924 3rd Ave New York, NY 10022-3606
Entity Owned
Free & Clear
Estimated value (blended)
$4.88M
Range $4.39M – $5.36M (±10%)
Implied cap rate
5.40%
In-place · NOI ÷ last sale
Property ID
US63-1472810
Property summary
AI-generated overview
This exceptional retail property, located at 924 3rd Avenue in New York City's vibrant Midtown East neighborhood (zip code 10022), presents a compelling investment opportunity. The building boasts 8,325 square feet of space spread across five stories, and is zoned C6-6. Currently, the ground floor is occupied by Ea Dumpling, a thriving tenant. The property's strategic location places it just one block from the iconic Citicorp Building, ensuring high visibility and foot traffic. Midtown East offers unparalleled access to cultural attractions, including museums, libraries, and a diverse culinary scene, complemented by convenient access to multiple subway lines. This prime location makes it an ideal space for a variety of retail businesses. A significant advantage is the substantial untapped potential: based on a 15.0 FAR, the property possesses unused air rights totaling 27,300 square feet, offering considerable future development possibilities. The asking price for this remarkable property is $6,250,000. This presents a rare chance to acquire a well-situated, income-generating retail asset with significant upside potential in one of Manhattan's most desirable locations.
Property profile
Verified
Property type
Retail residential properties
Use group
STORES & APARTMENTS
Year built
1920
Total area
8,325 SF
Lot
0.05 ac (2,375 SF)
Zoning code
C6-6
APN
01310-0038
UPID
US63-1472810
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$5.04M
CAP Approach
CAP
$4.08M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.88M
Owner & transaction history
since 2026
Last sale
$4.9M
4 recorded transactions
Zoning & alternative use
C6-6 · New York, NY
Top alternative use upside
Warehouse, storage
$6.8M
+5.5%
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 16 comparables with addresses
2 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
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Summary
1
Valuation conclusion
Included free
Estimated market value
$4.88M
Value range
$4.39M – $5.36M
±10% around blend
Estimated value / SF
$586 / SF
Confidence
High
16 county-verified comps
Property data
88
Market benchmarks
100
Comparable evidence
100
$4.39M
blend $4.88M
$5.36M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
8,325 SF
Lot area
0.05 ac
Year built
1920
Stories
5
APN
01310-0038
Assessed value
$1,982,880
Annual tax
$247,900
3
Income approach: direct capitalization
Partial preview
Income approach indication
$4.08M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$4.43M
@ 6.5% CAP return
$4.08M
@ 7% CAP return
$3.79M
4
Sales comparison
Partial preview
Sales approach indication
$6.19M
Weighted, 16 comps · high confidence
Evidence
16 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
0.3 mi away · 9,500 SF
1.0 mi away · 6,803 SF
1.2 mi away · 7,800 SF
1.2 mi away · 7,822 SF
1.8 mi away · 7,975 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$4.88M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 44 sales
$774
-24%
Submarket 1320 sales
$725
-19%
County 1319 sales
$722
-19%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $586/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Warehouse, Storage
Gross theoretical uplift
+6%
vs current-use indication
Commercial (general) · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Not available
Market rent
Not available
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 16 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
Implied cap rate
5.40%
Implied, in-place cap rate for this retail residential properties
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 5.40%
9.0%
NOI (est.)
$346k *
Last sale · Jan 2026
$4.95M
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$6.41M
Move the market yield to see immediate price impact.
Value / SF
$770
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
4.90%5.40%5.90%
$312k
$6.36M
$5.77M
$5.28M
$346k
$7.06M
$6.41M
$5.87M
$381k
$7.77M
$7.05M
$6.45M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
16 found
High confidence · county-verified
Closest comparable
$6.70M
0.1 mi · Dec 2025 · $1,008/SF
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$247,900
Tax year 2024
Assessed value
$1,982,880
Assessed 2024
Previous assessed
$1,836,000
+8.0% YoY
Effective rate
12.50%
On assessed value
Assessed land
$935,990
Assessed improvement
$1,046,890
Land market value
$2,640,000
Improvement market value
$2,952,800
Total market value
$5,592,800
Applied tax rate
4.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail residential properties
Use group
STORES & APARTMENTS
Status
Off-Market
Year built
1920
Heating
NONE
Buildings
1
Stories
5
Units
9
Total area
8,325 SF
Lot
0.05 ac (2,375 SF)
Zoning code
C6-6
APN
01310-0038
UPID
US63-1472810
Jurisdiction
NEW YORK(MANHATTAN)
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
C6-6 · New York, NYZoning C6-6 · permitted uses
C6-6 · New York, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1920
Heating
NONE
Stories
5
Buildings
1
Units
9
Lot
0.05 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
C6-6
Jurisdiction
New York, NY
Recorded code
C6-6
Ownership Intelligence
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Owner identityResolved entity and name variants
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Debt & historyRecorded loans and transaction history
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