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

    56 Broadway New York, NY 10002-6829

    • Retail residential properties
    • 8,784 SF
    • 0.04 lot acres
    OFF-MARKET
    Last Sale
    Sep 23, 2022
    $7,466,782
    Value Estimations
    $5,965,000
    Show details
    Cap Rate Potential
    4.5%
    Retail residential properties
    Location Intelligence
    Property ID
    US63-1519738
    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

    • McCandlish Phillips Journalism Institute / Graduate School / Educational Institution
    • AP-RED.COM Entertainment News / Theater & Performing Art Venue / Music Venue
    • 欽德佛堂 / Temple / Spiritual Center
    • The King's College / College
    • NYCIntern / Student Housing Center

    Property Details for 56 Broadway

    Year built
    1910
    Lot size
    0.04 lot acres
    Property size
    8,784 SF
    Zone code
    C61G
    Property type
    Retail residential properties
    APN
    00281-0026
    APU
    2810026

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,135,000
      ML approach
      $6,255,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,610,000
      6.5%
      $4,255,000
      7%
      $3,955,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,199,000
      Market price range: $2.90M - $7.90M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $5,290,000
      Current use
      WAREHOUSE, STORAGE
      $7,180,000
      Change: +36% Conversion: Difficult
      RETAIL STORES
      $6,425,000
      Change: +22% Conversion: Easy
      OFFICE BUILDING
      $5,610,000
      Change: +6% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $4,755,000
      Change: -10% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9954
    Latitude
    40.7138
    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
    $81,465
    $259,920
    $391,697
    $651,617
    -
    $830,000
    $1,250,800
    $2,080,800

    Comparable in this City

    • Value Estimation
      $5,045,000
      19,424 SF

      113 Bowery

      STORE/OFFICE (MIXED USE) • 19,424 SF
      113 Bowery, New York, NY 10002-4900
      View Details
    • Value Estimation
      $2,165,000
      9,525 SF

      87 Rivington St

      STORES & APARTMENTS • 9,525 SF
      87 Rivington St, New York, NY 10002-2239
      View Details
    • Value Estimation
      $5,925,000
      16,460 SF

      78 Rivington St, Unit 84

      STORES & APARTMENTS • 16,460 SF
      78 Rivington St, New York, NY 10002-2112
      View Details
    • Value Estimation
      $7,520,000
      24,561 SF

      23-27 Ludlow St

      STORES & APARTMENTS • 24,561 SF
      23-27 Ludlow St, New York, NY 10002
      View Details
    • Value Estimation
      $5,390,000
      22,020 SF

      31-33 Market St

      STORES & APARTMENTS • 22,020 SF
      31-33 Market St, New York, NY 10002
      View Details
    • Value Estimation
      $2,755,000
      11,304 SF

      13 Monroe St

      STORES & APARTMENTS • 11,304 SF
      13 Monroe St, New York, NY 10002-7351
      View Details

    Similar Nearby for Sale

    • $4,950,000
      0.05 Acres

      Mixed-Use Investment Opportunity, Brooklyn

      Mixed-use property with retail and residential units in prime location.
      195 Henry St, Brooklyn, NY 10002
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      Mixed-use property with residential and commercial spaces in vibrant neighborhood.
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      Mixed-use property featuring retail and residential units in New York.
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      Mixed-Use Building in Prime Location

      Mixed-use building with commercial and residential units in vibrant neighborhood.
      5 Eldridge St, New York, NY 10002
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      Mixed-Use Building with Approved Plans

      Three-story mixed-use building with approved plans for a six-story condo.
      205 Henry St, New York, NY 10002
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    Similar Nearby for Lease

    • Contact for pricing
      3,437 SF

      Mixed-Use Building with Commercial Units

      Three-story mixed-use building with retail and residential units.
      280 Grand St, New York, NY 10002
      View Details
    • Contact for pricing
      1,100 SF

      Prime NYC Retail Space

      1,100 SF Retail Space - New York City
      201 Allen St, New York, NY 10002
      View Details
    • Contact for pricing
      3,403 SF

      Renovated Office Space Near Transit

      Office space with recent renovations and convenient transportation access.
      1410 Broadway, New York, NY 10002
      View Details
    • Contact for pricing
      5,500 SF

      Broadway Office Space for Rent

      Office space available for rent on Broadway, New York.
      1412 Broadway, New York, NY 10002
      View Details
    • Contact for pricing
      2,500 SF

      Prime Retail Space on Broadway

      Divisible retail space with heavy foot traffic near multiple subway lines.
      253 Broadway, New York, NY 10002
      View Details
    • Contact for pricing
      1,000 SF

      Prime Retail Space Available

      1,000 SF commercial space suitable for various businesses.
      4260 Broadway, New York, NY 10002
      View Details
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    56 Broadway
    New York, NY 10002-6829
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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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