Renovated Residential Income
For Sale
$669,000
118 E 60TH Street 7B, New York City, NY 10022
Renovated one-bedroom cooperative with a private balcony, soundproof windows, and extensive building services.
Property Size830 SF
Days on Market430
Property Features for 118 E 60TH Street 7B
General Information
Standard status
Active
Size
830 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
covered circular driveway
planted garden/fountain
24-hour doorman
concierge
resident super
roof deck
central laundry
package room
storage
bike storage rooms
private balcony
soundproof windows
home sound system
Building Details
Building Size
830 SF
Year Built
1964
Listing Agency:
Coldwell Banker Warburg
(646) 505-8184
Listed By:
Steven D Hoffman
(646) 505-8184
Source:
Tricialee
Added: Jun 9, 2025
Changed: Aug 2
Last Checked: Aug 11 at 12:36PM
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 Coldwell Banker Warburg
Investment Insights
Based on property information with market context.
This one-bedroom cooperative residence was renovated with a windowed kitchen featuring stone countertops, tempered-glass backsplashes, a Bertazzoni stove and microwave, plus a Blomberg refrigerator and dishwasher. The updated bathroom includes oversized stone tile and a glass tub enclosure. A private balcony with a wood deck extends from the living room, while soundproof windows, a home sound system, and seven closets add practical features. The apartment is identified as unit 7B at 118 E 60th Street and is in a building completed in 1964.
Plaza Towers provides a covered circular driveway, planted garden with fountain, 24-hour doorman service, concierge coverage from 7am to 11pm, and a resident superintendent. Building amenities include a roof deck, central laundry, package room, storage, and bike storage rooms. Parking next to the building is open 24/7. The cooperative has no flip-tax, permits as little as 25% down, and considers pied-à-terre use case by case.
Plaza Towers provides a covered circular driveway, planted garden with fountain, 24-hour doorman service, concierge coverage from 7am to 11pm, and a resident superintendent. Building amenities include a roof deck, central laundry, package room, storage, and bike storage rooms. Parking next to the building is open 24/7. The cooperative has no flip-tax, permits as little as 25% down, and considers pied-à-terre use case by case.
Key Highlights
- Renovated one‑bedroom cooperative residence with private balcony and wood deck
- Windowed kitchen with stone counters, tempered‑glass backsplashes, and named appliances
- Soundproof windows, home sound system, and seven closets
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
$25,968
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
3.88%
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%
$519,360
$519.4K
Cap Rate 7%
$370,971
$371.0K
Cap Rate 9%
$288,533
$288.5K
Market Conditions
NOI Build-Up for 830 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
$49.7K $59.88/SF
− Vacancy
−$2.5K −$2.99/SF
EGI
$47.2K $56.89/SF
− OpEx
−$21.2K −$25.60/SF
NOI
$26.0K $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%
$519,360
Cap Rate 7%
$370,971
Cap Rate 9%
$288,533
Alternative Uses
Best Use
Apartment 5plus
$371.0K
$324.6K – $432.8K
NOI $25,968 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.07M
$1.81M – $2.41M
NOI $144,619 @ 7.0% cap · market cap 21.62%
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 - Renovated one-bedroom cooperative with a private balcony, soundproof windows, and extensive building services.
Where is this residential income property located?
The property is located at 118 E 60TH Street 7B New York City, NY.
What is the asking price?
The asking price for this property is $669,000.
What are key features of this property?
This property features: Renovated one‑bedroom cooperative residence with private balcony and wood deck; Windowed kitchen with stone counters, tempered‑glass backsplashes, and named appliances; Soundproof windows, home sound system, and seven closets
