Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1621 2nd Ave New York, NY 10028-4459

    • Investment properties
    • 6,300 SF
    • 0.05 lot acres
    OFF-MARKET
    Value Estimations
    $250,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2514168
    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

    • Elio's / Italian Restaurant / Restaurant

    Property Details for 1621 2nd Ave

    Year built
    1920
    Lot size
    0.05 lot acres
    Property size
    6,300 SF
    Zone code
    C1-9
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    01530-0022
    APU
    15300022

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $250,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $245,000
      Market price range: $136k - $327k

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9529
    Latitude
    40.7768
    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
    $117,987
    $442,540
    $501,203
    $943,743
    -
    $1,720,000
    $1,948,000
    $3,668,000

    Comparable in this City

    • Value Estimation
      $410,000
      9,765 SF

      5 82nd St

      OFFICE/RESIDENTIAL (MIXED USE) • 9,765 SF
      5 82nd St, New York, NY 10028-0342
      View Details
    • Value Estimation
      $360,000
      7,778 SF

      1063 Madison Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 7,778 SF
      1063 Madison Ave, New York, NY 10028-0223
      View Details
    • Value Estimation
      $275,000
      5,330 SF

      1134 Madison Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 5,330 SF
      1134 Madison Ave, New York, NY 10028-0425
      View Details
    • Value Estimation
      $270,000
      6,000 SF

      1662 1st Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 6,000 SF
      1662 1st Ave, New York, NY 10028-4770
      View Details
    • Value Estimation by Request
      19,575 SF

      1009 5th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 19,575 SF
      1009 5th Ave, New York, NY 10028-0158
      View Details
    • Value Estimation
      $240,000
      6,300 SF

      1623 2nd Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 6,300 SF
      1623 2nd Ave, New York, NY 10028-4460
      View Details

    Similar Nearby for Sale

    • $600,000
      1,000 SF

      Park Avenue Medical Office Building

      Prime Upper East Side Medical Office - $600,000
      969 Park Avenue, New York, NY 10028
      View Details
    • $1,523,805
      1,695 SF

      Prime Upper East Side Medical Office

      1,695 SF Medical Office - $899/SF
      90 End Ave, New York, NY 10028
      View Details
    • Contact for pricing
      38,838 SF

      Upper West Side Opportunity

      Vacant building in coveted Upper West Side location.
      150 W 85Th St, New York, NY 10028
      View Details
    • $2,599,999

      Apartment Building in New York

      Apartment building for sale in New York, NY.
      1001 5Th Ave, New York, NY 10028
      View Details
    • $375,000

      Apartment Building in New York

      Apartment building for sale in New York, NY.
      305 E 83Rd St, New York, NY 10028
      View Details
    • $1,495,000

      Residential Property in New York

      Residential property for sale in New York, NY.
      311 E 83Rd St, New York, NY 10028
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      9,000 SF

      York Avenue Retail Space For Lease

      Prime NYC Retail, 9,000 SF Available
      1637 York Ave, New York, NY 10028
      View Details
    • $9,000 /Mo
      1,700 SF

      Medical Office Space Available Now

      Medical office space featuring five exam rooms for rent.
      969 Park Ave, New York, NY 10028
      View Details
    • $17,500 /Mo
      1,700 SF

      Restaurant Space with High Traffic

      Restaurant space for rent in high-traffic location.
      211 E 86Th St, New York, NY 10028
      View Details
    • $3,700 /Mo

      York Avenue Apartment For Rent

      Apartment for rent, tenant responsible for utilities and insurance.
      1640 York Ave, New York City, NY 10028
      View Details
    • $9,250 /Mo
      450 SF

      Retail Space on Lexington Avenue

      Retail space with heavy foot traffic near Lexington Avenue.
      128 E 84Th St, New York, NY 10028
      View Details
    • Contact for pricing
      2,250 SF

      Retail Space on Madison Avenue

      Prime retail space available in New York, NY.
      1122 Madison Ave, New York, NY 10028
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1621 2nd Ave
    New York, NY 10028-4459
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.