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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    228 121st St New York, NY 10035

    • Warehouses
    • 8,950 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    $1,065,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2714092
    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

    • Warehouses

    Property Details for 228 121st St

    Year built
    2004
    Lot size
    0.06 lot acres
    Property size
    8,950 SF
    Zone code
    R7A
    Property type
    Warehouses
    APN
    01785-0038
    APU
    17850038

    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
    -73.9368
    Latitude
    40.8005
    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
    $57,106
    $45,450
    $493,690
    $539,140
    -
    $101,000
    $1,124,000
    $1,225,000

    Comparable in this City

    • Value Estimation
      $3,800,000
      8,931 SF

      205-207 123rd St

      WAREHOUSE, STORAGE • 8,931 SF
      205-207 123rd St, New York, NY 10035
      View Details
    • Value Estimation
      $895,000
      7,194 SF

      129 124th St

      WAREHOUSE, STORAGE • 7,194 SF
      129 124th St, New York, NY 10035-1934
      View Details
    • Value Estimation
      $3,735,000
      2,500 SF

      415 119th St

      WAREHOUSE, STORAGE • 2,500 SF
      415 119th St, New York, NY 10035-3627
      View Details
    • Value Estimation
      $7,165,000
      25,870 SF

      155 126th St

      WAREHOUSE, STORAGE • 25,870 SF
      155 126th St, New York, NY 10035
      View Details
    • Value Estimation
      $1,135,000
      9,692 SF

      235 123rd St

      WAREHOUSE, STORAGE • 9,692 SF
      235 123rd St, New York, NY 10035-2021
      View Details
    • Value Estimation by Request
      1,120 SF

      134 124th St

      WAREHOUSE, STORAGE • 1,120 SF
      134 124th St, New York, NY 10035
      View Details

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      2,014 SF

      East Harlem Retail Development Site

      Development site in East Harlem with strong growth potential.
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    • $6,650,000
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      East Harlem Development Opportunity

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    Similar Nearby for Lease

    • Contact for pricing
      7,500 SF

      Versatile Space Near Transportation

      25,000 SF available for lease near transportation.
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      2,420 SF

      Prime Harlem Retail Space

      2,420 SF Vacant Retail Space in NYC
      79 125Th St, New York, NY 10035
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    • Contact for pricing
      2,650 SF

      Prime NYC Retail Space for Lease

      2,650 SF Retail Space in Manhattan
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      1,210 SF

      Former Restaurant Space Available

      Restaurant space with utilities and ventilation in place, excellent visibility.
      145 E 125Th St, New York, NY 10035
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    • Contact for pricing
      870 SF

      Flatiron District Corner Retail Space

      Prime corner retail opportunity in New York's Flatiron District.
      145 5Th Ave, New York, NY 10035
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    • $44 SF/Yr
      1,500 SF

      Retail Space in New York

      Retail space available for lease in New York, NY.
      245 E 124Th St, New York, NY 10035
      View Details
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    228 121st St
    New York, NY 10035
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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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