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    Riv Plz New York, NY 10035
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    Property profile & analytics

    Riv Plz New York, NY 10035

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    • Lifestyle centers
    • 168,208 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Lifestyle centers

    Property Details for 0 Riv Plz

    Property size
    168,208 SF
    Property type
    Lifestyle centers
    Property subtype
    Power centers

    Description

    East River Plaza, located in vibrant Harlem, New York (zip code 10035), presents a unique opportunity for medical office tenants. This expansive property, totaling 168,208 square feet, offers multiple suites within a retail and office complex. Three suites are currently available, ranging from a minimum of 4,323 square feet to a maximum contiguous space of 126,219 square feet, providing flexibility for various practice sizes and needs. The building boasts ample parking with 1,251 spaces available for tenants and their clients. Elevators are conveniently located within the building for easy access to all floors. The property's classification includes both retail and office space, indicating a dynamic and potentially synergistic environment. The entire building is currently vacant, presenting a rare chance to establish a significant presence in a thriving community. This location in New York County offers excellent visibility and accessibility, making it an ideal location for a medical practice seeking to expand or establish itself in a high-demand area. The property's size and layout offer significant potential for customization and adaptation to meet specific tenant requirements.

    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
    New York
    State
    New York
    Longitude
    -73.9321
    Latitude
    40.7948

    Comparable in this City

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      500,000 SF

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      Lifestyle centers • 500,000 SF
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    • Value Estimation by Request
      60,000 SF

      116 124Th St

      Office Units • 60,000 SF
      116 124Th St, New York, NY 10035
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    • Value Estimation by Request
      4,500 SF

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      Office properties & Spaces • 4,500 SF
      2172 3Rd Ave, New York, NY 10035
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    • Value Estimation by Request
      10,940 SF

      135 125Th St

      Office properties & Spaces • 10,940 SF
      135 125Th St, New York, NY 10035
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    • Value Estimation by Request
      7,805 SF

      303 118th St

      MEDICAL CLINIC • 7,805 SF
      303 118th St, New York, NY 10035
      View Details
    • Value Estimation by Request
      19,540 SF

      309-311 118th St

      MEDICAL CLINIC • 19,540 SF
      309-311 118th St, New York, NY 10035
      View Details

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      South Harlem Mixed-Use Building

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      East Harlem Mixed-Use Building

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    Similar Nearby for Lease

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      Former Restaurant Space Available

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      Retail Space on East 118th

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      East River Plaza Restaurant Space

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      East River Plaza Retail Space

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      2,199 SF

      Mixed-Use Property in Harlem

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    Request Owner's contact information
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    Riv Plz
    New York, NY 10035
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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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