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

    356-358 40th St New York, NY 10018

    • Office buildings
    • 10,980 SF
    • 0.04 lot acres
    OFF-MARKET
    Last Sale
    Jan 23, 2024
    $838,000
    Value Estimations
    $840,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1879180
    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

    • Office buildings

    Property Details for 356-358 40th St

    Year built
    1920
    Lot size
    0.04 lot acres
    Property size
    10,980 SF
    Zone code
    C17A
    Property type
    Office buildings
    APN
    00763-0072
    APU
    7630072

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $840,000
      ML approach
      $840,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9933
    Latitude
    40.7568
    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
    $79,408
    $182,700
    $620,280
    $802,980
    -
    $406,000
    $1,260,000
    $1,666,000

    Comparable in this City

    • Value Estimation
      $110,000
      6,957 SF

      522-524 37th St

      OFFICE BUILDING (MULTI-STORY) • 6,957 SF
      522-524 37th St, New York, NY 10018
      View Details
    • Value Estimation
      $770,000
      68,060 SF

      314 40th St, Unit 324

      OFFICE BUILDING (MULTI-STORY) • 68,060 SF
      314 40th St, New York, NY 10018-1404
      View Details
    • Value Estimation
      $205,000
      616,352 SF

      452 5th Ave

      OFFICE BUILDING (MULTI-STORY) • 616,352 SF
      452 5th Ave, New York, NY 10018-2706
      View Details
    • Value Estimation by Request
      71,741 SF

      561-565 7th Ave

      OFFICE BUILDING (MULTI-STORY) • 71,741 SF
      561-565 7th Ave, New York, NY 10018
      View Details
    • Value Estimation
      $420,000
      754,487 SF

      520 8th Ave, Unit 530

      OFFICE BUILDING (MULTI-STORY) • 754,487 SF
      520 8th Ave, New York, NY 10018-6507
      View Details
    • Value Estimation by Request
      464,951 SF

      1375 Broadway, Unit 1383

      OFFICE BUILDING (MULTI-STORY) • 464,951 SF
      1375 Broadway, New York, NY 10018-7001
      View Details

    Similar Nearby for Sale

    • 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
    • Contact for pricing
      102,611 SF

      Midtown Redevelopment Opportunity

      Prime Midtown location with redevelopment and rezoning potential.
      260-266 W 36Th St, New York, NY 10018
      View Details
    • $7,695,440
      14,384 SF

      Loft Building with High Ceilings

      Loft building featuring soaring ceilings and large windows for sale.
      438-448 W 37Th St, New York, NY 10018
      View Details
    • Contact for pricing
      73,719 SF

      Bryant Park Office Condominiums

      Office condominiums in Bryant Park submarket near Amazon headquarters.
      32 W 39Th St, New York, NY 10018
      View Details
    • Contact for pricing
      117,431 SF

      Modernized Office & Retail Asset

      Institutional quality office and retail property with significant occupancy.
      256 W 38Th St, New York, NY 10018
      View Details
    • $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

    Similar Nearby for Lease

    • Contact for pricing
      55,109 SF

      Entire Building Available

      55,109 SF office building available for rent.
      18 West 39Th St, New York, NY 10018
      View Details
    • Contact for pricing
      16,502 SF

      Class A Office Space

      22-story office building with 341,146 rentable square feet.
      1180 Avenue Of The Americas, New York, NY 10018
      View Details
    • Contact for pricing
      22,872 SF

      Modern Office Space Overlooking Bryant Park

      Prestigious office building with modern amenities and skyline views.
      1133 Avenue Of The Americas, New York, NY 10018
      View Details
    • Contact for pricing
      9,149 SF

      Renovated Midtown South Office Building

      18-story office building in Midtown South, Manhattan.
      230 W 38Th St, New York, NY 10018
      View Details
    • Contact for pricing
      95,000 SF

      Office Space in Midtown Manhattan

      95,000 sq ft office space available for rent.
      260 West 36Th St, New York, NY 10018
      View Details
    • Contact for pricing

      Midtown Manhattan Office Building

      18-story office building in Midtown Manhattan with 500,000 rentable sqft.
      500 7Th Ave, 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.
    356-358 40th St
    New York, NY 10018
    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.