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    Property profile & analytics

    1978 3rd Ave New York, NY 10029-3602

    • Investment properties
    • 2,000 SF
    • 0.03 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0833958
    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

    • Nicholas Variety / Cosmetic Store
    • B & S Accounting Services / Accounting Firm / Tax Preparation
    • Nicholas Cultural / Department Store

    Property Details for 1978 3rd Ave

    Year built
    1920
    Lot size
    0.03 lot acres
    Property size
    2,000 SF
    Zone code
    R9
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    01636-0138
    APU
    16360138

    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
    -73.9437
    Latitude
    40.7934
    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
    $22,183
    $27,000
    $182,430
    $209,430
    -
    $60,000
    $528,000
    $588,000

    Comparable in this City

    • Value Estimation
      $1,180,000
      38,302 SF

      1915 3rd Ave, Unit 1923

      STORE/OFFICE (MIXED USE) • 38,302 SF
      1915 3rd Ave, New York, NY 10029-4605
      View Details
    • Value Estimation
      $1,900,000
      8,552 SF

      139-141 103rd St

      STORE/OFFICE (MIXED USE) • 8,552 SF
      139-141 103rd St, New York, NY 10029
      View Details
    • Value Estimation
      $1,130,000
      5,048 SF

      204 116th St

      STORE/OFFICE (MIXED USE) • 5,048 SF
      204 116th St, New York, NY 10029-1401
      View Details
    • Value Estimation by Request
      13,710 SF

      109-111 116th St

      STORE/OFFICE (MIXED USE) • 13,710 SF
      109-111 116th St, New York, NY 10029
      View Details
    • Value Estimation
      $710,000
      4,160 SF

      1958 3rd Ave

      STORE/OFFICE (MIXED USE) • 4,160 SF
      1958 3rd Ave, New York, NY 10029-4003
      View Details
    • Value Estimation
      $2,215,000
      6,895 SF

      162 116th St

      STORE/OFFICE (MIXED USE) • 6,895 SF
      162 116th St, New York, NY 10029
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      East Harlem Mixed-Use Investment

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    • $3,999,000

      East Harlem Mixed-Use Property

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      334 E 106Th St, New York, NY 10029
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    • $3,750,000
      Pending

      East Harlem Mixed-Use Investment

      Mixed-use property with residential units and commercial space for sale.
      2049 2Nd Ave, New York, NY 10029
      View Details
    • $1,679,000

      East Harlem Mixed-Use Property

      Four-story mixed-use property in East Harlem with conversion potential.
      239 East 116Th St, New York, NY 10029
      View Details
    • $5,250,000

      East Harlem Development Site

      Prime location, retail tenants, high potential.
      81-85 110Th St, New York, NY 10029
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    Similar Nearby for Lease

    • $50 SF/Yr
      7,531 SF

      Versatile Corner Commercial Space

      1,000 sq ft commercial space in East Harlem.
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      View Details
    • $50 SF/Yr
      7,531 SF

      East Harlem Storefront Opportunity

      450 sq ft commercial space in a high-traffic location.
      279 Pleasant Ave, Manhattan, NY 10029
      View Details
    • Contact for pricing
      1,150 SF

      Retail Space Near Central Park

      Retail space for rent near Central Park in New York.
      1405-1407 5Th Ave, New York, NY 10029
      View Details
    • Contact for pricing
      2,347 SF

      East River Plaza Retail Space

      Retail space available in East River Plaza, New York.
      505 E 116Th St, New York, NY 10029
      View Details
    • Contact for pricing
      9,400 SF

      Adaptable Retail/Office Space Available

      Versatile space suitable for retail, office, or educational purposes.
      2108-2116 3Rd Ave, New York, NY 10029
      View Details
    • Contact for pricing
      1,500 SF

      Madison Avenue Retail Space Available

      Vented retail space in high-traffic, dense residential neighborhood.
      1657 Madison Ave, New York, NY 10029
      View Details
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    1978 3rd Ave
    New York, NY 10029-3602
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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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