924 3Rd Ave New York, NY 10022
- Retail residential properties
- 8,325 SF
- 0.05 lot acres
Current Use by Public Records
- EA Dumpling / Dumpling Restaurant / Taiwanese Restaurant
Property Details for 924 3Rd Ave
- Year built
- 1920
- Lot size
- 0.05 lot acres
- Property size
- 8,325 SF
- Zone code
- C6-6
- Property type
- Retail residential properties
- APN
- 01310-0038
- APU
- 13100038
Description
This exceptional retail property, located at 924 3rd Avenue in New York City's vibrant Midtown East neighborhood (zip code 10022), presents a compelling investment opportunity. The building boasts 8,325 square feet of space spread across five stories, and is zoned C6-6. Currently, the ground floor is occupied by Ea Dumpling, a thriving tenant. The property's strategic location places it just one block from the iconic Citicorp Building, ensuring high visibility and foot traffic. Midtown East offers unparalleled access to cultural attractions, including museums, libraries, and a diverse culinary scene, complemented by convenient access to multiple subway lines. This prime location makes it an ideal space for a variety of retail businesses. A significant advantage is the substantial untapped potential: based on a 15.0 FAR, the property possesses unused air rights totaling 27,300 square feet, offering considerable future development possibilities. The asking price for this remarkable property is $6,250,000. This presents a rare chance to acquire a well-situated, income-generating retail asset with significant upside potential in one of Manhattan's most desirable locations.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $4,875,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $4,655,000
- 6.5%
- $5,325,000
- 7%
- $5,015,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $4,845,000
- Geo Method
- $4,545,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $4,840,000
- Retail
- $5,485,000
- Mixed-Use
- $4,465,000
- Hospitality
- $5,405,000
- Educational
- $4,575,000
- Residential Income
- $4,485,000
- Energy
- $5,370,000
- Income-Based Land
- $4,190,000
- Food Service
- $4,190,000
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9685
- Latitude
- 40.7595
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
