OFF-MARKET
Banks
Entity Owned
3-yr Hold
~
Est. High Equity
Entity Owned Property summary
AI-generated overview
This exceptional office space, located at 587 5th Avenue in the heart of Midtown Manhattan's Plaza District, offers a unique opportunity for businesses seeking prestigious addresses. The property is situated on a 3,750 square foot mid-block parcel, within a ten-story building that also features multi-level retail space. The building benefits from prominent Fifth Avenue frontage, providing excellent visibility and accessibility. Multiple office suites are currently available, ranging in size from 763 square feet to 4,425 square feet, catering to a variety of business needs and scales. The building's location in the vibrant Midtown Manhattan area provides easy access to a wealth of amenities, including transportation, dining, and cultural attractions. This is an ideal opportunity to establish a presence in one of New York City's most sought-after commercial districts. The lease terms for the available spaces are flexible and can be tailored to meet specific requirements. Interested parties are encouraged to inquire for further details and to schedule a viewing. The property is located in New York County, New York, with a zip code of 10017.
Property profile
Verified
Property type
Banks
Use group
FINANCIAL BUILDING
Year built
1921
Total area
33,922 SF
Lot
0.09 ac (3,750 SF)
Zoning code
C5-3
APN
01283-0072
UPID
US63-1064520
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Real Estate Agency
-
Physician
-
Physician
-
Physician
-
(Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$13.83M
Owner & transaction history
since 2023
Last sale
$14.6M
7 recorded transactions
Zoning & alternative use
C5-3 · New York, NY
Top alternative use upside
Commercial (general)
$24.6M
+62.5%
Office building
$21.7M
+43.2%
Apartment house (5+ units)
$18.4M
+21.3%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
4 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
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Summary
1
Valuation conclusion
Included free
Estimated market value
$13.83M
Value range
$12.44M – $15.21M
±10% around blend
Estimated value / SF
$408 / SF
Confidence
Property data
88
Market benchmarks
67
Comparable evidence
60
$12.44M
blend $13.83M
$15.21M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
33,922 SF
Lot area
0.09 ac
Year built
1921
Stories
10
APN
01283-0072
Assessed value
$7,609,350
Annual tax
$805,982
3
Income approach: direct capitalization
Partial preview
Not enough income data on file for a CAP-approach estimation.
4
Sales comparison
Partial preview
Too few qualifying comparables for a sales-approach estimation.
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$13.83M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 124 sales
$446
-9%
County 124 sales
$446
-9%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $408/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Commercial (general)
Gross theoretical uplift
+62%
vs current-use indication
Office Building
Apartment House (5+ Units)
Financial Building · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Not available
Market rent
Not available
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$14.56M
Move the market yield to see immediate price impact.
Value / SF
$429
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$917k
$18.35M
$13.11M
$10.19M
$1.02M
$20.39M
$14.56M
$11.33M
$1.12M
$22.43M
$16.02M
$12.46M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$805,982
Tax year 2024
Assessed value
$7,609,350
Assessed 2024
Previous assessed
$7,690,500
-1.1% YoY
Effective rate
10.59%
On assessed value
Assessed land
$2,250,000
Assessed improvement
$5,359,350
Land market value
$5,000,000
Improvement market value
$12,428,000
Total market value
$17,428,000
Applied tax rate
4.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Banks
Use group
FINANCIAL BUILDING
Status
Off-Market
Year built
1921
Heating
NONE
Buildings
1
Stories
10
Units
2
Total area
33,922 SF
Lot
0.09 ac (3,750 SF)
Zoning code
C5-3
APN
01283-0072
UPID
US63-1064520
Jurisdiction
NEW YORK(MANHATTAN)
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
C5-3 · New York, NYZoning C5-3 · permitted uses
C5-3 · New York, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1921
Heating
NONE
Stories
10
Buildings
1
Units
2
Lot
0.09 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
C5-3
Jurisdiction
New York, NY
Recorded code
C5-3
Ownership Intelligence
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Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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