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

    24 40th St Fl, Unit 4 New York, NY 10018-1850

    • Flex space
    • 3,943 SF
    OFF-MARKET
    Last Sale
    Oct 15, 2021
    $10,750,000
    Value Estimations
    $10,235,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-5465214
    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

    • NEW ROW / Technical Service
    • Castelli Gallery / Art Gallery
    • Adam Lessler / Emergency Care Physician
    • Howard Gilman Foundation / Foundation
    • Sean Johnson Interior Dcrtn / Interior Designer

    Property Details for 24 40th St Fl

    Year built
    1925
    Property size
    3,943 SF
    Zone code
    C5-3
    Property type
    Flex space
    APN
    00841-1104
    APU
    8411104

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $10,510,000
      ML approach
      $8,930,000

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $9,115,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9833
    Latitude
    40.7526
    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
    $64,548
    $27,077
    $582,329
    $609,406
    -
    $60,171
    $1,374,126
    $1,434,297

    Comparable in this City

    • Value Estimation
      $7,255,000
      146,043 SF

      469 Fashion Ave Frnt, Unit 1

      LIGHT INDUSTRIAL • 146,043 SF
      469 Fashion Ave Frnt, New York, NY 10018-7612
      View Details
    • Value Estimation
      $4,595,000
      46,795 SF

      323 39th Stcom

      LIGHT INDUSTRIAL • 46,795 SF
      323 39th Stcom, New York, NY 10018-1411
      View Details
    • Value Estimation
      $3,020,000
      22,438 SF

      620 8th Ave18-a

      LIGHT INDUSTRIAL • 22,438 SF
      620 8th Ave18-a, New York, NY 10018-1618
      View Details
    • Value Estimation
      $3,020,000
      22,438 SF

      620 8th Ave22-a

      LIGHT INDUSTRIAL • 22,438 SF
      620 8th Ave22-a, New York, NY 10018-1618
      View Details
    • Value Estimation
      $3,095,000
      23,293 SF

      620 8th Ave Fl, Unit 33

      LIGHT INDUSTRIAL • 23,293 SF
      620 8th Ave Fl, New York, NY 10018-1595
      View Details
    • Value Estimation
      $2,960,000
      21,949 SF

      620 8th Ave Frnt, Unit 6

      LIGHT INDUSTRIAL • 21,949 SF
      620 8th Ave Frnt, New York, NY 10018-1572
      View Details

    Similar Nearby for Sale

    • $3,900,000
      5,540 SF

      Midtown West Office Building For Sale

      5,540 SF Creative/Traditional Office
      57 38Th St, New York, NY 10018
      View Details
    • $16,000,000
      12,500 SF

      Manhattan Hotel Redevelopment Opportunity

      Prime Manhattan hotel, condo conversion potential.
      449 36Th St, New York, NY 10018
      View Details
    • Contact for pricing

      Prime Brooklyn 4-Family

      Solid brick, high-cap rate multifamily.
      321 Milford St, New York, NY 10018
      View Details
    • $3,375,000

      Apartment Building in New York

      Apartment building for sale in New York, NY.
      360 W 369Th Plz, New York, NY 10018
      View Details
    • Contact for pricing
      250,850 SF

      Two Building Midtown Office Complex

      Two building office complex in Midtown near Penn Station.
      500-516 8Th Ave, New York, NY 10018
      View Details
    • $5,500,000

      Fully Leased Mixed-Use Building

      Renovated mixed-use building near Times Square and Hudson Yards.
      520 9Th Ave, New York, NY 10018
      View Details

    Similar Nearby for Lease

    • $48 SF/Yr
      22,143 SF

      Midtown South Office Space Gem

      Modern office suites, flexible layouts, prime location.
      203 38Th St, New York, NY 10018
      View Details
    • $35 SF/Yr
      12,000 SF

      Midtown West Office Space Gem

      12,000 sq ft, Multiple Tenants Available
      218 37Th St, New York, NY 10018
      View Details
    • Contact for pricing

      Industrial Flex Manufacturing Space Available

      Industrial building with flexible manufacturing spaces for rent.
      257 W 39Th St, New York, NY 10018
      View Details
    • $35 SF/Yr
      123,800 SF

      Office and Flex Space Available

      Office and flex space available for rent in New York.
      347 West 36Th St, New York, NY 10018
      View Details
    • $30 SF/Yr
      100,000 SF

      Midtown West Retail Space

      Prime Garment District retail, 14 spaces available.
      342 37Th St, New York, NY 10018
      View Details
    • $36 SF/Yr
      7,441 SF

      Prime NYC Office Space Available

      Manhattan Offices, 5 Suites Available
      241 37Th St, New York, NY 10018
      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.
    24 40th St Fl, Unit 4
    New York, NY 10018-1850
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.