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

    587 5Th Ave New York, NY 10017

    • Banks
    • 33,922 SF
    • 0.09 lot acres
    For Lease
    View listing
    Last Sale
    Jan 30, 2023
    $14,561,775
    Value Estimations
    $13,825,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1064520
    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

    • The Diamond Team / Real Estate Agency
    • Fieve Ronald R MD PC / Psychiatrist / Doctor
    • Rodwan Mahfouz / Psychiatrist / Medical School
    • Jane Simon / Psychiatrist / Practitioner Service Location
    • Exclusive Precious Jewels Ltd / Jeweler

    Property Details for 587 5Th Ave

    Year built
    1921
    Lot size
    0.09 lot acres
    Property size
    33,922 SF
    Zone code
    C5-3
    Property type
    Banks
    APN
    01283-0072
    APU
    12830072

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $13,825,000
      ML approach
      $8,515,000

    • Alternative Use

      Use
      Estimation
      FINANCIAL BUILDING
      $15,130,000
      Current use
      OFFICE BUILDING
      $21,670,000
      Change: +43% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $18,355,000
      Change: +21% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.978
    Latitude
    40.7569
    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
    $805,982
    $2,250,000
    $5,359,350
    $7,609,350
    -
    $5,000,000
    $12,428,000
    $17,428,000

    Comparable in this City

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      529 5th Ave

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    • Value Estimation
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      16,224 SF

      22 49th St

      FINANCIAL BUILDING • 16,224 SF
      22 49th St, New York, NY 10017-1025
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    • Value Estimation by Request
      208,052 SF

      228 45th St, Unit 238

      FINANCIAL BUILDING • 208,052 SF
      228 45th St, New York, NY 10017-3303
      View Details

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    Similar Nearby for Lease

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      2,000 SF

      Prime Midtown Retail Space Available

      Prominent corner location near Grand Central, Bryant Park, and Times Square.
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      1,375 SF

      Retail Space in New York

      Retail space available for rent in New York, NY.
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      Retail Space Near Grand Central

      Retail space with high foot traffic near Grand Central Station.
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      1,950 SF

      Retail Space Near Grand Central

      Retail space with high foot traffic near Grand Central Terminal.
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      2,500 SF

      Retail Space with Garage Door

      Column-free retail space with high ceilings and vehicle access.
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      Lexington Avenue Retail Space

      Retail space available on Lexington Avenue in New York.
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    587 5Th Ave
    New York, NY 10017
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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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