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    Property profile & analytics

    576 9th Ave New York, NY 10036-3733

    • Investment properties
    • 5,173 SF
    • 0.03 lot acres
    OFF-MARKET
    Last Sale
    Jan 13, 2022
    $3,500,000
    Value Estimations
    $2,930,000
    Show details
    Cap Rate Potential
    5.5%
    Investment properties
    Location Intelligence
    Property ID
    US63-2403630
    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

    • Olde City Cheesesteaks & Brew / Restaurant / Bar

    Property Details for 576 9th Ave

    Year built
    1910
    Lot size
    0.03 lot acres
    Property size
    5,173 SF
    Zone code
    C6-4
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    01032-0162
    APU
    10320162

    Description

    This exceptional 1,400-square-foot commercial space is ideally situated at 576 9th Avenue in the vibrant Hell's Kitchen neighborhood of New York City, New York County (zip code 10036). The property is a single-tenant retail or restaurant space within a single building. Its prime location offers unparalleled access to a diverse and bustling community. Hell's Kitchen boasts a rich culinary scene, featuring a wide array of international cuisines, and a vibrant nightlife with various entertainment options. The area also benefits from proximity to world-renowned Broadway theaters, attracting both local residents and tourists. Furthermore, the High Line's northern entrance and the Hudson River Park, complete with attractions like the Intrepid Sea, Air & Space Museum and Circle Line Sightseeing Cruises, are within easy reach, adding to the area's appeal and foot traffic. This fully vacant space presents a unique opportunity for a business seeking a high-visibility location in a dynamic and thriving neighborhood. The property's 1,400 square feet provide ample space for a variety of retail or restaurant concepts. This is a rare chance to establish a presence in one of Manhattan's most sought-after areas. The property is categorized as commercial and is suitable for retail or restaurant use.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,985,000
      ML approach
      $3,060,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,750,000
      6.5%
      $2,535,000
      7%
      $2,355,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,413,000
      Market price range: $2.41M - $7.05M

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9926
    Latitude
    40.7581
    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
    $31,362
    $125,990
    $30,154
    $156,144
    -
    $4,220,000
    $1,010,000
    $5,230,000

    Comparable in this City

    • Value Estimation
      $245,000
      4,400 SF

      592 9th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,400 SF
      592 9th Ave, New York, NY 10036-3737
      View Details
    • Value Estimation
      $175,000
      6,524 SF

      62 48th St

      OFFICE/RESIDENTIAL (MIXED USE) • 6,524 SF
      62 48th St, New York, NY 10036-1707
      View Details
    • Value Estimation
      $295,000
      8,940 SF

      356 44th St

      OFFICE/RESIDENTIAL (MIXED USE) • 8,940 SF
      356 44th St, New York, NY 10036-5425
      View Details
    • Value Estimation
      $315,000
      4,440 SF

      658 9th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,440 SF
      658 9th Ave, New York, NY 10036-3605
      View Details
    • Value Estimation
      $260,000
      6,671 SF

      678 9th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 6,671 SF
      678 9th Ave, New York, NY 10036-3602
      View Details
    • Value Estimation
      $325,000
      4,840 SF

      629 9th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,840 SF
      629 9th Ave, New York, NY 10036-3721
      View Details

    Similar Nearby for Sale

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      Specialty Property in New York

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    Similar Nearby for Lease

    • Contact for pricing
      1,938 SF

      Midtown West Retail Space For Lease

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    • $90 SF/Yr
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      Prime 1,000 SF Retail Space in NYC
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      View Details
    • Contact for pricing
      3,438 SF

      Fully Built-Out Office Space

      Co-working space with excellent visibility on East 42nd Street.
      145-147 E 42Nd St, New York, NY 10036
      View Details
    • Contact for pricing
      6,570 SF

      Times Square Retail Space Available

      Multi-level retail space in Times Square, perfect for entertainment.
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      View Details
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      Diamond District Office Space

      Office space for rent in the Diamond District.
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    • Contact for pricing
      40,240 SF

      Office Space Ready for Installation

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      View Details
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    576 9th Ave
    New York, NY 10036-3733
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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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