Two-Bedroom Residential Income
For Sale
$899,999
1 Mt Morris Park W 9A, New York City, NY 10027
Condominium residence with private patio, open kitchen, in-unit laundry, and dedicated storage.
Property Size965 SF
Price / SF$932.64
Days on Market106
Property Features for 1 Mt Morris Park W 9A
General Information
Standard status
Active
Size
965 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/1.5BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,680
Amenities
private patio
video intercom
secure entry
landscaped courtyard garden
pet-friendly policy
storage cage
bike storage
in-unit washer/dryer
Building Details
Building Size
965 SF
Year Built
1891
Year Renovated
2003
Construction
brownstone
Listing Agency:
Akam Sales & Brokerage Inc
(212) 986-0001
Listed By:
Robert T Hogan
(212) 986-0001
Source:
Nobleblackandpartners
Added: Apr 27
Changed: Aug 5
Last Checked: Aug 10 at 9:13AM
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 Akam Sales & Brokerage Inc
Investment Insights
Based on property information with market context.
This 965-square-foot condominium is arranged with two bedrooms, one-and-a-half baths, and a 12' x 22' living and dining area. The open kitchen includes granite countertops, an island, stainless steel appliances, and custom cabinetry. Full-size laundry equipment is located within the residence, while both bedrooms provide closet storage and natural light. A private patio adds outdoor space, and the unit includes a large storage cage and bike storage.
The residence is part of a boutique brownstone condominium conversion with secure entry, video intercom, and a landscaped courtyard garden. The property sits across from Marcus Garvey Park/Mount Morris Park, providing direct access to green space and park views. Pets are permitted with HOA approval.
The residence is part of a boutique brownstone condominium conversion with secure entry, video intercom, and a landscaped courtyard garden. The property sits across from Marcus Garvey Park/Mount Morris Park, providing direct access to green space and park views. Pets are permitted with HOA approval.
Key Highlights
- 965 SF condominium with two bedrooms and one‑and‑a‑half baths
- 12' x 22' living/dining area with flexible layout
- Open kitchen with granite counters, island, stainless steel appliances, and custom cabinetry
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
$30,192
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
3.35%
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%
$603,840
$603.8K
Cap Rate 7%
$431,314
$431.3K
Cap Rate 9%
$335,467
$335.5K
Market Conditions
NOI Build-Up for 965 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
$57.8K $59.88/SF
− Vacancy
−$2.9K −$2.99/SF
EGI
$54.9K $56.89/SF
− OpEx
−$24.7K −$25.60/SF
NOI
$30.2K $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%
$603,840
Cap Rate 7%
$431,314
Cap Rate 9%
$335,467
Alternative Uses
Best Use
Apartment 5plus
$431.3K
$377.4K – $503.2K
NOI $30,192 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.40M
$2.10M – $2.80M
NOI $168,142 @ 7.0% cap · market cap 18.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence with private patio, open kitchen, in-unit laundry, and dedicated storage.
Where is this residential income property located?
The property is located at 1 Mt Morris Park W 9A New York City, NY.
What is the asking price?
The asking price for this property is $899,999.
What are key features of this property?
This property features: 965 SF condominium with two bedrooms and one‑and‑a‑half baths; 12' x 22' living/dining area with flexible layout; Open kitchen with granite counters, island, stainless steel appliances, and custom cabinetry
