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    51 5Th Ave New York, NY 10003

    Sponsored
    For Sale
    $395,000

    245 sq ft office space, Fifth Ave.

    Property size:
    245 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    403
    This exceptional 245-square-foot commercial office space is ideally situated on lower Fifth Avenue in New York City's coveted Gold Coast, between East 11th and East 12th Streets. Located on the first floor of a full-service residential cooperative building at 51 5th Avenue, this turnkey space boasts a recent renovation down to the studs. Features include a built-in kitchenette with custom shaker-style cabinets, a fireplace, custom wood storage cabinets, and professional lighting design with recessed, sconce, rail, and wire lighting in various wattages. The space offers an 11.5-foot ceiling height and a large window overlooking a tree-lined street. Currently configured with a waiting room and an office, the layout is easily adaptable to a loft-style design. The property's prime location offers unparalleled access to various transportation options, including the 4, 5, 6, L, N, R, Q, M, F, and PATH trains, as well as numerous bus routes. Nearby amenities include abundant shopping, restaurants, and residential buildings. The asking price is $395,000, with a monthly maintenance fee of $815 and a $310 monthly assessment until February 2025. Note that all dimensions are approximate

    Property Features for 51 5Th Ave

    General Information

    Property type
    Land
    Square Feet
    245 SF

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    Listing Contact
    Richard Pino
    Richard Pino

    Learn more

    HighLights

    • Prime 245 sq ft office space on lower Fifth Avenue, between E 11th & E 12th Streets.
    • First‑floor, turnkey space in a full‑service residential co‑op at 51 5th Avenue, recently renovated.
    • Features include a kitchenette, fireplace, custom cabinetry, and professional lighting.
    • High ceilings (11.5 ft) and large window overlooking a tree‑lined street.
    • Flexible layout, currently configured as a waiting room and office.
    • Excellent transportation access (4, 5, 6, L, N, R, Q, M, F trains & PATH).
    Property Profile Location Intelligence

    Current Use by Public Records

    Tallent Marc A Psychologist Pak Grace H ... Dermatologist James Blechman, LCSW-R, ... Psychotherapist Lunar Oculitis Education Center 51 5th Avenue Property Management Company

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    36061
    State
    New York
    Longitude
    -73.9942249
    Latitude
    40.7343547

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    FAQs

    What type of property is this?
    Land - 245 sq ft office space, Fifth Ave.
    Where is this land located?
    The property is located at 51 5Th Ave New York, NY.
    What is the asking price?
    The asking price for this property is $395,000.
    What are key features of this property?
    This property features: Prime 245 sq ft office space on lower Fifth Avenue, between E 11th & E 12th Streets.; First-floor, turnkey space in a full-service residential co-op at 51 5th Avenue, recently renovated.; Features include a kitchenette, fireplace, custom cabinetry, and professional lighting.
    (212) 360-7000
    Request Owner's contact information
    51 5Th Ave New York, NY 10003
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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
    51 5Th Ave New York, NY 10003
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    Listing Contact
    Richard Pino
    Richard Pino
    (212) 360-7000
    Learn more
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