Residential Income Property with
For Sale
$1,295,000
11 W 89TH Street 3, New York City, NY 10024
A two-bedroom townhouse co-op residence combines a private terrace, in-unit laundry, and a wood-burning fireplace.
Property Size1,160 SF
Price / SF$1,116
Days on Market9
Property Features for 11 W 89TH Street 3
General Information
Standard status
Active
Size
1,160 SF
Property subtype
Duplex
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Amenities
wood-burning fireplace
private terrace
in-unit washer/dryer
skylight
Building Details
Building Size
1,160 SF
Year Built
1930
Stories
4
Construction
brownstone
Listing Agency:
Corcoran Group
Listed By:
Caroline A Bass · License #10301202058 (NY)
(646) 703-2053
Source:
Nobleblackandpartners
Added: Sep 23
Changed: Sep 28
Last Checked: Sep 30 at 3:51PM
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 Corcoran Group
Investment Insights
Based on property information with market context.
This third-floor, two-bedroom residence in a townhouse co-op measures approximately 1,160 square feet. Its layout includes a sunken living room, a wood-burning fireplace, and floor-to-ceiling north-facing windows opening to an approximately 70-square-foot terrace. The renovated open kitchen has a Bertazzoni range and a window. South-facing bay windows serve the bedroom area, while a skylight brings natural light into the second bedroom. The apartment currently has one renovated bathroom; restoring the original second bath is possible subject to board approval. Four closets, including two walk-ins, and an in-unit washer and dryer add storage and convenience. Ceilings are over 10 feet, and the floors are inlaid parquet.
The four-story brownstone was built in 1930 and is within the Central Park West Historic District. Central Park is nearby, as are the B/C station at 88th Street and Central Park West, the 1 train at 86th Street and Broadway, and an 86th Street crosstown bus stop three blocks away.
The four-story brownstone was built in 1930 and is within the Central Park West Historic District. Central Park is nearby, as are the B/C station at 88th Street and Central Park West, the 1 train at 86th Street and Broadway, and an 86th Street crosstown bus stop three blocks away.
Key Highlights
- Approximately 1,160 square feet with a two‑bedroom layout
- Approximately 70‑square‑foot private terrace accessed from the living room
- Over 10‑foot ceilings and a wood‑burning fireplace
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
$36,293
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
2.80%
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%
$725,860
$725.9K
Cap Rate 7%
$518,471
$518.5K
Cap Rate 9%
$403,256
$403.3K
Market Conditions
NOI Build-Up for 1,160 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
$69.5K $59.88/SF
− Vacancy
−$3.5K −$2.99/SF
EGI
$66.0K $56.89/SF
− OpEx
−$29.7K −$25.60/SF
NOI
$36.3K $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%
$725,860
Cap Rate 7%
$518,471
Cap Rate 9%
$403,256
Alternative Uses
Best Use
Apartment 5plus
$518.5K
$453.7K – $604.9K
NOI $36,293 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.89M
$2.53M – $3.37M
NOI $202,118 @ 7.0% cap · market cap 15.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
1
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
17,822
Businesses Nearby
Explore this area
Business Placement
Demographics for 10024, NY
62,250
Population
36,723
Households
1.7
Avg Household Size
43
Median Age
84%
College-Educated
97%
High-School Grad
0.9 sq mi
ZIP Area
69,167
Density / Sq Mi
$182,614
Median Household Income
$117,078
Median Earnings
$2,965
Median Rent
$1,746,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - A two-bedroom townhouse co-op residence combines a private terrace, in-unit laundry, and a wood-burning fireplace.
Where is this residential income property located?
The property is located at 11 W 89TH Street 3 New York City, NY.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Approximately 1,160 square feet with a two‑bedroom layout; Approximately 70‑square‑foot private terrace accessed from the living room; Over 10‑foot ceilings and a wood‑burning fireplace
