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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    152 124Th St New York, NY 10035

    • Commercial real estate
    • 9,043 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0921348
    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

    • DracInc | Donn Thompson - New York / Marketing & Advertising / Advertising Agency

    Property Details for 152 124Th St

    Property size
    9,043 SF
    Property type
    Commercial real estate

    Description

    This exceptional development opportunity presents a 2,153 square foot vacant lot situated in the vibrant East Harlem neighborhood of New York City. Located at 152 E 124th St, zip code 10035, this property boasts a highly desirable R7D/EHC/C2-5 zoning designation, permitting the construction of a mixed-use building with a potential buildable square footage ranging from 9,043 to 12,057 square feet. The site benefits from its proximity to excellent public transportation, including the 4/5/6 subway lines just one block away and the Metro North Harlem - 125th Street station two blocks away. This prime location also places the property within easy reach of the bustling 125th Street retail corridor, Marcus Garvey Park, and Randall's Island. Furthermore, the property's strategic position offers convenient access to The Bronx, Queens, and Long Island via the RFK Bridge. The absence of a Mandatory Inclusionary Housing (MIH) requirement presents a significant advantage for developers. Comparable new construction condos in the area have achieved sale prices of approximately $1,000 per square foot, while new rental buildings are commanding mid-$60 per square foot rents. This presents a compelling investment opportunity with significant upside potential. The asking price for this exceptional development site is $1,300,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9377612
    Latitude
    40.8034562

    Comparable in this City

    • $6,650,000
      2,890 SF

      East Harlem Development Opportunity

      Four-lot assemblage near future Q train station.
      2367 2Nd Ave, New York, NY 10035
      View Details
    • Contact for pricing
      84,768 SF

      East Harlem Commercial Property

      Prime Retail & Land Opportunity
      228 122Nd St, New York, NY 10035
      View Details
    • $1,100,000
      7,162 SF

      Harlem Development Site For Sale

      Manhattan development site in Qualified Opportunity Zone with excellent transit.
      43 W 126Th St, New York, NY 10035
      View Details
    • $18,000,000

      East Harlem Development Opportunity

      421A-approved development opportunity with approved plans in Manhattan.
      2197 3Rd Ave, New York, NY 10035
      View Details
    • $2,500,000

      East Harlem Development Site

      Prime development site in East Harlem with 10,870 buildable SF.
      202-204 E 119Th St, New York, NY 10035
      View Details

    Similar Nearby for Sale

    • $6,650,000
      2,890 SF

      East Harlem Development Opportunity

      Four-lot assemblage near future Q train station.
      2367 2Nd Ave, New York, NY 10035
      View Details
    • Contact for pricing
      84,768 SF

      East Harlem Commercial Property

      Prime Retail & Land Opportunity
      228 122Nd St, New York, NY 10035
      View Details
    • $1,100,000
      7,162 SF

      Harlem Development Site For Sale

      Manhattan development site in Qualified Opportunity Zone with excellent transit.
      43 W 126Th St, New York, NY 10035
      View Details
    • $18,000,000

      East Harlem Development Opportunity

      421A-approved development opportunity with approved plans in Manhattan.
      2197 3Rd Ave, New York, NY 10035
      View Details
    • $2,500,000

      East Harlem Development Site

      Prime development site in East Harlem with 10,870 buildable SF.
      202-204 E 119Th St, New York, NY 10035
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,420 SF

      Prime Harlem Retail Space

      2,420 SF Vacant Retail Space in NYC
      79 125Th St, New York, NY 10035
      View Details
    • Contact for pricing
      2,650 SF

      Prime NYC Retail Space for Lease

      2,650 SF Retail Space in Manhattan
      2198 3Rd Ave, New York, NY 10035
      View Details
    • Contact for pricing
      1,210 SF

      Former Restaurant Space Available

      Restaurant space with utilities and ventilation in place, excellent visibility.
      145 E 125Th St, New York, NY 10035
      View Details
    • Contact for pricing
      870 SF

      Flatiron District Corner Retail Space

      Prime corner retail opportunity in New York's Flatiron District.
      145 5Th Ave, New York, NY 10035
      View Details
    • $44 SF/Yr
      1,500 SF

      Retail Space in New York

      Retail space available for lease in New York, NY.
      245 E 124Th St, New York, NY 10035
      View Details
    • $5,000 /Mo
      750 SF

      Retail Space on Second Avenue

      Retail space for rent with high foot traffic.
      2349 2Nd Ave, New York, NY 10035
      View Details
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    152 124Th St
    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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