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    Property profile & analytics

    2005 3Rd Ave New York, NY 10029

    • Retail residential properties
    • 5,500 SF
    • 0.57 lot acres
    For Lease
    View listing
    Last Sale
    Nov 17, 2021
    $4,100,000
    Value Estimations
    $4,100,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0830264
    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

    • NEXT GENERATION MARKET NY INC / Specialty Food Shop / Supermarket

    Property Details for 2005 3Rd Ave

    Year built
    1924
    Lot size
    0.57 lot acres
    Property size
    5,500 SF
    Zone code
    R9
    Property type
    Retail residential properties
    APN
    01660-0001
    APU
    16600001

    Description

    This exceptional property at 2005 3rd Avenue in New York City, NY 10029 offers a unique opportunity to lease executive office space within a larger mixed-use building. The building, totaling 122,414 square feet, comprises one building and features a variety of suite sizes to accommodate diverse business needs. Currently, there are multiple spaces available, ranging from a minimum of 713 square feet to a maximum of 16,500 square feet, with a total of 32,971 square feet currently vacant. The minimum divisible space is 2,059 square feet, while the maximum contiguous space available is 11,000 square feet. This allows for flexibility in selecting a space that perfectly fits your company's requirements. The property is classified as both retail and office space, offering a dynamic and versatile environment. Ceiling heights vary, providing options of 12 feet and 21 feet, adding to the space's adaptability. Located in New York County, this property benefits from its prime location in a vibrant and bustling area of New York City. The address is 2005 3rd Avenue, offering excellent visibility and accessibility. This is an ideal location for businesses seeking a prestigious address and convenient access to various amenities and transportation options. The property is available for lease.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,120,000
      ML approach
      $4,070,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,247,000
      Market price range: $857k - $3.25M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $4,495,000
      OFFICE BUILDING
      $3,515,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9422
    Latitude
    40.7943
    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
    $85,404
    $806,310
    $0.00
    $806,310
    -
    $2,753,000
    $0.00
    $2,753,000

    Comparable in this City

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    • Value Estimation
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      1160 5th Ave

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    • Value Estimation
      $2,025,000
      8,945 SF

      1413 Madison Ave

      STORES & APARTMENTS • 8,945 SF
      1413 Madison Ave, New York, NY 10029-6911
      View Details
    • Value Estimation by Request
      10,560 SF

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      STORES & APARTMENTS • 10,560 SF
      1414 Madison Ave, New York, NY 10029-6912
      View Details
    • Value Estimation by Request
      10,800 SF

      176-178 116th St

      STORE/OFFICE (MIXED USE) • 10,800 SF
      176-178 116th St, New York, NY 10029
      View Details
    • Value Estimation
      $600,000
      19,223 SF

      311-313 109th St

      STORES & APARTMENTS • 19,223 SF
      311-313 109th St, New York, NY 10029
      View Details

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    • $6,900,000
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      Park Avenue Retail Condo Opportunity

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      Adaptable Retail/Office Space Available

      Versatile space suitable for retail, office, or educational purposes.
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    New York, NY 10029
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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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