589 11th Ave New York, NY 10036-2101
Property Lookup
Property profile & analytics
589 11th Ave New York, NY 10036-2101
- Retail residential properties
- 14,993 SF
- 0.06 lot acres
Property ID
US63-5231041
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.
Location Intelligence
Current Use by Public Records
- wallgreen / Grocery & Convenience Store
- CPA for Tax Preparation / Tax Preparation
- Best Rug Cleaner / Carpet Cleaning Service
Property Details for 589 11th Ave
- Year built
- 1920
- Lot size
- 0.06 lot acres
- Property size
- 14,993 SF
- Zone code
- M2-4
- Property type
- Retail residential properties
- APN
- 01092-0029
- APU
- 10920029
Description
This exceptional 17,878 square foot, Class B restaurant building at 589 11th Ave, New York, NY 10036, is offered for sale at $11,995,000. Built in 2020, this multi-tenant property boasts a 5.39% cap rate and a pro-forma cap rate of 6.54%. The building features six units, a modified lease type, and currently has 10% occupancy, with a pro-forma NOI of $784,000. The 3,000 square foot lot includes 125 feet of corner frontage. The property includes a completed Certificate of Occupancy (CofO) and benefits from a prime location in a rapidly developing neighborhood, across from a major UPS distribution warehouse. A lease is already in place for additional space with a national tenant, and there is potential for further leasing opportunities. The building is equipped with top-of-the-line features including Trane HVAC systems, LED lighting, high-speed internet wiring, 3-phase power, and a large gas service. A freight-sized elevator and a beautiful rooftop with stunning city views add to its appeal. The property is zoned M2-4 and offers significant value-add potential, particularly given the possibility of residential conversion in the coming years and the potential impact of a nearby casino project. The building is currently under replacement cost and presents a unique opportunity for an owner-user or investor. Rent bumps are set at 5%. The sale includes a 4 AM liquor license for the ground floor and basement.
Value Estimations
based on Realmo’s proprietary methodology
-
AI approach
- Method
- Estimation
- Statistic approach
- $6,905,000
- ML approach
- $7,120,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $7,965,000
- 6.5%
- $7,350,000
- 7%
- $6,825,000
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9976
- Latitude
- 40.7624
- 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
$299,059
$360,000
$2,463,440
$2,823,440
-
$800,000
$5,693,000
$6,493,000
