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    16 Spg St New York, NY 10012-0024
    Property profile & analytics

    16 Spg St New York, NY 10012-0024

    View on Map
    • Investment properties
    • 4,544 SF
    • 0.06 lot acres
    Off-Market
    Property ID
    US63-2992444
    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.
    Value Estimations
    $1,600,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Investment properties

    Property Details for 16 Spg St

    Year built
    1915
    Lot size
    0.06 lot acres
    Property size
    4,544 SF
    Zone code
    C6-2
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    00479-0020
    APU
    4790020

    Description

    This exceptional 1,000 square foot retail space at 16 Spring Street in the heart of Nolita, New York, NY 10012 presents a unique investment opportunity. Located on one of Nolita's busiest blocks, this single-tenant property is available for lease for the first time in over 25 years. The property is classified as retail, suitable for a variety of uses including restaurants. The space requires renovation, offering a blank canvas for a prospective tenant to create their ideal retail environment. The property's prime location in New York County ensures high visibility and foot traffic, making it an attractive proposition for businesses seeking a strong presence in this vibrant neighborhood. The address is 16 Spring Street, New York, NY 10012. This is a single-tenant space, providing a unique opportunity for a business to establish itself in a highly sought-after area. The property's long-term vacancy underscores its potential for a significant return on investment for the right tenant. The space's size and location make it ideal for a variety of retail concepts. The need for renovation allows for complete customization to suit a specific business's needs. This is a rare opportunity to secure a prominent retail space in a highly desirable New York City neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,415,000
      6.5%
      $2,230,000
      7%
      $2,070,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.995
    Latitude
    40.7212
    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
    $58,803
    $126,797
    $343,555
    $470,352
    -
    $800,000
    $2,167,600
    $2,967,600

    Comparable in this City

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      7,598 SF

      232 Mott St

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    • Value Estimation
      $825,000
      4,038 SF

      197 Bleecker St

      OFFICE/RESIDENTIAL (MIXED USE) • 4,038 SF
      197 Bleecker St, New York, NY 10012-1508
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    • Value Estimation
      $2,255,000
      7,088 SF

      246 Bowery

      OFFICE/RESIDENTIAL (MIXED USE) • 7,088 SF
      246 Bowery, New York, NY 10012-3593
      View Details
    • Value Estimation
      $2,840,000
      9,855 SF

      181 Mott St

      OFFICE/RESIDENTIAL (MIXED USE) • 9,855 SF
      181 Mott St, New York, NY 10012-4581
      View Details
    • Value Estimation
      $1,980,000
      6,800 SF

      230 Elizabeth St

      OFFICE/RESIDENTIAL (MIXED USE) • 6,800 SF
      230 Elizabeth St, New York, NY 10012-3563
      View Details
    • Value Estimation
      $1,000,000
      3,333 SF

      170 Elizabeth St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,333 SF
      170 Elizabeth St, New York, NY 10012-4622
      View Details

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      Historic Bleecker Street Mixed-Use Property

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      Renovated Elevator Live/Work Building

      Newly renovated live/work building with high-end finishes.
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    • $13,550 /Mo

      New York, NY 10012

      PRIME NOLITA RETAIL STORE FOR RENT - HEAVY FOOT TRAFFIC
      New York, NY 10012
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      Retail Space on Spring Street

      Retail space available on Spring Street in New York.
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      Prime Retail Space on Greene

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    New York, NY 10012-0024
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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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