Sign Up Successful!
You now have access to more from Realmo!
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

    228 Broadway New York, NY 10002-5601

    • Apartment buildings
    • 45,342 SF
    • 0.12 lot acres
    OFF-MARKET
    Last Sale
    Sep 17, 2024
    $47,500,000
    Value Estimations
    $47,500,000
    Show details
    Cap Rate Potential
    3%
    Apartment buildings
    Location Intelligence
    Property ID
    US63-1525158
    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

    • rag & bone / Fashion Accessories Store / Men'S Clothing Store
    • Marcia Ellias / Physician / Medical Clinic

    Property Details for 228 Broadway

    Year built
    1932
    Lot size
    0.12 lot acres
    Property size
    45,342 SF
    Zone code
    R8
    Property type
    Apartment buildings
    APN
    00315-0045
    APU
    3150045

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $47,500,000
      ML approach
      $47,500,000

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $37,050,000
      RETAIL STORES
      $33,175,000
      OFFICE BUILDING
      $28,965,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9867
    Latitude
    40.7146
    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
    $483,077
    $558,000
    $3,305,997
    $3,863,997
    -
    $1,240,000
    $7,454,000
    $8,694,000

    Comparable in this City

    • Value Estimation
      $8,060,000
      26,306 SF

      35-37 Essex St

      APARTMENT HOUSE (5+ UNITS) • 26,306 SF
      35-37 Essex St, New York, NY 10002
      View Details
    • Value Estimation
      $26,720,000
      56,588 SF

      63 Pitt St

      APARTMENT HOUSE (5+ UNITS) • 56,588 SF
      63 Pitt St, New York, NY 10002-3500
      View Details
    • Value Estimation
      $2,240,000
      7,087 SF

      56 Rivington St

      APARTMENT HOUSE (5+ UNITS) • 7,087 SF
      56 Rivington St, New York, NY 10002-2188
      View Details
    • Value Estimation
      $5,185,000
      19,617 SF

      66 Clinton St

      APARTMENT HOUSE (5+ UNITS) • 19,617 SF
      66 Clinton St, New York, NY 10002-2401
      View Details
    • Value Estimation
      $5,995,000
      17,168 SF

      87-89 Attorney St

      APARTMENT HOUSE (5+ UNITS) • 17,168 SF
      87-89 Attorney St, New York, NY 10002
      View Details
    • Value Estimation
      $10,510,000
      32,998 SF

      91 Attorney St

      APARTMENT HOUSE (5+ UNITS) • 32,998 SF
      91 Attorney St, New York, NY 10002-5677
      View Details

    Similar Nearby for Sale

    • $4,500,000

      Manhattan Apartment Building For Sale

      12-unit apartment building in Lower Manhattan available for purchase.
      221 Henry St, Manhattan, NY 10002
      View Details
    • $1,295,000

      Apartment Building in New York

      Apartment building for sale in New York, NY 10002
      504 Grand St, New York, NY 10002
      View Details
    • $409,000

      Grand Street Apartment For Sale

      Apartment building for sale in New York, NY.
      550 Grand St, New York, NY 10002
      View Details
    • $5,850,000
      9,478 SF

      Mixed-Use Building with Rental Upside

      Six-story mixed-use building in Two Bridges neighborhood with rental upside.
      109 Madison St, New York, NY 10002
      View Details
    • $1,750,000

      Grand Street Apartment Building

      Apartment building located at 577 Grand St, New York.
      577 Grand St, New York, NY 10002
      View Details
    • Contact for pricing

      Modern Condo with Private Balcony

      Bright 2-bedroom condo in vibrant East Village/Lower East Side.
      154 Attorney St, New York City, NY 10002
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Lower East Side Apartment

      Updated 2BD/1BA apartment in the heart of Lower East Side.
      51 Monroe St, New York City, NY 10002
      View Details
    • Contact for pricing

      Mixed-Use Building in New York

      Residential and office space available in New York, NY.
      145 Delancey St, New York, NY 10002
      View Details
    • Contact for pricing
      200,000 SF

      Mixed-Use Property in New York

      Residential and office space available for rent in New York.
      155 Delancey St, New York, NY 10002
      View Details
    • Contact for pricing
      16,312 SF

      Mixed-Use Corner Asset in Manhattan

      Mixed-use property with residential and commercial spaces in vibrant neighborhood.
      101 Delancey St, New York, NY 10002
      View Details
    • Contact for pricing
      1,100 SF

      Prime NYC Retail Space

      1,100 SF Retail Space - New York City
      201 Allen St, New York, NY 10002
      View Details
    • $124 SF/Yr
      1,500 SF

      Stanton Street Retail Space For Lease

      Prime LES Retail, 1500 SF, Immediate Occupancy
      89 Stanton St, New York, NY 10002
      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.
    228 Broadway
    New York, NY 10002-5601
    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.