Add Listing
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

    509-515 28th St New York, NY 10001

    • Retail residential properties
    • 284,356 SF
    • 0.91 lot acres
    OFF-MARKET
    Value Estimations
    $5,555,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2350461
    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

    • Retail residential properties

    Property Details for 509-515 28th St

    Year built
    2014
    Lot size
    0.91 lot acres
    Property size
    284,356 SF
    Zone code
    C6-3
    Property type
    Retail residential properties
    APN
    00700-0027
    APU
    7000027

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative 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
    -74.0026
    Latitude
    40.7517
    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
    $459,556
    $4,641,300
    $37,785,680
    $42,426,980
    -
    $10,314,000
    $100,687,000
    $111,001,000

    Comparable in this City

    • Value Estimation
      $6,210,000
      6,000 SF

      1313-1315 Broadway

      STORES & APARTMENTS • 6,000 SF
      1313-1315 Broadway, New York, NY 10001
      View Details
    • Value Estimation
      $2,280,000
      7,870 SF

      821 Ave Of The Americas

      STORE/OFFICE (MIXED USE) • 7,870 SF
      821 Ave Of The Americas, New York, NY 10001-6361
      View Details
    • Value Estimation
      $2,375,000
      7,280 SF

      289 7th Ave

      STORES & APARTMENTS • 7,280 SF
      289 7th Ave, New York, NY 10001-6172
      View Details
    • Value Estimation
      $545,000
      2,760 SF

      461 7th Ave

      STORE/OFFICE (MIXED USE) • 2,760 SF
      461 7th Ave, New York, NY 10001-2009
      View Details
    • Value Estimation
      $3,315,000
      10,000 SF

      299 10th Ave

      STORES & APARTMENTS • 10,000 SF
      299 10th Ave, New York, NY 10001-7015
      View Details
    • Value Estimation
      $34,180,000
      108,426 SF

      441 26th St

      STORES & APARTMENTS • 108,426 SF
      441 26th St, New York, NY 10001-5629
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,803 SF

      Prime Manhattan Mixed-Use Opportunity

      Turnkey Restaurant, Retail, & Residential
      41 35Th St, New York, NY 10001
      View Details
    • Contact for pricing
      8,985 SF

      Chelsea Mixed-Use Investment

      Prime Chelsea Location, High NOI
      122 29Th St, New York, NY 10001
      View Details
    • Contact for pricing
      2,018 SF

      Creative Office in Capitol Building

      Newly constructed office space in a well-managed live/work building.
      236-242 W 26Th St, New York, NY 10001
      View Details
    • $300,000
      2,000 SF

      Manhattan Restaurant Franchise Opportunity

      Turnkey Manhattan restaurant franchise with expansion rights for sale.
      295 7Th Ave, Manhattan, NY 10001
      View Details
    • $3,250,000
      Pending

      Residential Income Property For Sale

      Residential income property available for purchase in New York.
      11 W 30Th St, New York, NY 10001
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Spaces Penn Plaza

      Workspaces, services and support to help you grow your business in LA, Baton Rouge - 10202 Perkins Rowe
      132 31St St, New York, NY 10001
      View Details
    • $85 SF/Yr
      4,800 SF

      Chelsea Office Space: 3 Floors Available

      Prime Manhattan location, 850 sq ft floors.
      297 7Th Ave, New York, NY 10001
      View Details
    • $10,000 /Mo

      New York, NY 10001

      ARCHITECTURALLY STUNNING FULL FLOOR COMMERCIAL LOFT / OFFICE SPACE FOR LEASE
      New York, NY 10001
      View Details
    • $75 SF/Yr
      4,073 SF

      NoMad Office Space: 1149 Broadway

      Prime NoMad location, two 800 sq ft spaces.
      1149 Broadway, New York, NY 10001
      View Details
    • $49 SF/Yr
      5,374 SF

      Prime NYC Executive Office Space

      5,374 sq ft, Single Tenant, Available Now
      141 28Th St, New York, NY 10001
      View Details
    • Contact for pricing
      13,000 SF

      Times Square Office/School Space

      13,000 SF of flexible space in Times Square.
      566 7Th Ave, New York, NY 10001
      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.
    509-515 28th St
    New York, NY 10001
    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!