Renovated Residential Income
New
For Sale
$849,995
118 E 60TH Street 11C, New York City, NY 10022
Fully renovated cooperative residence with flexible bedroom potential, private outdoor space, custom storage, and premium appliances.
Property Size940 SF
Price / SF$904.25
Days on Market7
Property Features for 118 E 60TH Street 11C
General Information
Standard status
Active
Size
940 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
24-hour doorman
concierge service
laundry facilities
roof deck
private balcony
Building Details
Year Built
1964
Listing Agency:
Corcoran Group
(917) 902-2037
Listed By:
Nihal Metin · License #10401377254 (NY)
(917) 902-2037
Source:
Tricialee
Added: Aug 27
Changed: Aug 31
Last Checked: Aug 30 at 11:22PM
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 940-square-foot residential income property is a fully renovated Junior 4 residence at Plaza Tower. The flexible layout offers potential for a true two-bedroom configuration, with an alternative floor plan available. Interior features include an open living and dining area, wide-plank hardwood flooring, a private balcony, an eat-in kitchen, custom built-ins, and an oversized bedroom with a walk-in closet. The kitchen includes Liebherr, Miele, GE, and Bosch appliances, while the bathroom has floor-to-ceiling tile and a glass-enclosed shower.
Built in 1964, Plaza Tower is a full-service cooperative with a 24-hour doorman and concierge, renovated common areas, modern laundry facilities, and a roof deck with city and park views. The property is located at 118 E 60th Street in New York City, between Park and Lexington Avenues, with Central Park, Fifth Avenue, Madison Avenue, Bloomingdale's, and multiple subway lines within easy reach.
Built in 1964, Plaza Tower is a full-service cooperative with a 24-hour doorman and concierge, renovated common areas, modern laundry facilities, and a roof deck with city and park views. The property is located at 118 E 60th Street in New York City, between Park and Lexington Avenues, with Central Park, Fifth Avenue, Madison Avenue, Bloomingdale's, and multiple subway lines within easy reach.
Key Highlights
- 940‑square‑foot fully renovated Junior 4 residence
- Flexible layout with potential for a true two‑bedroom configuration
- Private balcony and open living and dining area
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
$29,410
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
3.46%
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%
$588,200
$588.2K
Cap Rate 7%
$420,143
$420.1K
Cap Rate 9%
$326,778
$326.8K
Market Conditions
NOI Build-Up for 940 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
$56.3K $59.88/SF
− Vacancy
−$2.8K −$2.99/SF
EGI
$53.5K $56.89/SF
− OpEx
−$24.1K −$25.60/SF
NOI
$29.4K $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%
$588,200
Cap Rate 7%
$420,143
Cap Rate 9%
$326,778
Alternative Uses
Best Use
Apartment 5plus
$420.1K
$367.6K – $490.2K
NOI $29,410 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.34M
$2.05M – $2.73M
NOI $163,786 @ 7.0% cap · market cap 19.27%
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
42,557
Businesses Nearby
Explore this area
Business Placement
Demographics for 10022, NY
36,708
Population
25,686
Households
1.4
Avg Household Size
45
Median Age
84%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
91,770
Density / Sq Mi
$171,038
Median Household Income
$119,657
Median Earnings
$2,928
Median Rent
$1,116,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Fully renovated cooperative residence with flexible bedroom potential, private outdoor space, custom storage, and premium appliances.
Where is this residential income property located?
The property is located at 118 E 60TH Street 11C New York City, NY.
What is the asking price?
The asking price for this property is $849,995.
What are key features of this property?
This property features: 940‑square‑foot fully renovated Junior 4 residence; Flexible layout with potential for a true two‑bedroom configuration; Private balcony and open living and dining area
