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    537 9th Ave New York, NY 10018

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    Restaurant space with a fully built-out kitchen near Times Square.

    Type:Restaurant
    Property size:
    1,400 SF
    Added:
    Aug 30, 2023
    Days on Market:
    971
    Last Refresh:
    Mar 17 at 1:20 pm

    Property Features for 537 9th Ave

    General Information

    Standard status
    Active
    Size
    1,400 SF
    Property subtype
    Restaurant

    Spaces For Lease

    at 537 9th Ave Contact us

    $7,480 /Mo

    Size
    1,400 SF
    Type
    Restaurant
    Contact us

    We can help!

    Listing Contact
    Sung Cho

    Listing agent Sung Cho License #10301203280

    Listing office Midtown Commercial Real Estate

    Listing date Aug 30, 2023

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Midtown Commercial Real Estate

    Overview

    Restaurant Space Near Times Square

    This commercial space, currently operating as a chicken and waffles restaurant, is available for rent. Located at 537 9th Ave in New York, NY 10018, the property features 1400 square feet on the ground floor with a full basement. The space was completely renovated two years ago and includes a fully built-out kitchen with gas. Situated close to Times Square, the location benefits from very high traffic. The lease terms are 10 years with an option for 5 additional years, at a monthly rent of $7480.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Shah’s Halal Food Restaurant

    Suggested Use

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

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • OLIYO — 575 8th Ave, New York, NY 10018
    • KPOT Korean BBQ & Hot Pot — 310 W 38th St, New York, NY 10018
    • DELIS 48 — 48 W 48th St, New York, NY 10036
    • Jordan’s Diner — 545 8th Ave, New York, NY 10018
    • The Theater Buffet — 305 W 46th St, New York, NY 10036

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9938363
    Latitude
    40.7570713

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    FAQs

    What type of property is this?
    Conventional restaurant - Restaurant space with a fully built-out kitchen near Times Square.
    Where is this conventional restaurant located?
    The property is located at 537 9th Ave New York, NY.
    What is the lease rate?
    The lease rate is $89,760.
    What are key features of this property?
    This property features: High‑traffic location near Times Square.; Fully built‑out kitchen with gas.; Complete renovation two years ago.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Sung Cho
    Real Estate License ID: 10301203280
    Learn More
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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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