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

    615 131st St, Unit 631 New York, NY 10027-7922

    • Office buildings
    • 210,000 SF
    • 0.80 lot acres
    OFF-MARKET
    Last Sale
    Jan 31, 2022
    $3,000,000
    Value Estimations
    $2,730,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1969848
    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

    • Columbia University Human Resources / University
    • Columbia University Information Technologies / Academic Department
    • Columbia University Studebaker Building / Academic Department
    • FedEx Drop Box / Mailing Service

    Property Details for 615 131st St

    Year built
    1924
    Lot size
    0.80 lot acres
    Property size
    210,000 SF
    Zone code
    C6-1
    Property type
    Office buildings
    APN
    01998-0017
    APU
    19980017

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,465,000
      ML approach
      $2,465,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9579
    Latitude
    40.8184
    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
    $0.00
    $945,000
    $21,752,460
    $22,697,460
    -
    $2,100,000
    $52,180,000
    $54,280,000

    Comparable in this City

    • Value Estimation
      $3,355,000
      12,420 SF

      417 126th St

      OFFICE BUILDING (MULTI-STORY) • 12,420 SF
      417 126th St, New York, NY 10027-2524
      View Details
    • Value Estimation
      $1,915,000
      7,050 SF

      424 116th St

      OFFICE BUILDING (MULTI-STORY) • 7,050 SF
      424 116th St, New York, NY 10027-7238
      View Details
    • Value Estimation
      $2,070,000
      8,200 SF

      421 126th St

      OFFICE BUILDING (MULTI-STORY) • 8,200 SF
      421 126th St, New York, NY 10027
      View Details
    • Value Estimation
      $8,315,000
      18,630 SF

      300-306 Lenox Ave

      OFFICE BUILDING (MULTI-STORY) • 18,630 SF
      300-306 Lenox Ave, New York, NY 10027
      View Details
    • Value Estimation
      $3,935,000
      13,327 SF

      63-65 125th St

      OFFICE BUILDING (MULTI-STORY) • 13,327 SF
      63-65 125th St, New York, NY 10027
      View Details
    • Value Estimation
      $1,875,000
      5,694 SF

      2282-2284 Joe Dimaggio Hwy

      OFFICE BUILDING (MULTI-STORY) • 5,694 SF
      2282-2284 Joe Dimaggio Hwy, New York, NY 10027
      View Details

    Similar Nearby for Sale

    • $3,750,000
      3,720 SF

      Harlem Retail Condominium For Sale

      Retail condominium in Harlem, Manhattan, with 3,720 SF.
      2300 Frederick Douglass Blvd, New York, NY 10027
      View Details
    • $899,000

      Harlem Development Land

      1,749 SF Residential Lot, R7-2 Zoning
      132 130Th St, New York, NY 10027
      View Details
    • New
      $7,500,000
      6,500 SF

      Harlem Multi-Unit Building with Renovated Units

      Four-story building with five renovated 3-bed/2-bath units in Harlem.
      240 Lenox Ave, New York, NY 10027
      View Details
    • $999,000

      Lenox Avenue Development Opportunity

      Vacant lot in Harlem, ideal for mixed-use or residential development.
      204 Lenox Ave, New York, NY 10027
      View Details
    • $585,000

      Residential Income Property For Sale

      Residential income property available for purchase in New York.
      501 W 122Nd St, New York, NY 10027
      View Details
    • $3,100,000

      Multifamily Property in New York

      Multifamily property for sale in New York, NY.
      103 W 122Nd St, New York, NY 10027
      View Details

    Similar Nearby for Lease

    • $90 SF/Yr
      1,850 SF

      West Harlem Medical Office Space

      Prime corner location, 1850 sq ft, single tenant.
      2229 Frederick Douglass Blvd, New York, NY 10027
      View Details
    • Contact for pricing
      10,045 SF

      Prime Harlem Executive Office Space

      10,045 SF, Multiple Suites Available
      261 125Th St, New York, NY 10027
      View Details
    • $10 SF/Yr
      4,527 SF

      Lenox Ave Office Suites

      NYC Office Space: Flexible Options
      310 Lenox Ave, New York, NY 10027
      View Details
    • Contact for pricing
      247 SF

      Office Space in New York

      Office space available for rent in New York, NY.
      300 W 122Nd St, New York, NY 10027
      View Details
    • Contact for pricing
      8,025 SF

      Harlem Medical Office Space Available

      Prime Harlem location, flexible suites, great visibility.
      322 125Th St, New York, NY 10027
      View Details
    • Contact for pricing
      2,500 SF

      Prime Office Space Near Subway

      Office space near 125th Street subway and Metro-North station.
      129 E 124Th St, New York, NY 10027
      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.
    615 131st St, Unit 631
    New York, NY 10027-7922
    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.