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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    300 23rd St Ph C New York, NY 10010-4785

    • Retail space
    • 10,622 SF
    OFF-MARKET
    Last Sale
    Jul 08, 2024
    $11,404,124
    Value Estimations
    $11,405,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-4298180
    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

    • GREG JOHNSON PARTNERSHIPS INTERNATIONAL, INC / Business Development Service
    • Our Wedding Officiant NYC / Wedding Planner
    • Screaming in Cakes / Bakery
    • Home Trade / Association Or Organization

    Property Details for 300 23rd St Ph C

    Year built
    2008
    Property size
    10,622 SF
    Zone code
    C19A
    Property type
    Retail space
    APN
    00928-1501
    APU
    9281501

    Description

    This exceptional Class A commercial property, located at 300 E 23rd St, New York, NY 10010, offers a unique opportunity in the vibrant Gramercy Park submarket. Situated on a prime corner lot at the intersection of 23rd St and 2nd Ave in New York County, this property boasts a total of 11,145 square feet currently available for lease. The space is divisible, with a minimum leasable area of 1,000 square feet and a maximum contiguous space of 11,145 square feet, offering flexibility for various business needs. The property is suitable for a wide range of uses, including traditional office, executive office, coworking, medical office, and creative office spaces, as well as retail and restaurant uses. The layout includes a ground floor space of 6,951 square feet and a lower level of 4,194 square feet. This versatile space presents an excellent opportunity for businesses seeking a prominent location in a thriving neighborhood. The property's address is easily accessible and benefits from high visibility and foot traffic. This is an exceptional opportunity to secure a prestigious address in a highly sought-after area of Manhattan.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $11,405,000
      ML approach
      $11,405,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $13,648,000
      Market price range: $5.64M - $29.7M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $13,970,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9808
    Latitude
    40.7375
    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
    $313,551
    $333,450
    $2,626,810
    $2,960,260
    -
    $741,000
    $5,858,000
    $6,599,000

    Comparable in this City

    • Value Estimation
      $14,400,000
      12,860 SF

      316 3rd Aveb

      RETAIL STORES (PERSONAL SERVICES) • 12,860 SF
      316 3rd Aveb, New York, NY 10010
      View Details
    • Value Estimation
      $4,605,000
      3,965 SF

      186 5th Avecu-1

      RETAIL STORES (PERSONAL SERVICES) • 3,965 SF
      186 5th Avecu-1, New York, NY 10010-5202
      View Details
    • Value Estimation
      $840,000
      17,111 SF

      121 22nd Stcu

      RETAIL STORES (PERSONAL SERVICES) • 17,111 SF
      121 22nd Stcu, New York, NY 10010-5412
      View Details
    • Value Estimation
      $4,515,000
      4,812 SF

      340 23rd Stcu1

      RETAIL STORES (PERSONAL SERVICES) • 4,812 SF
      340 23rd Stcu1, New York, NY 10010-4744
      View Details
    • Value Estimation
      $3,335,000
      2,730 SF

      765-767 Ave Of The Amer

      RETAIL STORES (PERSONAL SERVICES) • 2,730 SF
      765-767 Ave Of The Amer, New York, NY 10010
      View Details
    • Value Estimation
      $6,470,000
      6,801 SF

      280 Park S Ave, Unit 2

      RETAIL STORES (PERSONAL SERVICES) • 6,801 SF
      280 Park S Ave, New York, NY 10010-6121
      View Details

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    New York, NY 10010-4785
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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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