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

    388 3rd Ave New York, NY 10016-9085

    • Investment properties
    • 4,875 SF
    • 0.04 lot acres
    OFF-MARKET
    Value Estimations
    $1,720,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1663723
    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

    • NamasTHAI - 100% Plant-Based Thai by Candle / Restaurant
    • Candle / Restaurant
    • Pastafina Pizzeria / Pizza Restaurant

    Property Details for 388 3rd Ave

    Year built
    1910
    Lot size
    0.04 lot acres
    Property size
    4,875 SF
    Zone code
    C2-8
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    00883-0050
    APU
    8830050

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,590,000
      6.5%
      $2,390,000
      7%
      $2,220,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9812
    Latitude
    40.7419
    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
    $96,923
    $243,183
    $532,075
    $775,258
    -
    $1,080,000
    $2,363,000
    $3,443,000

    Comparable in this City

    • Value Estimation
      $2,045,000
      5,800 SF

      523 3rd Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 5,800 SF
      523 3rd Ave, New York, NY 10016-4701
      View Details
    • Value Estimation
      $2,125,000
      6,980 SF

      493 3rd Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 6,980 SF
      493 3rd Ave, New York, NY 10016-4843
      View Details
    • Value Estimation
      $2,540,000
      10,024 SF

      361 3rd Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 10,024 SF
      361 3rd Ave, New York, NY 10016-9015
      View Details
    • Value Estimation
      $1,430,000
      3,311 SF

      596 3rd Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,311 SF
      596 3rd Ave, New York, NY 10016-2775
      View Details
    • Value Estimation
      $1,700,000
      4,000 SF

      546 3rd Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,000 SF
      546 3rd Ave, New York, NY 10016-3547
      View Details
    • Value Estimation
      $1,800,000
      4,432 SF

      109 37th St

      OFFICE/RESIDENTIAL (MIXED USE) • 4,432 SF
      109 37th St, New York, NY 10016-3040
      View Details

    Similar Nearby for Sale

    • $729,000
      1,200 SF

      110 E 36th St, New York, NY

      Office space • 1,200 SF
      110 E 36Th St, New York, NY 10016
      View Details
    • $10,000,000
      17,500 SF

      Chelsea Mixed-Use Building for Sale

      Seven-story mixed-use building in Chelsea with retail and office space.
      242 W 27Th St, New York, NY 10016
      View Details
    • $7,250,000
      1,000 SF

      National QSR Franchise for Sale

      High-Growth QSR Franchise Opportunity
      0 Award Winning Rapidly Expanding National Quick-Serve Franchisor Seeks Sale, New York, NY 10016
      View Details
    • $1,185,000
      1,185 SF

      Prime Murray Hill Medical Office

      1,185 SF Medical Condo, $1M+
      333 34Th St, New York, NY 10016
      View Details
    • $549,000

      Residential Property in New York

      Residential property for sale in New York, NY.
      407 Park Ave S 23C, New York, NY 10016
      View Details
    • $479,000

      Residential Property in New York

      Residential property for sale in New York, NY.
      242 E 38Th St, New York, NY 10016
      View Details

    Similar Nearby for Lease

    • $100,800
      1,363 SF

      Profitable Midtown Deli - NYC

      Established Deli, High-Traffic Location, Liquor License Included
      720 2Nd Ave, New York, NY 10016
      View Details
    • $72 SF/Yr
      1,000 SF

      Prime Third Ave Retail Space

      1,000 sq ft, Murray Hill, Immediate Occupancy
      0 3Rd Ave, New York, NY 10016
      View Details
    • $150 SF/Yr
      1,200 SF

      Midtown East Retail Space - 1200 SF

      Prime Manhattan retail space, 1200 sq ft, full kitchen.
      627 2Nd Ave, New York, NY 10016
      View Details
    • Contact for pricing
      4,458 SF

      Prime NYC Retail Space Available

      Manhattan Retail - Multiple Units
      609 2Nd Ave, New York, NY 10016
      View Details
    • $8,400 /Mo
      500,000 SF

      99 Park Ave Executive Suites

      Midtown Manhattan Class A Office Space
      99 Park Avenue, New York, NY 10016
      View Details
    • $22 SF/Yr
      21,382 SF

      Midtown East Class A Office Space

      Prestigious NYC Office Suites Available
      600 3Rd Ave, New York, NY 10016
      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.
    388 3rd Ave
    New York, NY 10016-9085
    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.