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    Property profile & analytics

    2296 2Nd Ave, Unit New York Manhattan, NY 10035

    • Investment properties
    • 4,492 SF
    • 0.04 lot acres
    For Sale
    View listing
    $3,600,000
    Last Sale
    Apr 08, 2020
    $3,100,000
    Value Estimations
    Cap Rate Potential
    5.1%
    Investment properties
    Location Intelligence
    Property ID
    US63-0015487
    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

    • ULTIMATE BLACK CAR / Chauffeur Service / Airport Shuttle Service

    Property Details for 2296 2Nd Ave

    Year built
    1900
    Lot size
    0.04 lot acres
    Property size
    4,492 SF
    Zone code
    R9A
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    01689-0049
    APU
    16890049

    Description

    This exceptional newly renovated four-story brick corner building in the heart of Historic East Harlem presents a compelling mixed-use investment opportunity. Boasting 1,531 square feet on a prime lot at 2296 2nd Ave, New York, NY 10035, this 1900-built property offers three residential units and retail space, along with two convenient on-site garages. The building features a new roof and all utilities (gas, water, and heat) are separately metered. Zoned R9A, C2-5, EHC/TA, it benefits from a residential FAR of 7-52. Its strategic location near the East River Plaza (with Costco and Target), numerous restaurants and cafes, and the upcoming Q Train station (Phase 2 of the Second Ave Subway project) promises significant future appreciation. This property represents a rare chance to acquire a well-maintained, income-generating asset in a rapidly developing area of Upper Manhattan, known for its strong blue-chip residential development potential. The spacious three-bedroom units and the added benefit of two garages enhance the property's overall value and appeal. The asking price is $3,980,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,835,000
      ML approach
      $2,840,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,385,000
      6.5%
      $2,205,000
      7%
      $2,045,000

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $3,670,000
      OFFICE BUILDING
      $2,870,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9366
    Latitude
    40.7981
    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
    $12,802
    $11,346
    $91,055
    $102,401
    -
    $117,000
    $939,000
    $1,056,000

    Comparable in this City

    • Value Estimation
      $105,000
      2,926 SF

      2327 2nd Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,926 SF
      2327 2nd Ave, New York, NY 10035-4202
      View Details
    • Value Estimation
      $130,000
      5,000 SF

      216 117th St

      OFFICE/RESIDENTIAL (MIXED USE) • 5,000 SF
      216 117th St, New York, NY 10035-4879
      View Details
    • Value Estimation
      $235,000
      5,192 SF

      16 125th St

      OFFICE/RESIDENTIAL (MIXED USE) • 5,192 SF
      16 125th St, New York, NY 10035-1817
      View Details
    • Value Estimation
      $140,000
      3,029 SF

      57 126th St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,029 SF
      57 126th St, New York, NY 10035-1618
      View Details
    • Value Estimation
      $170,000
      3,000 SF

      182 117th St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,000 SF
      182 117th St, New York, NY 10035-4729
      View Details
    • Value Estimation
      $150,000
      2,640 SF

      2329 1st Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,640 SF
      2329 1st Ave, New York, NY 10035-3666
      View Details

    Similar Nearby for Sale

    • $1,800,000
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      East Harlem Brownstone Investment

      Four-unit mixed-use building, prime location.
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    • $1,250,000
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      East Harlem Mixed-Use Building

      Renovated mixed-use property in East Harlem with retail space.
      2296 2Nd Ave, Manhattan, NY 10035
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    • $1,950,000
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      Lexington Ave Mixed-Use Investment

      East Harlem, NY: Value-add opportunity
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    • Contact for pricing
      84,768 SF

      East Harlem Commercial Property

      Prime Retail & Land Opportunity
      228 122Nd St, New York, NY 10035
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    • $18,000,000

      East Harlem Development Opportunity

      421A-approved development opportunity with approved plans in Manhattan.
      2197 3Rd Ave, New York, NY 10035
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      35,624 SF

      Prime NYC Retail Space Available

      Upscale Fifth Avenue Retail, Multiple Units
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      View Details
    • Contact for pricing
      33,462 SF

      Mixed-Use Property in Harlem

      Three-level mixed-use property with retail and residential components.
      158 E 126Th St, New York, NY 10035
      View Details
    • $47 SF/Yr
      60,000 SF

      Upper East Side Office Space

      Prestigious East Harlem Offices, 200-18,400 SF
      116 124Th St, New York, NY 10035
      View Details
    • $3,500 /Mo
      300 SF

      Harlem Retail Space For Rent

      Retail space near 116th Street in Harlem available for rent.
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      View Details
    • $6,000 /Mo

      Prime Ground Floor Retail Space

      Retail space in high-traffic, dense residential neighborhood.
      2413B 2Nd Ave, New York, NY 10035
      View Details
    • $4,600 /Mo

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      Prime retail space in East Harlem with high visibility.
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      View Details
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    Manhattan, 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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