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

    508 117th St New York, NY 10035-4405

    • Manufacturing properties
    • 5,634 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    $395,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-5910461
    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

    • Lighthouse Fish Market / Seafood Restaurant / Soul Food Restaurant
    • Judith Pond Kudlow / Artist

    Property Details for 508 117th St

    Year built
    1930
    Lot size
    0.06 lot acres
    Property size
    5,634 SF
    Zone code
    C4-4
    Property type
    Manufacturing properties
    APN
    01715-0047
    APU
    17150047

    Description

    This exceptional 2,250 square-foot creative office space is ideally situated near East River Plaza in Harlem. Perfect for businesses seeking a flexible and functional environment, this single-tenant property offers a unique blend of private and shared work areas. The layout includes two private rooms, ideal for individual offices or consultation spaces, providing privacy and quiet work areas. A shared room offers an open-plan space perfect for collaborative work or meetings. A convenient back room, equipped with sinks, is adaptable for use as a break room, kitchenette, or prep area, depending on the tenant's needs. Two bathrooms and a shower add to the convenience and comfort of the space. This mixed-use property is suitable for a variety of businesses, from professional offices to creative studios. Its prime location near East River Plaza ensures high visibility and accessibility within a vibrant and growing neighborhood, offering significant foot traffic and easy access for clients and employees. This is a rare opportunity to secure a well-appointed space in a dynamic and thriving area of Harlem. The property's versatility and convenient amenities make it an attractive option for businesses seeking a functional and inspiring workspace.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $305,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $485,000
      Market price range: $217k - $2.70M

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9323
    Latitude
    40.7953
    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
    $34,976
    $56,700
    $273,510
    $330,210
    -
    $126,000
    $673,000
    $799,000

    Comparable in this City

    • Value Estimation
      $370,000
      4,750 SF

      230 122nd St

      MANUFACTURING (LIGHT) • 4,750 SF
      230 122nd St, New York, NY 10035-2002
      View Details
    • Value Estimation
      $555,000
      34,310 SF

      101 123rd St

      WAREHOUSE, STORAGE • 34,310 SF
      101 123rd St, New York, NY 10035-1921
      View Details
    • Value Estimation
      $300,000
      4,939 SF

      145 125th St Frnt, Unit 3

      LIGHT INDUSTRIAL • 4,939 SF
      145 125th St Frnt, New York, NY 10035-1714
      View Details
    • Value Estimation
      $3,535,000
      2,400 SF

      413 119th St

      WAREHOUSE, STORAGE • 2,400 SF
      413 119th St, New York, NY 10035-3627
      View Details
    • Value Estimation
      $455,000
      31,848 SF

      207-211 119th St

      WAREHOUSE, STORAGE • 31,848 SF
      207-211 119th St, New York, NY 10035
      View Details
    • Value Estimation
      $200,000
      7,569 SF

      228 117th St, Unit 234

      WAREHOUSE, STORAGE • 7,569 SF
      228 117th St, New York, NY 10035-4815
      View Details

    Similar Nearby for Sale

    • $1,900,000
      4,655 SF

      East Harlem Industrial Building

      Vacant 3-Story Warehouse, $1.9M
      1882 Park Avenue, New York, NY 10035
      View Details
    • $1,950,000
      3,612 SF

      Lexington Ave Mixed-Use Investment

      East Harlem, NY: Value-add opportunity
      1873 Lexington Ave, New York, NY 10035
      View Details
    • $990,000
      3,812 SF

      Harlem Brownstone Multifamily Investment Opportunity

      25-foot-wide, 7-unit building in prime Harlem location.
      51 E 126Th St, Manhattan, NY 10035
      View Details
    • $4,380,000
      2,014 SF

      East Harlem Retail Development Site

      Development site in East Harlem with strong growth potential.
      2413 2Nd Ave, Manhattan, NY 10035
      View Details
    • $399,999

      Lexington Avenue Specialty Property

      Specialty property available for sale on Lexington Avenue.
      1885 Lexington Ave, New York, NY 10035
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,500 SF

      Versatile Space Near Transportation

      25,000 SF available for lease near transportation.
      220-226 E 117Th St, New York, NY 10035
      View Details
    • $47 SF/Yr
      60,000 SF

      Upper East Side Office Space

      Prestigious East Harlem Offices, 200-18,400 SF
      116 124Th St, New York, NY 10035
      View Details
    • $3,500 /Mo
      300 SF

      Harlem Retail Space For Rent

      Retail space near 116th Street in Harlem available for rent.
      1663 Park Ave, New York, NY 10035
      View Details
    • $6,000 /Mo

      Prime Ground Floor Retail Space

      Retail space in high-traffic, dense residential neighborhood.
      2413B 2Nd Ave, New York, NY 10035
      View Details
    • $4,600 /Mo

      East Harlem Storefront on 2nd Avenue

      Prime retail space in East Harlem with high visibility.
      2296 New York Plz, Manhattan, NY 10035
      View Details
    • Contact for pricing
      2,420 SF

      Prime Harlem Retail Space

      2,420 SF Vacant Retail Space in NYC
      79 125Th St, New York, NY 10035
      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.
    508 117th St
    New York, NY 10035-4405
    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.