Residential Income Property with
For Sale
$1,195,000
437 W 43RD Street New York, Manhattan, NY 10036
Residential, New York (Manhattan), NY
Property Size1,560 SF
Price / SF$766.03
Days on Market63
Property Features for 437 W 43RD Street New York
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
Subdivision
Hells Kitchen
High school
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Elementary school district
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Middle school district
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High school district
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Standard status
Active
Size
1,560 SF
Taxes and HOA fees
Tax Annual Amount
19176
HOA Fee
$2,344 Annually
Building Details
Floors in Building
3
Listing Agency:
Serhant LLC
(646) 480-7665
Listed By:
Ryan Serhant
(646) 480-7665
Added: Jun 22
Changed: Aug 20
Last Checked: Aug 23 at 11:06AM
MLS# 1016965
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-bedroom, two-bathroom residence spans approximately 1,560 square feet across two levels and includes an 850-square-foot west-facing private garden. Rear windows provide natural light to the living areas, while the floor plan offers substantial storage and additional lower-level rooms that can serve as a den, office, media room, or guest accommodations. The property is ready for updating, allowing for a customized interior approach.
Located at 437 W 43rd Street in New York’s Hell’s Kitchen, the residence is near Hudson Yards, the Theater District, multiple subway lines, and Citi Bike stations. It may be rented or resold immediately, subject to Board approval.
Located at 437 W 43rd Street in New York’s Hell’s Kitchen, the residence is near Hudson Yards, the Theater District, multiple subway lines, and Citi Bike stations. It may be rented or resold immediately, subject to Board approval.
Key Highlights
- Approximately 1,560 square feet across two levels
- 850‑square‑foot west‑facing private garden
- Two bedrooms and two bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$48,808
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.08%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$976,160
$976.2K
Cap Rate 7%
$697,257
$697.3K
Cap Rate 9%
$542,311
$542.3K
Market Conditions
NOI Build-Up for 1,560 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$93.4K $59.88/SF
− Vacancy
−$4.7K −$2.99/SF
EGI
$88.7K $56.89/SF
− OpEx
−$39.9K −$25.60/SF
NOI
$48.8K $31.29/SF
Area
New York, NY
Vacancy
5.00%
Lease Rate
$59.88 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$976,160
Cap Rate 7%
$697,257
Cap Rate 9%
$542,311
Alternative Uses
Best Use
Apartment 5plus
$697.3K
$610.1K – $813.5K
NOI $48,808 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.88M
$3.40M – $4.53M
NOI $271,814 @ 7.0% cap · market cap 22.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
38,587
Businesses Nearby
Explore this area
Business Placement
Demographics for 10036, NY
33,868
Population
22,473
Households
1.5
Avg Household Size
37
Median Age
69%
College-Educated
93%
High-School Grad
0.4 sq mi
ZIP Area
84,670
Density / Sq Mi
$100,225
Median Household Income
$86,122
Median Earnings
$2,301
Median Rent
$988,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-level residence with private outdoor space, flexible lower-level rooms, and rear windows bringing in natural light.
Where is this residential income property located?
The property is located at 437 W 43RD Street New York Manhattan, NY.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Approximately 1,560 square feet across two levels; 850‑square‑foot west‑facing private garden; Two bedrooms and two bathrooms
