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    228 84Th St New York, NY 10028
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    228 84Th St New York, NY 10028

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    • Mixed-use properties
    • 9,350 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Mixed-use properties

    Property Details for 228 84Th St

    Property size
    9,350 SF
    Property type
    Mixed-use properties
    Property subtype
    Apartment buildings

    Description

    This five-story, 9,350 square foot mixed-use apartment building is located on East 84th Street in Manhattan's Upper East Side, boasting 34 feet of frontage. The building comprises eighteen residential units; fifteen are free-market, and three are rent-stabilized. Extensive renovations have been completed throughout the free-market units and common areas, featuring upgrades such as hardwood floors, granite countertops, stainless steel appliances, cherry wood cabinets, crown and baseboard moldings, and marble bathrooms. A recent fifth-floor addition created two expansive three-bedroom, two-bathroom units, each with a private roof deck offering stunning Upper East Side views. Adding to the building's appeal, two first-floor units include private backyards. The building's prime location is steps away from the 86th Street 4, 5, and 6 subway station, providing convenient access to transportation. The asking price for this meticulously renovated property is $8,350,000. This represents a price per square foot of $893.05. This exceptional investment opportunity offers a blend of modern luxury and a highly desirable location.

    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
    -73.9537
    Latitude
    40.7768

    Comparable in this City

    • Value Estimation
      $3,405,000
      10,270 SF

      341 85th St

      APARTMENT HOUSE (5+ UNITS) • 10,270 SF
      341 85th St, New York, NY 10028-4546
      View Details
    • Value Estimation
      $3,115,000
      9,295 SF

      420 81st St

      APARTMENT HOUSE (5+ UNITS) • 9,295 SF
      420 81st St, New York, NY 10028-5877
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    • Value Estimation
      $10,700,000
      36,720 SF

      219-221 81st St

      APARTMENT HOUSE (5+ UNITS) • 36,720 SF
      219-221 81st St, New York, NY 10028
      View Details
    • Value Estimation
      $3,815,000
      10,075 SF

      325 83rd St

      APARTMENT HOUSE (5+ UNITS) • 10,075 SF
      325 83rd St, New York, NY 10028-4350
      View Details
    • Value Estimation
      $3,020,000
      8,515 SF

      434 83rd St

      APARTMENT HOUSE (5+ UNITS) • 8,515 SF
      434 83rd St, New York, NY 10028-6136
      View Details
    • Value Estimation
      $8,460,000
      22,990 SF

      16 83rd Sts

      APARTMENT HOUSE (5+ UNITS) • 22,990 SF
      16 83rd Sts, New York, NY 10028-0402
      View Details

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    New York, NY 10028
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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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