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    928 3Rd Ave New York, NY 10022

    For Sale
    Contact for pricing

    High-income 20-unit assemblage, ideal for redevelopment.

    Property size:
    20,081 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional mixed-use assemblage at 926-928 Third Ave, 930 Third Ave, and 164 East 56th Street in New York, NY 10022 presents a rare investment opportunity. The three-lot corner property boasts a total of 20,081 square feet and sits on a 5,864 square foot lot. The property's advantageous C6-6 zoning allows for significant future development, with approximately 87,960 square feet of air rights. Currently generating a substantial net operating income (NOI) of $711,303, the property comprises 5 commercial units and 15 residential units. The commercial units currently produce $891,149.40 in annual rent, while the residential units generate $320,420.40, offering potential for increased revenue. This assemblage benefits from its prime location at the southwest corner of 56th Street and 3rd Avenue, providing convenient access to a comprehensive public transportation network, including the 4, 5, 6, F, N, R, and W subway lines, as well as MTA buses. Offered for sale for the first time in 45 years, this property represents a unique chance to acquire a well-established, high-income generating asset with significant upside potential. The lease type is NNN, and the property is classified as Class B.

    Property Features for 928 3Rd Ave

    General Information

    Property type
    Mixed-use properties
    Square Feet
    20,081 SF
    Class
    B

    Building Details

    Units
    20

    HighLights

    • Exclusive offering: Corner assemblage of three lots at E 56th St & 3rd Ave.
    • 50' x 95' lot, totaling 4,750 square feet, ideal for future development.
    • As‑of‑right development potential: 87,960 SF commercial, 58,640 SF residential.
    • Excellent transit access: 4, 5, 6, F, N, R, W trains & MTA buses.
    • C6‑6 zoning.
    • Existing income: $891,149.40 annual commercial rent (5 units); $320,420.40 annual residential rent (15 units).
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Spa & Massage Hair Salon Nail Salon Dental Office Clothing Store Food Market Law Firm Grocery Store

    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
    -73.968330292965
    Latitude
    40.759712039233

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    FAQs

    What type of property is this?
    Mixed-use property - High-income 20-unit assemblage, ideal for redevelopment.
    Where is this mixed-use property located?
    The property is located at 928 3Rd Ave New York, NY.
    What are key features of this property?
    This property features: Exclusive offering: Corner assemblage of three lots at E 56th St & 3rd Ave.; 50' x 95' lot, totaling 4,750 square feet, ideal for future development.; As-of-right development potential: 87,960 SF commercial, 58,640 SF residential.
    Request Owner's contact information
    928 3Rd Ave New York, NY 10022
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    Realmo Value Estimation

    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.

    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.

    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
    928 3Rd Ave New York, NY 10022
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