Add Listing
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

    171 1st Ave New York, NY 10003-2949

    • Investment properties
    • 10,425 SF
    • 0.05 lot acres
    OFF-MARKET
    Last Sale
    Oct 12, 2023
    $9,400,000
    Value Estimations
    $9,115,000
    Show details
    Cap Rate Potential
    3.8%
    Investment properties
    Location Intelligence
    Property ID
    US63-5656086
    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

    • Joey Wine store / Specialty Food Shop / Wine and Liquor Store
    • Momofuku Noodle Bar / Restaurant

    Property Details for 171 1st Ave

    Year built
    1900
    Lot size
    0.05 lot acres
    Property size
    10,425 SF
    Zone code
    R7A
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    00452-0033
    APU
    4520033

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $8,840,000
      ML approach
      $8,830,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $8,820,000
      Current use
      RETAIL STORES
      $13,710,000
      Change: +55% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $9,555,000
      Change: +8% Conversion: Moderate
      WAREHOUSE, STORAGE
      $8,520,000
      Change: -3% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9845
    Latitude
    40.7292
    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
    $93,691
    $53,821
    $695,585
    $749,406
    -
    $489,000
    $6,319,800
    $6,808,800

    Comparable in this City

    • Value Estimation
      $3,230,000
      6,620 SF

      872 Broadway

      OFFICE/RESIDENTIAL (MIXED USE) • 6,620 SF
      872 Broadway, New York, NY 10003-1202
      View Details
    • Value Estimation
      $7,730,000
      31,152 SF

      417 Lafayette St

      OFFICE/RESIDENTIAL (MIXED USE) • 31,152 SF
      417 Lafayette St, New York, NY 10003-7005
      View Details
    • Value Estimation
      $3,420,000
      9,156 SF

      66 Irving Pl

      OFFICE/RESIDENTIAL (MIXED USE) • 9,156 SF
      66 Irving Pl, New York, NY 10003-2204
      View Details
    • Value Estimation
      $1,970,000
      4,496 SF

      273 1st Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,496 SF
      273 1st Ave, New York, NY 10003-9800
      View Details
    • Value Estimation
      $875,000
      3,336 SF

      201 1st Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,336 SF
      201 1st Ave, New York, NY 10003-3036
      View Details
    • Value Estimation
      $3,730,000
      6,923 SF

      194 3rd Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 6,923 SF
      194 3rd Ave, New York, NY 10003-2500
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      East Village Mixed-Use Redevelopment Opportunity

      Two adjacent mixed-use buildings in the East Village for sale.
      100 E 4Th St, New York, NY 10003
      View Details
    • $10,500,000
      11,250 SF

      Prime NYC Mixed-Use Investment

      Historic 11,250 SF building, high potential.
      21 17Th St, New York, NY 10003
      View Details
    • $4,700,000

      Brooklyn Development Opportunity on Third

      Prime Brooklyn land for residential, mixed-use, or retail development.
      46 3Rd Ave, Brooklyn, NY 10003
      View Details
    • Contact for pricing
      2,722 SF

      Manhattan Retail Building For Sale

      Prime corner retail building in Washington Heights, delivered vacant.
      4311 Broadway, New York, NY 10003
      View Details
    • $9,300,000
      6,702 SF

      Prime NYC Multifamily Townhouse

      Luxury 6-unit building, high NOI.
      13 9Th St, New York, NY 10003
      View Details
    • $850,000

      East Village Multifamily Opportunity

      Multifamily property in the East Village available for purchase.
      224 E 11Th St, New York, NY 10003
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      41,258 SF

      Prime NYC Medical Office Space

      10 Suites Available, 877-9,575 SF
      20 University Pl, New York, NY 10003
      View Details
    • Contact for pricing
      91,367 SF

      841 Broadway

      Office properties & Spaces • 91,367 SF
      841 Broadway, New York, NY 10003
      View Details
    • Contact for pricing

      Prime Retail Space Available

      Shell condition retail space with wraparound frontage, immediate possession.
      72 2Nd Ave, New York, NY 10003
      View Details
    • Contact for pricing
      1,250 SF

      Prime NoHo Retail Space

      1,250 SF Retail Space - Available Now
      747 Broadway, New York, NY 10003
      View Details
    • Contact for pricing
      8,700 SF

      Union Square West Retail Gem

      Prime Manhattan Pop-Up Space Available
      37 Union Sq, New York, NY 10003
      View Details
    • Contact for pricing
      1,000 SF

      Prime NYC Retail Space at 11 Waverly Pl

      1,000 SF Retail Space - New York City
      11 Waverly Pl, New York, NY 10003
      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.
    171 1st Ave
    New York, NY 10003-2949
    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.
    Sign Up Successful!
    You now have access to more from Realmo!