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    321 Milford St New York, NY 10018

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    321 Milford St New York, NY 10018

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    • Apartment buildings
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for 321 Milford St

    Property type
    Apartment buildings

    Description

    This well-maintained, legal four-family brick building at 321 Milford Street in New York, NY 10018 presents a compelling investment opportunity. The semi-attached structure boasts 3,184 square feet of living space, situated on a 36 x 100 lot with a private driveway. The building features two three-bedroom apartments and two two-bedroom apartments, each with a spacious living room and modern open-plan kitchen. Recent upgrades include all new plumbing, gas lines, and electrical systems throughout the building. A new gas boiler with a 75-gallon hot water tank and a new rubberized roof ensure efficiency and longevity. The full basement offers high ceilings, ceramic tile, ample windows, and two entrances. The property benefits from R5 zoning and a significant 1,332 unused FAR. The building's strong financial performance is highlighted by an annual income of $100,968, expenses of $12,359, and a net operating income (NOI) of $88,609. Conveniently located near the A and C trains, buses, and various shopping options, this property offers immediate rental income with minimal required work. The high ceilings and excellent location make this a truly exceptional investment. The asking price is $1.35 million.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    NY
    State
    New York
    Longitude
    -73.876
    Latitude
    40.6713

    Comparable in this City

    • Value Estimation
      $3,015,000
      10,500 SF

      412 36th St

      APARTMENT HOUSE (5+ UNITS) • 10,500 SF
      412 36th St, New York, NY 10018-6343
      View Details
    • Value Estimation
      $35,730,000
      82,354 SF

      313 37th St, Unit 321

      APARTMENT HOUSE (5+ UNITS) • 82,354 SF
      313 37th St, New York, NY 10018-4213
      View Details
    • Value Estimation by Request
      48,843 SF

      325 37th St

      APARTMENT HOUSE (5+ UNITS) • 48,843 SF
      325 37th St, New York, NY 10018-4203
      View Details
    • Value Estimation
      $1,000,000
      4,680 SF

      404 40th St

      APARTMENT HOUSE (5+ UNITS) • 4,680 SF
      404 40th St, New York, NY 10018-1214
      View Details
    • Value Estimation
      $1,060,000
      218,725 SF

      334 39th St

      HIGH-RISE APARTMENTS • 218,725 SF
      334 39th St, New York, NY 10018-1402
      View Details
    • Value Estimation
      $935,000
      170,978 SF

      352 37th St

      HIGH-RISE APARTMENTS • 170,978 SF
      352 37th St, New York, NY 10018
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Office Spaces for Rent

      Office spaces available, ranging from 3,015 to 4,593 SqFt.
      16-18 West 39Th St, New York, NY 10018
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    • Contact for pricing

      Office Space for Lease

      Office space available for lease in New York, NY.
      202 W 40Th St, New York, NY 10018
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    • Contact for pricing

      Class B Office Space Available

      Office space for lease in Midtown Manhattan.
      W 39Th St, New York, NY 10018
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    • Contact for pricing

      Retail Space for Lease

      Retail space available for lease in New York, NY.
      365 W 36Th St, New York, NY 10018
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    • Contact for pricing
      70,400 SF

      Office Space in Midtown Building

      Office space available for rent in Midtown Manhattan.
      80 W 40Th St, New York, NY 10018
      View Details
    • $35 SF/Yr
      123,800 SF

      Office and Flex Space Available

      Office and flex space available for rent in New York.
      347 West 36Th St, New York, NY 10018
      View Details
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    321 Milford St
    New York, NY 10018
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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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