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    829 9th Ave New York, NY 10019-4455

    • Retail residential properties
    • 9,915 SF
    • 0.06 lot acres
    OFF-MARKET
    Last Sale
    Jul 21, 2022
    $7,050,000
    Value Estimations
    $5,865,000
    Show details
    Cap Rate Potential
    5.5%
    Retail residential properties
    Location Intelligence
    Property ID
    US63-5702326
    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

    • NYC Bike & Scooter Shop / Bicycle Shop

    Property Details for 829 9th Ave

    Year built
    1901
    Lot size
    0.06 lot acres
    Property size
    9,915 SF
    Zone code
    R8
    Property type
    Retail residential properties
    APN
    01064-0032
    APU
    10640032

    Description

    This exceptional mixed-use property at 829 9th Avenue, New York, NY 10019, presents a compelling investment opportunity. The five-story building boasts 10,100-10,122 square feet on a 2,410 square foot lot, and features 20 units, including 18 apartments and 2 stores, all currently 100% occupied. The building enjoys a strong 5.93% cap rate, generating a current NOI of $571,958 and a pro-forma NOI of $627,342. The asking price is $9,650,000, translating to approximately $955 per square foot. 11 units have undergone renovations within the last two years, presenting a value-add opportunity in the remaining 6 unrenovated units, along with the common areas and basement. The building benefits from a prime location on a thriving retail corridor, just three blocks from the N, Q, R, and W subway lines at 57th Street and the E, B, and D lines at 7th Avenue. Its proximity to Columbus Circle, Central Park, Hudson River Park, 6th Avenue, and the Midtown Business District further enhances its desirability. The property is professionally managed with complete historical rental records, and 95% of the units are free-market rentals (17 free market, 1 rent-stabilized). The permitted zoning is R8/C1-5/CL. This is a rare chance to acquire a well-positioned, high-performing asset in a highly sought-after Manhattan location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,790,000
      ML approach
      $5,820,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,265,000
      6.5%
      $4,860,000
      7%
      $4,515,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,457,000
      Market price range: $4.96M - $10.0M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9872
    Latitude
    40.7664
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $210,511
    $220,950
    $1,462,870
    $1,683,820
    -
    $491,000
    $3,540,000
    $4,031,000

    Comparable in this City

    • Value Estimation
      $210,000
      28,202 SF

      1604 Broadway, Unit 1610

      STORES & APARTMENTS • 28,202 SF
      1604 Broadway, New York, NY 10019-7409
      View Details
    • Value Estimation
      $690,000
      269,346 SF

      41 58th St, Unit 51

      STORES & APARTMENTS • 269,346 SF
      41 58th St, New York, NY 10019-1617
      View Details
    • Value Estimation
      $80,000
      919,877 SF

      400 59th St, Unit 428

      STORES & APARTMENTS • 919,877 SF
      400 59th St, New York, NY 10019-8023
      View Details
    • Value Estimation
      $310,000
      26,496 SF

      140-142 55th St

      STORES & APARTMENTS • 26,496 SF
      140-142 55th St, New York, NY 10019
      View Details
    • Value Estimation by Request
      95,176 SF

      625 55th St, Unit 635

      STORE/OFFICE (MIXED USE) • 95,176 SF
      625 55th St, New York, NY 10019-3560
      View Details
    • Value Estimation
      $300,000
      16,708 SF

      327-329 57th St

      STORES & APARTMENTS • 16,708 SF
      327-329 57th St, New York, NY 10019
      View Details

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    Similar Nearby for Lease

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      Prime Retail Space in New York

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    829 9th Ave
    New York, NY 10019-4455
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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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