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

    242 Broome St, Unit RTL2 New York, NY 10002-5085

    • Flex space
    • 17,759 SF
    • 0.50 lot acres
    OFF-MARKET
    Value Estimations
    $5,805,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0006591
    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

    • Matt & Hannah / Apartment Building
    • are design / Marketing & Advertising / Advertising Agency
    • Bond Vet - Lower East Side / Veterinary Clinic
    • 242 Broome / Condominium Complex

    Property Details for 242 Broome St

    Year built
    2016
    Lot size
    0.50 lot acres
    Property size
    17,759 SF
    Zone code
    C6-1
    Property type
    Flex space
    APN
    00409-1203
    APU
    4091203

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,345,000
      6.5%
      $4,010,000
      7%
      $3,725,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.989
    Latitude
    40.7181
    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
    $0.00
    $989,287
    $4,387,927
    $5,377,214
    -
    $2,198,415
    $11,597,000
    $13,795,415

    Comparable in this City

    • Value Estimation
      $2,900,000
      11,381 SF

      149 Broadway, Unit 17

      LIGHT INDUSTRIAL • 11,381 SF
      149 Broadway, New York, NY 10002-6320
      View Details
    • Value Estimation by Request
      417 SF

      2 Allen St, Unit 5H

      LIGHT INDUSTRIAL • 417 SF
      2 Allen St, New York, NY 10002-5382
      View Details
    • Value Estimation by Request
      752 SF

      25 Market St, Unit D13

      LIGHT INDUSTRIAL • 752 SF
      25 Market St, New York, NY 10002-6806
      View Details
    • Value Estimation
      $3,115,000
      15,615 SF

      87 Bowerycom

      LIGHT INDUSTRIAL • 15,615 SF
      87 Bowerycom, New York, NY 10002-4964
      View Details
    • Value Estimation by Request
      398 SF

      21 Ludlow St, Unit 2C

      LIGHT INDUSTRIAL • 398 SF
      21 Ludlow St, New York, NY 10002-6387
      View Details
    • Value Estimation by Request
      736 SF

      2 Allen St, Unit 5A

      LIGHT INDUSTRIAL • 736 SF
      2 Allen St, New York, NY 10002-5383
      View Details

    Similar Nearby for Sale

    • $4,500,000
      5,000 SF

      Chinatown Commercial Condo Gem

      5,000 SF Office/Retail Condo in NYC
      2 Allen St 2, New York, NY 10002
      View Details
    • $3,300,000
      4,874 SF

      Prime NYC Mixed-Use Redevelopment

      10-Unit Condo Conversion Potential, High NOI
      205 Henry St, New York, NY 10002
      View Details
    • $4,495,000
      3,918 SF

      Rivington Street Mixed-Use Gem

      Lower East Side Retail Investment
      149 Rivington St, New York, NY 10002
      View Details
    • $8,000,000
      8,768 SF

      Lower East Side Mixed-Use Building

      High-potential, 14-unit investment property
      5 Eldridge St, New York, NY 10002
      View Details
    • Contact for pricing

      Renovated 2-Bedroom with Balcony

      Sun-drenched, renovated 2-bedroom with balcony and tree-lined views.
      268 E Broadway, New York City, NY 10002
      View Details
    • Contact for pricing

      Spacious High-Floor Co-op with Views

      Bright 1-bedroom co-op with flexible layout and abundant amenities.
      266 E Broadway, New York City, NY 10002
      View Details

    Similar Nearby for Lease

    • 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
    • $140 SF/Yr
      3,000 SF

      Orchard Street Retail Space For Lease

      Prime LES Retail, 3,000 SF, Turnkey
      185 Orchard St, New York, NY 10002
      View Details
    • Contact for pricing
      2,000 SF

      Prime Lower East Side Retail Space

      2,000 SF Retail Space, Manhattan
      105 Rivington St, New York, NY 10002
      View Details
    • $140 SF/Yr
      111,051 SF

      Orchard Street Retail Space

      LES Restaurant, Turnkey Opportunity
      185 Orchard St, New York, NY 10002
      View Details
    • Contact for pricing
      2,500 SF

      Prime Retail Space on Broadway

      Divisible retail space with heavy foot traffic near multiple subway lines.
      253 Broadway, 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.
    242 Broome St, Unit RTL2
    New York, NY 10002-5085
    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.