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    Property profile & analytics

    451 46Th St New York, NY 10036

    • Retail residential properties
    • 7,300 SF
    • 0.06 lot acres
    For Lease
    View listing
    $158 SF/Yr
    Value Estimations
    $240,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3472448
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • homestead suites midtown / Hotel
    • GOOD HEAD: HELL'S KITCHEN / Barber Shop
    • Green Apple Maids, Inc. / House Cleaning Service

    Property Details for 451 46Th St

    Year built
    1920
    Lot size
    0.06 lot acres
    Property size
    7,300 SF
    Zone code
    R8
    Property type
    Retail residential properties
    APN
    01056-0011
    APU
    10560011

    Description

    This exceptional 500-square-foot retail space is ideally situated at 451 W 46th St, New York, NY 10036, in the vibrant Hell's Kitchen neighborhood. Currently configured as a nail salon, this property presents a fantastic opportunity for a wide array of retail uses. The landlord is committed to a complete gut renovation, delivering a pristine, high-end "white box" space ready for immediate occupancy. A significant improvement will be the installation of a new storefront entrance at street level, enhancing visibility and accessibility. The space is available for immediate lease with a negotiable term and a monthly rent of $6,600. Its central location offers unparalleled access to a dense population and high foot traffic, making it perfect for a diverse range of businesses, including but not limited to cafes, restaurants, convenience stores, salons, or other retail ventures. The property's versatility and prime location in a thriving area make it an exceptional investment opportunity. This is a single-tenant space, offering exclusive use and control. Contact us today to schedule a viewing and explore the possibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $300,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $180,000
      Market price range: $181k - $527k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9925
    Latitude
    40.762
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $48,451
    $118,618
    $268,925
    $387,543
    -
    $977,000
    $2,215,000
    $3,192,000

    Comparable in this City

    • Value Estimation
      $95,000
      6,750 SF

      1555 Broadway

      STORE/OFFICE (MIXED USE) • 6,750 SF
      1555 Broadway, New York, NY 10036
      View Details
    • Value Estimation
      $355,000
      5,600 SF

      1190 Ave Of The Americas

      STORES & APARTMENTS • 5,600 SF
      1190 Ave Of The Americas, New York, NY 10036-2712
      View Details
    • Value Estimation
      $190,000
      11,275 SF

      324 47th St

      STORES & APARTMENTS • 11,275 SF
      324 47th St, New York, NY 10036-3116
      View Details
    • Value Estimation
      $195,000
      4,850 SF

      246 48th St

      STORES & APARTMENTS • 4,850 SF
      246 48th St, New York, NY 10036-1424
      View Details
    • Value Estimation
      $400,000
      8,856 SF

      28 48th St

      STORES & APARTMENTS • 8,856 SF
      28 48th St, New York, NY 10036-1804
      View Details
    • Value Estimation
      $245,000
      8,400 SF

      31 46th St

      STORES & APARTMENTS • 8,400 SF
      31 46th St, New York, NY 10036-4102
      View Details

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    Similar Nearby for Lease

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      View Details
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    New York, NY 10036
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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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