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    Fully Occupied Rental Building Opportunity Title is generated by Realmo AI

    445 West 36th Street, New York, NY 10018

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    For Sale
    $12,998,000

    Commercial Building, Low-rise - New York, NY

    Property size:
    8,214 SF
    Lot size:
    0.06 Acres
    Price / SF:
    $1,582/SF
    Added:
    Jul 25, 2025
    Days on Market:
    313
    Last Refresh:
    Jun 2 at 8:06 pm

    Property Features for 445 West 36th Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bedrooms
    20
    Bathrooms
    20
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Parking features
    Garage
    Standard status
    Active
    Size
    8,214 SF
    Lot size
    0.06 Acres

    Taxes and HOA fees

    Tax Annual Amount
    0

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Ralph Godfrey

    Listing agent Ralph Godfrey

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

    Listing date Jul 25, 2025

    MLS# 11546179 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

    • Rare investment opportunity: Fully occupied 6‑story rental building with 24 apartments.
    • Prime location: Walking distance to Hudson Yards amenities, shopping, and restaurants.
    • Significant development potential: Zoning allows for additional floors with 6,639 sqft of unused buildable area.
    • Strong income potential: 23 of 24 apartments command fair market rent.
    • Well‑maintained building: Updated utilities in the basement.
    • Desirable features: 2 ground floor units share outdoor space; several units have been renovated.

    Overview

    This is a rare investment opportunity to own a fully occupied rental building. The well-run building is within walking distance of Hudson Yards, with its amenities, shopping, and restaurants. The property is located between new buildings on 36th Street and near the Glass Farmhouse Condo and the Baryshnikov Arts Center on West 37th. Built in 1900, the 6-story building is 25 feet wide and contains 24 rental apartments. Each apartment is a studio, and two of the ground floor units share outdoor space. Several units have been renovated. The basement is well-maintained with updated utilities. This could also be a new development opportunity. There is one rent-stabilized apartment, and the remaining 23 apartments command fair market rent. Zoning permits the addition of more floors to the building. There are 6,639 square feet of unused buildable area. The zoning is R8A. The building is 8,214 square feet with lot dimensions of 25 feet by 98.75 feet and building dimensions of 25 feet by 51 feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    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
    -73.997415
    Latitude
    40.755635

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    FAQs

    What type of property is this?
    Apartment building - Rare investment opportunity near Hudson Yards with 24 apartments.
    Where is this apartment building located?
    The property is located at 445 West 36th Street New York, NY.
    What is the asking price?
    The asking price for this property is $12,998,000.
    What are key features of this property?
    This property features: Rare investment opportunity: Fully occupied 6‑story rental building with 24 apartments.; Prime location: Walking distance to Hudson Yards amenities, shopping, and restaurants.; Significant development potential: Zoning allows for additional floors with 6,639 sqft of unused buildable area.
    (646) 461-6643
    We can help!
    Listing Contact
    Ralph Godfrey
    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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