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

    885 2nd Ave New York, NY 10017-2201

    • Office buildings
    • 805,467 SF
    • 0.94 lot acres
    OFF-MARKET
    Last Sale
    Sep 16, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2780962
    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

    • Wachtel Missry LLP / Law Firm
    • Zaino Michael / Attorney
    • Morris Missry / Attorney / Real Estate Attorney
    • Bedell Terrace Apartments LP / Apartment Building
    • British Consulate General New York / Foreign Consulate / Information Centers

    Property Details for 885 2nd Ave

    Year built
    1971
    Lot size
    0.94 lot acres
    Property size
    805,467 SF
    Zone code
    C1-9
    Property type
    Office buildings
    APN
    01321-0022
    APU
    13210022

    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
    -73.9702
    Latitude
    40.7535
    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
    $12,462,134
    $33,075,000
    $84,977,800
    $118,052,800
    -
    $73,500,000
    $187,958,000
    $261,458,000

    Comparable in this City

    • Value Estimation by Request
      299,094 SF

      320 43rd St

      OFFICE BUILDING (MULTI-STORY) • 299,094 SF
      320 43rd St, New York, NY 10017-4801
      View Details
    • Value Estimation by Request
      386,166 SF

      280 Park Ave, Unit 290

      OFFICE BUILDING (MULTI-STORY) • 386,166 SF
      280 Park Ave, New York, NY 10017-1274
      View Details
    • Value Estimation
      $2,500,000
      8,119 SF

      422 Madison Ave

      OFFICE BUILDING (MULTI-STORY) • 8,119 SF
      422 Madison Ave, New York, NY 10017-1131
      View Details
    • Value Estimation
      $745,000
      102,079 SF

      284 Madison Ave

      OFFICE BUILDING (MULTI-STORY) • 102,079 SF
      284 Madison Ave, New York, NY 10017
      View Details
    • Value Estimation by Request
      225,000 SF

      355-357 Lexington Ave

      OFFICE BUILDING (MULTI-STORY) • 225,000 SF
      355-357 Lexington Ave, New York, NY 10017
      View Details
    • Value Estimation by Request
      520,416 SF

      125 Park Ave

      OFFICE BUILDING (MULTI-STORY) • 520,416 SF
      125 Park Ave, New York, NY 10017-5529
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      14,025 SF

      Vacant Office Building on 5th

      Vacant building suitable for headquarters or residential conversion.
      5 E 47Th St, New York, NY 10017
      View Details
    • Contact for pricing
      96,077 SF

      Fifth Avenue Condominium Unit Auction

      Auction of membership interests in a Fifth Avenue condominium unit.
      609 5Th Ave, New York, NY 10017
      View Details
    • Contact for pricing

      Prime Office Building For Sale

      New York City office building available for purchase.
      346 Madison Ave, New York, NY 10017
      View Details
    • $2,000,000
      8,356 SF

      Office Building with Outdoor Terrace

      8,356 SF office building with terrace for sale.
      250 East 49Th St, New York, NY 10017
      View Details
    • $2,200,000
      286,226 SF

      Midtown East Office Ownership Opportunity

      Office space in Midtown East, near Grand Central Station.
      800 2Nd Ave, New York, NY 10017
      View Details
    • Contact for pricing

      Office Space for Sale

      Office property available for purchase in New York, NY.
      609 W 46Th St, New York, NY 10017
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Madison Avenue Office Building

      22-story office building with 121,066 rentable square feet.
      400 Madison Ave, New York, NY 10017
      View Details
    • Contact for pricing

      37-Story Office Building For Rent

      Office building featuring 1,110,000 rentable square feet built in 1930.
      220 East 42Nd St, New York, NY 10017
      View Details
    • Contact for pricing
      31,997 SF

      Office Space in Midtown Manhattan

      31,997 SF office space available for lease.
      622 3Rd Ave, New York, NY 10017
      View Details
    • $63 SF/Yr
      986,431 SF

      Class A Office Tower ForRent

      39-story Class A office tower near Grand Central Terminal.
      622 3Rd Ave, New York, NY 10017
      View Details
    • Contact for pricing

      40-Story Office Building For Rent

      481,300 SF office space in a 40-story building.
      575 5Th Ave, New York, NY 10017
      View Details
    • Contact for pricing
      19,729 SF

      Modern Office Space Available

      41-story office building with 925,000 rentable square feet.
      633 3Rd Ave, New York, NY 10017
      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.
    885 2nd Ave
    New York, NY 10017-2201
    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.