood without relying on a car.
    Property Profile Location Intelligence

    Current Use by Public Records

    Mr. Finn. Content ... Advertising Agency McAdam Buy-Rite Specialty Food Shop John Thompson, Esq. Law Firm Customizeddogwalks Animal Training N’W Area Rug ... Carpet Cleaning Service

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Law Firm Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Daycare Center

    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
    -73.981016
    Latitude
    40.742323

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    FAQs

    What type of property is this?
    Residential income property - Newly renovated one-bedroom with in-unit washer/dryer and modern kitchen features in a pet-friendly walk-up.
    Where is this residential income property located?
    The property is located at 398 Third Avenue New York, NY.
    What is the lease rate?
    The lease rate is $3,995 /Mo.
    What are key features of this property?
    This property features: Newly renovated one‑bedroom apartment with modern finishes and sleek design; Hardwood floors and high ceilings throughout the apartment; Modern kitchen with marble countertops and stainless steel appliances, including a dishwasher
    (646) 741-1185
    We can help!
    Listing Contact
    Mohaby Jerome
    Request Owner's contact information
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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.

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