Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    279 1st Ave New York, NY 10003-3050
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    279 1st Ave New York, NY 10003-3050

    View on Map
    • Investment properties
    • 5,115 SF
    • 0.04 lot acres
    Off-Market
    Property ID
    US63-0833329
    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.
    Value Estimations
    $2,485,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Wrapz / Restaurant / Take-out & Catering
    • Tech Alliance / IT Consulting Firm / (Bike/Boat/Book/etc) Store
    • Kabaya Grill Food Truck / Restaurant
    • Stuytown Marketplace / Grocery & Convenience Store / Food Market
    • Kabayan Grill Food Truck / Restaurant

    Property Details for 279 1st Ave

    Year built
    1950
    Lot size
    0.04 lot acres
    Property size
    5,115 SF
    Zone code
    C16A
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    00922-0027
    APU
    9220027

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,715,000
      6.5%
      $2,510,000
      7%
      $2,330,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.982
    Latitude
    40.7327
    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
    $134,522
    $530,550
    $545,454
    $1,076,004
    -
    $1,310,000
    $1,346,800
    $2,656,800

    Comparable in this City

    • Value Estimation
      $2,585,000
      5,303 SF

      116 2nd Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 5,303 SF
      116 2nd Ave, New York, NY 10003-8302
      View Details
    • Value Estimation
      $2,960,000
      8,332 SF

      59 5th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 8,332 SF
      59 5th Ave, New York, NY 10003-4349
      View Details
    • Value Estimation
      $3,195,000
      8,661 SF

      57 5th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 8,661 SF
      57 5th Ave, New York, NY 10003-4350
      View Details
    • Value Estimation
      $2,165,000
      5,990 SF

      105 9th St

      OFFICE/RESIDENTIAL (MIXED USE) • 5,990 SF
      105 9th St, New York, NY 10003-5434
      View Details
    • Value Estimation
      $2,025,000
      5,906 SF

      319 Bowery

      OFFICE/RESIDENTIAL (MIXED USE) • 5,906 SF
      319 Bowery, New York, NY 10003-7169
      View Details
    • Value Estimation
      $1,900,000
      7,475 SF

      37 7th St

      OFFICE/RESIDENTIAL (MIXED USE) • 7,475 SF
      37 7th St, New York, NY 10003-8027
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      11,250 SF

      Historic Ladies' Mile Mixed-Use Property

      Historic property in Ladies' Mile District with multiple permitted uses.
      21 E 17Th St, New York, NY 10003
      View Details
    • Contact for pricing
      36,047 SF

      East Village Multifamily Investment Opportunity

      Manhattan residential building with immediate cash flow and long-term potential.
      81 E 3Rd St, New York, NY 10003
      View Details
    • Contact for pricing

      East Village Mixed-Use Redevelopment Opportunity

      Two adjacent mixed-use buildings in the East Village for sale.
      100 E 4Th St, New York, NY 10003
      View Details
    • Contact for pricing
      4,000 SF

      Retail Cooperative Unit in Union Square

      Retail space in Union Square/Greenwich Village, steps from subway.
      825 Broadway, New York, NY 10003
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Turnkey Vented Restaurant Space

      Restaurant space for lease with gas and ventilation.
      216 1St Ave, New York, NY 10003
      View Details
    • Contact for pricing

      East Village Retail Corner Space

      Retail space in East Village, suitable for ghost kitchen.
      104 2Nd Ave, New York, NY 10003
      View Details
    • Contact for pricing

      Commercial Space for Lease

      Commercial space available for lease in New York, NY.
      11 Waverly Pl, New York, NY 10003
      View Details
    • Contact for pricing

      Union Square Creative Office Space

      Unique creative office space in Union Square/Flatiron District.
      900 Broadway, New York, NY 10003
      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.
    279 1st Ave
    New York, NY 10003-3050
    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.
    Sign Up Successful!
    You now have access to more from Realmo!