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

    62 131St St New York, NY 10037

    • Commercial real estate
    • 6,013 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-6062104
    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

    • Commercial real estate

    Property Details for 62 131St St

    Year built
    1926
    Property size
    6,013 SF
    Property type
    Commercial real estate

    Description

    This exceptional East Harlem investment opportunity presents a fully renovated, six-story elevator building at 62 East 131st Street, New York, NY 10037. Built in 1926 and extensively renovated in 2013, this 6,013 square foot brownstone boasts five spacious, vacant, free-market apartments, each approximately 900 square feet. Currently configured as one-bedroom units, these apartments offer the potential for conversion to two-bedroom units, significantly increasing future value. Each unit enjoys individual elevator access via a newly installed elevator system. The property is ideally suited for owner-occupancy, with the potential to generate rental income from the remaining units. Alternative uses include a single-family conversion or individual sale as condos or co-ops. The building benefits from a protected tax class 2A, resulting in low taxes. A full Certificate of Occupancy is anticipated by year-end. The lot size is 1,749 square feet, and the asking price is $2,900,000, or $580,000 per unit. The property is zoned R7B. This is a rare opportunity to acquire a meticulously renovated multifamily building in a prime Manhattan location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9371876
    Latitude
    40.809036

    Comparable in this City

    • $290,000

      Residential Property in New York

      Residential property for sale in New York, NY.
      5 E 131St St, New York, NY 10037
      View Details
    • $3,700,000

      Multifamily Building Under Construction

      Five-story multifamily building with fifteen units, approximately 70% completed.
      253 W 134Th St, New York, NY 10037
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    • $599,999

      Residential Income Property For Sale

      Residential income property available for purchase in New York.
      29 W 138Th St, New York, NY 10037
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    • $225,000

      Harlem Co-op Opportunity

      Spacious 2-bedroom co-op in Central Harlem, needs TLC.
      18 E 132Nd St, New York, NY 10037
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    • $296,000

      Lenox Avenue Apartment Building

      Apartment building located on Lenox Avenue in New York.
      430 Lenox Ave, New York, NY 10037
      View Details
    • New
      $5,200,000
      7,230 SF

      Harlem Multifamily Investment Opportunity

      Renovated 10-unit building in Central Harlem with in-unit laundry.
      56 East 130Th St, New York, NY 10037
      View Details

    Similar Nearby for Sale

    • $290,000

      Residential Property in New York

      Residential property for sale in New York, NY.
      5 E 131St St, New York, NY 10037
      View Details
    • $3,700,000

      Multifamily Building Under Construction

      Five-story multifamily building with fifteen units, approximately 70% completed.
      253 W 134Th St, New York, NY 10037
      View Details
    • $599,999

      Residential Income Property For Sale

      Residential income property available for purchase in New York.
      29 W 138Th St, New York, NY 10037
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    • $225,000

      Harlem Co-op Opportunity

      Spacious 2-bedroom co-op in Central Harlem, needs TLC.
      18 E 132Nd St, New York, NY 10037
      View Details
    • $296,000

      Lenox Avenue Apartment Building

      Apartment building located on Lenox Avenue in New York.
      430 Lenox Ave, New York, NY 10037
      View Details
    • New
      $5,200,000
      7,230 SF

      Harlem Multifamily Investment Opportunity

      Renovated 10-unit building in Central Harlem with in-unit laundry.
      56 East 130Th St, New York, NY 10037
      View Details

    Similar Nearby for Lease

    • $6,500 /Mo
      2,200 SF

      Harlem Retail/Office/Medical Space Available

      Located at the base of Savoy Park in Harlem.
      630 Malcolm X Blvd, New York, NY 10037
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    • Contact for pricing
      5,000 SF

      Daycare Space Across From Playground

      Daycare space for rent, located across from a playground.
      306-310 W 142Nd St, New York, NY 10037
      View Details
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    62 131St St
    New York, NY 10037
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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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