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    Property profile & analytics

    302 128Th St New York, NY 10027

    • Commercial real estate
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1307937
    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 302 128Th St

    Property type
    Commercial real estate
    APN
    1-01954-0136

    Description

    This exceptional 1,913 square foot lot, located at 302 West 128th Street in New York City's vibrant Central Harlem neighborhood, presents a compelling development opportunity. Zoned R8A/C2-4 with a FAR of 6.02, this property allows for the construction of a roughly 9,747 square foot, seven-story condominium building. The site's dimensions are approximately 25.5 feet by 75 feet. Its prime location offers significant advantages, including proximity to Columbia University (less than half a mile away) and convenient access to public transportation via the A, C, B, and D subway lines at the 125th Street/St. Nicholas Avenue station (just three blocks away). Adding to its appeal, the property is situated a half block from St. Nicholas Park. The location within a Qualified Opportunity Zone provides developers and investors with potential tax benefits and gain deferral options. Comparable condominium sellouts in the area have achieved values of $1,100 per square foot, suggesting strong potential for this development project. The asking price for this remarkable opportunity is $1,600,000. The property's APN is 1-01954-0136.

    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
    -73.950341698048
    Latitude
    40.812137588908

    Comparable in this City

    • $899,000

      Harlem Development Land

      1,749 SF Residential Lot, R7-2 Zoning
      132 130Th St, New York, NY 10027
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    • $2,100,000

      Historic Two-Family Home with Details

      Legal two-family home with original details, used as single-family.
      106 W 131St St, New York, NY 10027
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    • $825,000

      Morningside Avenue Apartment Building

      Apartment building located on Morningside Avenue in New York.
      88 Morningside Ave, New York, NY 10027
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    • $2,000,000

      Multifamily Property in New York

      Multifamily property for sale in New York, NY.
      54 W 124Th St, New York, NY 10027
      View Details
    • $1,600,000

      Multifamily Property in New York

      Multifamily property for sale in New York, NY.
      232 W 132Nd St, New York, NY 10027
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    • $575,000

      Top Floor Two Bedroom Apartment

      Sunny Morningside Heights apartment with view, elevator, and amenities.
      175 Claremont Ave, New York, NY 10027
      View Details

    Similar Nearby for Sale

    • $899,000

      Harlem Development Land

      1,749 SF Residential Lot, R7-2 Zoning
      132 130Th St, New York, NY 10027
      View Details
    • $2,100,000

      Historic Two-Family Home with Details

      Legal two-family home with original details, used as single-family.
      106 W 131St St, New York, NY 10027
      View Details
    • $825,000

      Morningside Avenue Apartment Building

      Apartment building located on Morningside Avenue in New York.
      88 Morningside Ave, New York, NY 10027
      View Details
    • $2,000,000

      Multifamily Property in New York

      Multifamily property for sale in New York, NY.
      54 W 124Th St, New York, NY 10027
      View Details
    • $1,600,000

      Multifamily Property in New York

      Multifamily property for sale in New York, NY.
      232 W 132Nd St, New York, NY 10027
      View Details
    • $575,000

      Top Floor Two Bedroom Apartment

      Sunny Morningside Heights apartment with view, elevator, and amenities.
      175 Claremont Ave, New York, NY 10027
      View Details

    Similar Nearby for Lease

    • $3,000 /Mo

      Renovated Harlem Apartment with Backyard

      Recently renovated 1-bedroom apartment with shared backyard in Central Harlem.
      130 West 132Nd St, Manhattan, NY 10027
      View Details
    • New
      $2,650 /Mo

      Charming 1-Bedroom Apartment in New York

      Spacious 1-bedroom with lofty ceilings, oversized windows, and open kitchen.
      164 West 128Th St, New York, NY 10027
      View Details
    • $4,500 /Mo

      Paved Lot for Storage/Parking

      Paved lot ideal for storage/parking in New York.
      148 E 123Rd St, New York, NY 10027
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    • $90 SF/Yr
      1,850 SF

      West Harlem Medical Office Space

      Prime corner location, 1850 sq ft, single tenant.
      2229 Frederick Douglass Blvd, New York, NY 10027
      View Details
    • Contact for pricing
      10,045 SF

      Prime Harlem Executive Office Space

      10,045 SF, Multiple Suites Available
      261 125Th St, New York, NY 10027
      View Details
    • $10 SF/Yr
      4,527 SF

      Lenox Ave Office Suites

      NYC Office Space: Flexible Options
      310 Lenox Ave, New York, NY 10027
      View Details
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    302 128Th St
    New York, NY 10027
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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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