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

    88 Washington Pl1flr New York, NY 10011-9142

    • Retail space
    • 7,856 SF
    OFF-MARKET
    Last Sale
    Jan 27, 2025
    $16,500,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3986868
    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

    • Retail space

    Property Details for 88 Washington Pl1flr

    Year built
    1966
    Property size
    7,856 SF
    Zone code
    R7-2
    Property type
    Retail space
    APN
    00552-1301
    APU
    5521301

    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
    -74.0004
    Latitude
    40.732
    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
    $420,692
    $223,712
    $3,748,080
    $3,971,792
    -
    $497,138
    $8,690,000
    $9,187,138

    Comparable in this City

    • Value Estimation
      $4,085,000
      5,191 SF

      525 22nd St Frnt, Unit 1

      RETAIL STORES (PERSONAL SERVICES) • 5,191 SF
      525 22nd St Frnt, New York, NY 10011-1100
      View Details
    • Value Estimation
      $1,230,000
      8,573 SF

      511 23rd St

      RETAIL STORES (PERSONAL SERVICES) • 8,573 SF
      511 23rd St, New York, NY 10011-1145
      View Details
    • Value Estimation
      $3,885,000
      3,904 SF

      465 23rd St, Unit 12A

      RETAIL STORES (PERSONAL SERVICES) • 3,904 SF
      465 23rd St, New York, NY 10011-2114
      View Details
    • Value Estimation
      $2,405,000
      10,245 SF

      124 24th Stcom

      RETAIL STORES (PERSONAL SERVICES) • 10,245 SF
      124 24th Stcom, New York, NY 10011-1904
      View Details
    • Value Estimation by Request
      4,500 SF

      517-519 19th St

      RETAIL STORES (PERSONAL SERVICES) • 4,500 SF
      517-519 19th St, New York, NY 10011
      View Details
    • Value Estimation
      $5,825,000
      7,512 SF

      532-540 22nd St1a

      RETAIL STORES (PERSONAL SERVICES) • 7,512 SF
      532-540 22nd St1a, New York, NY 10011
      View Details

    Similar Nearby for Sale

    • $4,500,000
      4,200 SF

      Chelsea Retail Condo: Prime Location

      4,200 SF Retail Condo, Owner/User
      140 22Nd St, New York, NY 10011
      View Details
    • Contact for pricing

      Prime Greenwich Village Retail Condominiums

      Exceptional retail and community space in the heart of Greenwich Village.
      350-354 6Th Ave, New York, NY 10011
      View Details
    • $1,400,000
      3,556 SF

      Retail Condominium in Prime Location

      3,556 SF retail condo, ideal for childcare or boutique.
      12-16 E 13Th St, New York, NY 10011
      View Details
    • $125,000
      1,500 SF

      Established Chelsea Threading Salon Opportunity

      Prime Chelsea location, fully equipped threading salon with high income.
      266 West 23Rd St, New York, NY 10011
      View Details
    • $2,250,000

      Retail Space on West 14th

      Prime retail space with high ceilings and subway access.
      116 W 14Th St, New York, NY 10011
      View Details
    • $2,000,000

      Puyallup Lot with Shop Building

      1.83-acre lot with 3,000 SF shop building for sale/lease.
      10011 144Th St E, New York, NY 10011
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,458 SF

      West Chelsea Corner Retail Space

      Corner retail space in West Chelsea near Highline entrance.
      148-150 10Th Ave, New York, NY 10011
      View Details
    • Contact for pricing
      5,163 SF

      Renovated Retail Space Near Apple

      Recently renovated retail space adjacent to Apple store.
      47 9Th Ave, New York, NY 10011
      View Details
    • Contact for pricing
      368 SF

      Move-in Ready Boutique Retail Space

      Retail space with high pedestrian traffic in prime location.
      100-104 5Th Ave, New York, NY 10011
      View Details
    • Contact for pricing
      740 SF

      Retail Space in New York

      740 SF retail space available for rent in New York.
      41-49 7Th Ave, New York, NY 10011
      View Details
    • Contact for pricing
      600 SF

      Retail Space Available For Lease

      600 SF retail space available for lease in New York.
      144 9Th Ave, New York, NY 10011
      View Details
    • Contact for pricing
      1,500 SF

      Turn-Key Retail Space Available

      Column-free, turn-key retail space with rear loading access.
      138 5Th Ave, New York, NY 10011
      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.
    88 Washington Pl1flr
    New York, NY 10011-9142
    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.