Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    588 56th St West New York, NJ 07093-1236

    • Industrial properties
    • 13,248 SF
    • 0.17 lot acres
    OFF-MARKET
    Last Sale
    May 05, 2023
    $1,100,000
    Value Estimations
    $1,190,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US59-2290235
    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

    • Nitin Enterprises / Business Management Consultant / Store

    Property Details for 588 56th St

    Year built
    1915
    Construction
    BRICK
    Lot size
    0.17 lot acres
    Property size
    13,248 SF
    Zone code
    IL
    Property type
    Industrial properties
    APN
    12 00123-0000-00023
    APU
    1200123000000023

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,320,000
      ML approach
      $1,250,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $818,000
      Market price range: $819k - $1.83M

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

    Location Insight

    • Map
    • Local Demand
    City
    West New York
    County
    Hudson
    State
    New Jersey
    Longitude
    -74.0211
    Latitude
    40.788
    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
    2022
    $23,286
    $146,000
    $154,000
    $300,000
    -
    $146,000
    $154,000
    $300,000

    Comparable in this City

    • Value Estimation by Request
      0.36 Acres

      6900 Park Ave, Unit 8

      INDUSTRIAL (GENERAL) • 0.36 Acres
      6900 Park Ave, Guttenberg, NJ 07093-4482
      View Details
    • Value Estimation by Request
      1,150 SF

      559 56th St

      INDUSTRIAL (GENERAL) • 1,150 SF
      559 56th St, West New York, NJ 07093-1233
      View Details
    • Value Estimation
      $2,570,000
      13,236 SF

      420 53rd St

      INDUSTRIAL (GENERAL) • 13,236 SF
      420 53rd St, West New York, NJ 07093
      View Details
    • Value Estimation by Request
      2,800 SF

      572 54th St

      INDUSTRIAL (GENERAL) • 2,800 SF
      572 54th St, West New York, NJ 07093-5532
      View Details
    • Value Estimation
      $3,530,000
      30,840 SF

      560 55th St

      INDUSTRIAL (GENERAL) • 30,840 SF
      560 55th St, West New York, NJ 07093-4669
      View Details
    • Value Estimation by Request
      1,765 SF

      635 56th St

      INDUSTRIAL (GENERAL) • 1,765 SF
      635 56th St, West New York, NJ 07093-1203
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      38,000 SF

      West New York Industrial Building

      38,000 SF Manufacturing/Warehouse, NJ
      560 55Th St, West New York, NJ 07093
      View Details
    • New
      $649,000

      West New York Investment Property

      Warehouse with two apartments in a great location.
      586 54Th St, West New York, NJ 07093
      View Details
    • $1,200,000

      Mixed-Use Building with Warehouse Space

      Mixed-use building featuring warehouse and apartment with good cash flow.
      599 60Th St West New York, West New York, NJ 07093
      View Details
    • $999,000
      4,655 SF

      West New York Apartment Building

      Six-unit, three-story brick building, high ROI.
      570 56Th St, West New York, NJ 07093
      View Details
    • $645,000

      Multifamily Property Short Sale

      Multifamily property available as a short sale.
      6203 Adams St, West New York, NJ 07093
      View Details
    • $549,000

      Condo with NYC and River Views

      One bedroom condo with NYC and Hudson River views.
      26 Ave At Prt, West New York, NJ 07093
      View Details

    Similar Nearby for Lease

    • $12,500 /Mo

      West New York Warehouse Space

      10,000 SF warehouse space with drive-in door and parking.
      5620 Kennedy Blvd, West New York, NJ 07093
      View Details
    • $7,000 /Mo

      West New York Industrial Warehouse

      Industrial warehouse in West New York with freight elevator.
      327 53Rd St, West New York, NJ 07093
      View Details
    • $15 SF/Yr
      100,000 SF

      Arrow Box Manufacturing Space

      West New York Industrial Property: 6,000+ SF Available
      567 52Nd St, West New York, NJ 07093
      View Details
    • $11 SF/Yr

      6101 Filmore Pl West New York NJ 07093

      Warehouse for Lease in West New York
      6101 Filmore Pl, West New York, NJ 07093
      View Details
    • Contact for pricing
      16,631 SF

      Riverwalk Place Retail Space For Lease

      Prime West New York Retail Opportunity
      40-45 Riverwalk Pl, West New York, NJ 07093
      View Details
    • $3,500 /Mo

      West New York Multifamily Property

      Multifamily property for rent in West New York.
      6511 Madison St, West New York, NJ 07093
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    588 56th St
    West New York, NJ 07093-1236
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.