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

    627 2Nd Ave New York, NY 10016

    • Investment properties
    • 4,421 SF
    • 0.03 lot acres
    For Lease
    View listing
    $150 SF/Yr
    Value Estimations
    $245,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3324065
    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

    • Investment properties

    Property Details for 627 2Nd Ave

    Year built
    1910
    Lot size
    0.03 lot acres
    Property size
    4,421 SF
    Zone code
    C19A
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    00915-0029
    APU
    9150029

    Description

    This exceptional 1,200 square foot retail space is ideally situated in Midtown East, Manhattan, at 627 2nd Avenue, zip code 10016. The property is a single-tenant space perfect for a variety of uses, including bar, clothing store, dry-use retail, wine bar, or quick-service restaurant (QSR), as indicated by previous tenants. The space includes a fully vented kitchen equipped with a walk-in refrigerator located in the partial basement. Two bathrooms are already in place. A significant advantage is the previous tenant's possession of a full liquor license, a valuable asset for prospective tenants. This location offers unparalleled access to NYU and Bellevue Hospitals, benefiting from the high foot traffic and dense concentration of office and residential buildings in the immediate vicinity. The convenient location is further enhanced by its proximity to the M15 and M34 bus stops, directly on the block. The asking rent is $15,000 per month. The property's prime location within the Midtown East submarket cluster makes it an exceptional opportunity for a discerning business owner. Numerous new luxury high-rises in the area contribute to a thriving and upscale environment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $265,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $220,000
      Market price range: $103k - $320k

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.976
    Latitude
    40.7451
    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
    $86,049
    $76,535
    $611,749
    $688,284
    -
    $288,000
    $2,302,000
    $2,590,000

    Comparable in this City

    • Value Estimation
      $165,000
      3,844 SF

      310 30th St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,844 SF
      310 30th St, New York, NY 10016
      View Details
    • Value Estimation
      $340,000
      8,295 SF

      105 37th St

      OFFICE/RESIDENTIAL (MIXED USE) • 8,295 SF
      105 37th St, New York, NY 10016-3037
      View Details
    • Value Estimation
      $120,000
      2,492 SF

      116 38th St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,492 SF
      116 38th St, New York, NY 10016-2602
      View Details
    • Value Estimation
      $255,000
      4,504 SF

      544 3rd Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,504 SF
      544 3rd Ave, New York, NY 10016-3541
      View Details
    • Value Estimation
      $190,000
      4,675 SF

      585 3rd Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,675 SF
      585 3rd Ave, New York, NY 10016-2835
      View Details
    • Value Estimation
      $190,000
      2,588 SF

      379 3rd Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,588 SF
      379 3rd Ave, New York, NY 10016-9028
      View Details

    Similar Nearby for Sale

    • $729,000
      1,200 SF

      110 E 36th St, New York, NY

      Office space • 1,200 SF
      110 E 36Th St, New York, NY 10016
      View Details
    • $10,000,000
      17,500 SF

      Chelsea Mixed-Use Building for Sale

      Seven-story mixed-use building in Chelsea with retail and office space.
      242 W 27Th St, New York, NY 10016
      View Details
    • $7,250,000
      1,000 SF

      National QSR Franchise for Sale

      High-Growth QSR Franchise Opportunity
      0 Award Winning Rapidly Expanding National Quick-Serve Franchisor Seeks Sale, New York, NY 10016
      View Details
    • $1,185,000
      1,185 SF

      Prime Murray Hill Medical Office

      1,185 SF Medical Condo, $1M+
      333 34Th St, New York, NY 10016
      View Details
    • $550,000

      Sprawling Sun-Drenched Murray Hill Apartment

      Pet-friendly Murray Hill apartment with city views and modern renovations.
      210 E 36Th St, New York, NY 10016
      View Details
    • $549,000

      Residential Property in New York

      Residential property for sale in New York, NY.
      407 Park Ave S 23C, New York, NY 10016
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,175 SF

      Madison Ave Retail Space For Lease

      Prime NYC Retail, Multiple Units Available
      121 St Nomad, New York, NY 10016
      View Details
    • $135 SF/Yr
      1,600 SF

      Third Avenue Restaurant Space

      Prime Kips Bay location, 1600 sq ft restaurant.
      0 Ground Fl Restaurant Spc On 3 Ave, New York, NY 10016
      View Details
    • $85 SF/Yr
      2,986 SF

      Prime Midtown Retail Space

      Restaurant-Ready, 2986 sq ft, Midtown East
      10 39Th St, New York, NY 10016
      View Details
    • Contact for pricing
      2,357 SF

      Midtown East Medical Office Suite

      2,357 SF Medical Office, Murray Hill
      35 35Th St, New York, NY 10016
      View Details
    • Contact for pricing
      66,567 SF

      Showroom & Office Space Available

      66567 square feet of showroom and office space for rent.
      110 Fl., New York, NY 10016
      View Details
    • $9,000 /Mo
      3,900 SF

      Move-in Ready Office Space

      3,900 SF office space available for rent.
      241 W 30Th St, New York, NY 10016
      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.
    627 2Nd Ave
    New York, NY 10016
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.