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    Property profile & analytics

    1992 3rd Ave New York, NY 10029-3694

    • Retail residential properties
    • 13,269 SF
    • 0.04 lot acres
    OFF-MARKET
    Value Estimations
    $2,960,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-4390348
    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

    • A&S Creative Life Dance and Cheer Company L.L.C / Theater & Performing Art Venue / Training Center
    • Kultiv8 Studios · Event Space Rental / Hotel & Motel / Resort

    Property Details for 1992 3rd Ave

    Year built
    2015
    Lot size
    0.04 lot acres
    Property size
    13,269 SF
    Zone code
    R9
    Property type
    Retail residential properties
    APN
    01637-0036
    APU
    16370036

    Description

    This exceptional 2,500-square-foot creative office space, located at 1992 3rd Avenue in East Harlem, New York, NY 10029, presents a unique opportunity for businesses seeking a vibrant and convenient location. Situated between East 109th and 110th Streets, this single-tenant property is part of a nine-story building constructed in 2015. The space boasts a modern storefront and comprises 1,500 square feet on the ground floor and an additional 1,000 square feet in a spacious lower level, accessible from the interior. The property features brand-new HVAC, plumbing, and electrical systems, ensuring optimal functionality and comfort. Immediate possession is available. This high-traffic area on 3rd Avenue offers unparalleled visibility and accessibility, surrounded by a diverse range of established businesses including Dunkin', Citi Bank, Chase, UPS Store, Wendy's, McDonald's, Little Caesars, Starbucks, a grocery store, KFC, Burger King, 7-Eleven, Boost Mobile, and a NYC Fresh Market. Convenient access to the 4, 5, 6, and Q subway lines further enhances its appeal. This is an ideal space for businesses seeking a modern, well-equipped, and highly visible location in a thriving Manhattan neighborhood. The total building size is 13,269 square feet.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $4,730,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $4,020,000
      Change: -15% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9434
    Latitude
    40.7939
    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
    $33,033
    $118,800
    $1,428,210
    $1,547,010
    -
    $264,000
    $3,177,000
    $3,441,000

    Comparable in this City

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      129,402 SF

      1986 2nd Ave, Unit 1998

      STORES & APARTMENTS • 129,402 SF
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      View Details
    • Value Estimation by Request
      10,520 SF

      1885 3rd Ave

      STORES & APARTMENTS • 10,520 SF
      1885 3rd Ave, New York, NY 10029-4926
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    • Value Estimation
      $1,710,000
      10,670 SF

      2037 2nd Ave

      STORES & APARTMENTS • 10,670 SF
      2037 2nd Ave, New York, NY 10029-4743
      View Details
    • Value Estimation
      $2,050,000
      9,825 SF

      2156 2nd Ave

      STORES & APARTMENTS • 9,825 SF
      2156 2nd Ave, New York, NY 10029-3267
      View Details
    • Value Estimation
      $6,445,000
      414,144 SF

      1940 1st Ave

      STORES & APARTMENTS • 414,144 SF
      1940 1st Ave, New York, NY 10029-6405
      View Details
    • Value Estimation by Request
      13,050 SF

      2037 1st Ave

      STORES & APARTMENTS • 13,050 SF
      2037 1st Ave, New York, NY 10029-4877
      View Details

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      East Harlem Mixed-Use Investment

      Mixed-use property with residential units and commercial space for sale.
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      East Harlem Mixed-Use Property

      Four-story mixed-use property in East Harlem with conversion potential.
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      East Harlem Development Site

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    Similar Nearby for Lease

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      Versatile Corner Commercial Space

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      Retail space in white-box condition with high foot traffic.
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      Prime East Harlem Retail Space

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    • $810 /Mo
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      Prime East Harlem Retail Space

      800 sq ft, High Traffic Location
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      View Details
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      1,460 SF

      Madison Avenue Retail Space Available

      Retail space with high visibility and heavy pedestrian traffic.
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    • Contact for pricing
      3,000 SF

      Medical/Office Space for Rent

      Medical or office space available at residential building base.
      344 E 109Th St, New York, NY 10029
      View Details
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    New York, NY 10029-3694
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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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