Updated Residential Income
For Sale
$1,050,000
1-9 Mt Morris Park W 1C, New York City, NY 10027
Full-floor condominium residence with two bedrooms, modern kitchen upgrades, and direct views of Mount Morris Park.
Property Size1,086 SF
Price / SF$966.85
Days on Market12
Property Features for 1-9 Mt Morris Park W 1C
General Information
Standard status
Active
Size
1,086 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/1.5BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,088
Amenities
common garden
private storage
video intercom security system
pet-friendly policies
Building Details
Building Size
1,086 SF
Year Built
1891
Listing Agency:
Sothebys International Realty
Listed By:
Wellington Cordova
(917) 865-0905
Source:
Miradorrealestate
Added: Sep 14
Changed: Sep 24
Last Checked: Sep 24 at 6:45PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Sothebys International Realty
Investment Insights
Based on property information with market context.
This full-floor condominium residence at 1-9 Mt Morris Park W 1C offers approximately 1,086+/- square feet with two bedrooms and one-and-a-half bathrooms. The expansive living and dining area features 9.5-foot ceilings, oversized windows, and views of Mount Morris Park. Recent improvements include refreshed hardwood floors, electrical upgrades, zoned heating, stainless-steel kitchen appliances, a granite countertop, center island, custom cabinetry, and a full-size in-unit washer and dryer. The home may be sold furnished and includes private storage availability.
The residence is located directly across from Mount Morris Park between West 120th and 121st Streets in New York City’s Mount Morris Park Historic District. Subway service on the 2, 3, 4, 5, and 6 lines is available at 116th and 125th Streets, with Metro-North at 125th Street. Whole Foods Market, Trader Joe’s, Target, Harlem Cycle, fitness facilities, restaurants, and shopping are nearby.
The boutique condominium community includes a landscaped common garden, video intercom security, and pet-friendly policies. The building was constructed in 1891.
The residence is located directly across from Mount Morris Park between West 120th and 121st Streets in New York City’s Mount Morris Park Historic District. Subway service on the 2, 3, 4, 5, and 6 lines is available at 116th and 125th Streets, with Metro-North at 125th Street. Whole Foods Market, Trader Joe’s, Target, Harlem Cycle, fitness facilities, restaurants, and shopping are nearby.
The boutique condominium community includes a landscaped common garden, video intercom security, and pet-friendly policies. The building was constructed in 1891.
Key Highlights
- Approximately 1,086+/- SF full‑floor residence
- Two bedrooms and one‑and‑a‑half bathrooms
- 9.5‑foot ceilings with oversized windows and park views
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
$33,978
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
3.24%
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%
$679,560
$679.6K
Cap Rate 7%
$485,400
$485.4K
Cap Rate 9%
$377,533
$377.5K
Market Conditions
NOI Build-Up for 1,086 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
$65.0K $59.88/SF
− Vacancy
−$3.3K −$2.99/SF
EGI
$61.8K $56.89/SF
− OpEx
−$27.8K −$25.60/SF
NOI
$34.0K $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%
$679,560
Cap Rate 7%
$485,400
Cap Rate 9%
$377,533
Alternative Uses
Best Use
Apartment 5plus
$485.4K
$424.7K – $566.3K
NOI $33,978 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.70M
$2.37M – $3.15M
NOI $189,225 @ 7.0% cap · market cap 18.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
8,671
Businesses Nearby
Explore this area
Business Placement
Demographics for 10027, NY
64,037
Population
28,038
Households
2.3
Avg Household Size
32
Median Age
52%
College-Educated
87%
High-School Grad
0.9 sq mi
ZIP Area
71,152
Density / Sq Mi
$64,220
Median Household Income
$44,231
Median Earnings
$1,609
Median Rent
$915,000
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Full-floor condominium residence with two bedrooms, modern kitchen upgrades, and direct views of Mount Morris Park.
Where is this residential income property located?
The property is located at 1-9 Mt Morris Park W 1C New York City, NY.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Approximately 1,086+/- SF full‑floor residence; Two bedrooms and one‑and‑a‑half bathrooms; 9.5‑foot ceilings with oversized windows and park views
