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

    550 Broadway New York, NY 10012-3917

    • Office buildings
    • 16,125 SF
    • 0.08 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3895554
    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

    • Physique 57 - Soho Studio / Fitness Center / Gym
    • Image Info / Software Company
    • Timberland / Outdoor Sports Store / Sportswear Store
    • Allstate Communications Corporation / Insurance Agency
    • Juno Shoe Store / Shoe Store

    Property Details for 550 Broadway

    Year built
    1900
    Lot size
    0.08 lot acres
    Property size
    16,125 SF
    Zone code
    M15R9X
    Property type
    Office buildings
    APN
    00497-0011
    APU
    4970011

    Description

    This exceptional full-floor office space, located at 550 Broadway in the heart of SoHo, New York, NY 10012, offers 3,500 square feet of meticulously renovated space. The property is part of a larger six-story building (18,000 total square feet) originally constructed in 1900 and completely renovated in 2023. The space boasts a highly desirable creative office layout, also suitable for traditional office use, featuring 11-foot high exposed ceilings, abundant natural light from large sunny windows, and beautiful hardwood floors throughout. A significant advantage is the private keyed elevator that opens directly into the suite, providing unparalleled convenience and security. A private bathroom is also included. The building is equipped with elevators. This exceptional location, near the cross street of Spring Street, places your business in the vibrant and sought-after SoHo submarket of New York County. Ideal for tech companies, media firms, advertising agencies, artists, creative agencies, or any business seeking an inspiring and functional workspace. The multiple tenancy structure offers flexibility for various business needs.

    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
    -73.998
    Latitude
    40.7235
    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
    $684,932
    $787,500
    $5,679,000
    $6,466,500
    -
    $1,750,000
    $15,107,000
    $16,857,000

    Comparable in this City

    • Value Estimation
      $70,000
      23,336 SF

      589 Broadway

      OFFICE BUILDING (MULTI-STORY) • 23,336 SF
      589 Broadway, New York, NY 10012-3231
      View Details
    • Value Estimation
      $185,000
      18,525 SF

      678 Broadway

      OFFICE BUILDING (MULTI-STORY) • 18,525 SF
      678 Broadway, New York, NY 10012-2314
      View Details
    • Value Estimation
      $375,000
      21,840 SF

      676 Broadway

      OFFICE BUILDING (MULTI-STORY) • 21,840 SF
      676 Broadway, New York, NY 10012-2319
      View Details
    • Value Estimation
      $225,000
      25,050 SF

      540 Broadway

      OFFICE BUILDING (MULTI-STORY) • 25,050 SF
      540 Broadway, New York, NY 10012-3953
      View Details
    • Value Estimation
      $325,000
      10,867 SF

      45 Bond St

      OFFICE BUILDING (MULTI-STORY) • 10,867 SF
      45 Bond St, New York, NY 10012-2486
      View Details
    • Value Estimation
      $245,000
      5,145 SF

      147 Spg St

      OFFICE BUILDING (MULTI-STORY) • 5,145 SF
      147 Spg St, New York, NY 10012-3860
      View Details

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      Residential Income Property For Sale

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      Residential Property in New York

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    Similar Nearby for Lease

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      15,271 SF

      11-Story Office Building Available

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      1,342 SF

      SoHo Building Creative Office Space

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      2,300 SF

      Bright Office Space on Wooster

      Creative office space with large windows and expansive kitchen.
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      2,979 SF

      SoHo Loft-Style Office Space

      Loft-style office space in SoHo with exposed brick.
      494 Broadway, New York, NY 10012
      View Details
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    550 Broadway
    New York, NY 10012-3917
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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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