Entity Owned Property summary
AI-generated overview
This exceptional retail opportunity is located at 240 Park Avenue South in New York City's vibrant Union Square/Flatiron District. The property offers three available spaces ranging from 1,225 to 5,010 square feet, with a minimum divisible space of 2,705 square feet. Currently, 5,010 square feet is vacant and immediately available for occupancy. The space boasts a prime corner location at the intersection of Park Avenue South and 19th Street, providing exceptional visibility and frontage of 72 feet along Park Avenue South. The building features existing bathroom facilities and HVAC systems. All uses are considered. This high-traffic location is surrounded by established businesses, including trendy boutiques, popular restaurants, and cultural attractions, ensuring a constant flow of foot traffic from residents, tourists, and professionals. The property's strategic position within the bustling Union Square/Flatiron district offers unparalleled exposure and accessibility, making it an ideal location for a variety of retail businesses. The address is 240 Park Ave S, New York, NY 10003.
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2007
Total area
4,006 SF
Lot
0.18 ac (7,860 SF)
Zoning code
C64A
APN
00848-1301
UPID
US63-3691042
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
(Bike/Boat/Book/etc) Store Corporate Office
-
Law Firm
-
Law Firm
-
Condominium Complex
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.06M
Blend (final)
Blend
$305k
Owner & transaction history
since 2013
3 recorded transactions
Zoning & alternative use
C64A · New York, NY
Top alternative use upside
Commercial (general)
$3.4M
+3.5%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 7 comparables with addresses
2 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Analytics Standard · 5 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$305k
Value range
$275k – $336k
±10% around blend
Estimated value / SF
$76 / SF
Confidence
High
7 county-verified comps
Property data
100
Market benchmarks
67
Comparable evidence
70
$275k
blend $305k
$336k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
4,006 SF
Lot area
0.18 ac
Year built
2007
Stories
17
APN
00848-1301
Zoning
C64A
Assessed value
$434,990
Annual tax
$46,074
3
Income approach: direct capitalization
Partial preview
Not enough income data on file for a CAP-approach estimation.
4
Sales comparison
Partial preview
Sales approach indication
$2.85M
Weighted, 7 comps · high confidence
Evidence
7 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
2.7 mi away · 3,000 SF
2.8 mi away · 3,919 SF
2.9 mi away · 3,974 SF
6.2 mi away · 4,275 SF
6.5 mi away · 4,000 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$305k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 49 sales
$817
-91%
County 49 sales
$817
-91%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $76/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Commercial (general)
Gross theoretical uplift
+4%
vs current-use indication
Warehouse, Storage · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Not available
Market rent
Not available
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: replacement-cost inputs are not on file.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
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Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 7 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$435k
Move the market yield to see immediate price impact.
Value / SF
$109
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$27k
$548k
$391k
$304k
$30k
$609k
$435k
$338k
$33k
$670k
$478k
$372k
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
7 found
High confidence · county-verified
Closest comparable
$2.33M
1.7 mi · Feb 2026 · $612/SF
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$46,074
Tax year 2024
Assessed value
$434,990
Assessed 2024
Previous assessed
$425,502
+2.2% YoY
Effective rate
10.59%
On assessed value
Assessed land
$47,052
Assessed improvement
$387,938
Land market value
$104,561
Improvement market value
$913,000
Total market value
$1,017,561
Applied tax rate
4.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
2007
Heating
NONE
Buildings
1
Stories
17
Units
1
Total area
4,006 SF
Lot
0.18 ac (7,860 SF)
Zoning code
C64A
APN
00848-1301
UPID
US63-3691042
Jurisdiction
NEW YORK(MANHATTAN)
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
C64A · New York, NYZoning C64A · permitted uses
C64A · New York, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
2007
Heating
NONE
Stories
17
Buildings
1
Units
1
Lot
0.18 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
C64A
Jurisdiction
New York, NY
Recorded code
C64A
Ownership Intelligence
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Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
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Owner of record and activity signals are derived from public records and modeled classifications.
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