Residential Income Property with Loft
For Sale
$1,398,000
119 FULTON Street 7A, New York City, NY 10038
Two-bedroom residence with 14-foot ceilings, custom finishes, and an in-unit washer and dryer.
Property Size1,471 SF
Price / SF$950.37
Days on Market127
Property Features for 119 FULTON Street 7A
General Information
Standard status
Active
Size
1,471 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
part-time doorman
full-time superintendent
in-unit washer/dryer
Building Details
Building Size
1,471 SF
Year Built
1919
Stories
14
Listing Agency:
Douglas Elliman Real Estate
(646) 247-0822
Listed By:
Douglas M Bowen · License #10301217443
(646) 247-0822
Source:
Carytamura
Added: Apr 6
Changed: Aug 9
Last Checked: Aug 10 at 9:51AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This residential income property is a 1,471-square-foot, south-facing loft residence within Fultonhaus, a 14-story condominium completed in 1919. The two-bedroom layout centers on an open kitchen, dining, and living area beneath 14-foot ceilings. Interior details include Poggenpohl cabinetry, marble counters, Viking and Bosch appliances, white oak flooring, a foyer walk-in closet, and an in-unit washer and dryer. The primary suite includes two large closets and a renovated en-suite bathroom with dual sinks and a walk-in shower. The secondary bedroom can also function as a home office.
Fultonhaus has two residences per floor, along with a part-time doorman and full-time superintendent. The property is near Fulton Center, with access to subway lines 2, 3, 4, 5, A, C, J, Z, and R/W, as well as the PATH. Westfield World Trade Center and the Oculus are nearby, along with restaurants, Eataly, and Whole Foods.
Fultonhaus has two residences per floor, along with a part-time doorman and full-time superintendent. The property is near Fulton Center, with access to subway lines 2, 3, 4, 5, A, C, J, Z, and R/W, as well as the PATH. Westfield World Trade Center and the Oculus are nearby, along with restaurants, Eataly, and Whole Foods.
Key Highlights
- 1,471 SF south‑facing two‑bedroom loft residence
- 14‑foot ceilings with open kitchen, dining, and living areas
- Poggenpohl cabinetry, marble countertops, and Viking and Bosch appliances
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
$46,024
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
3.29%
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%
$920,480
$920.5K
Cap Rate 7%
$657,486
$657.5K
Cap Rate 9%
$511,378
$511.4K
Market Conditions
NOI Build-Up for 1,471 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
$88.1K $59.88/SF
− Vacancy
−$4.4K −$2.99/SF
EGI
$83.7K $56.89/SF
− OpEx
−$37.7K −$25.60/SF
NOI
$46.0K $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%
$920,480
Cap Rate 7%
$657,486
Cap Rate 9%
$511,378
Alternative Uses
Best Use
Apartment 5plus
$657.5K
$575.3K – $767.1K
NOI $46,024 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.66M
$3.20M – $4.27M
NOI $256,307 @ 7.0% cap · market cap 18.33%
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
38,192
Businesses Nearby
Explore this area
Business Placement
Demographics for 10038, NY
25,332
Population
12,624
Households
2
Avg Household Size
33
Median Age
62%
College-Educated
83%
High-School Grad
0.3 sq mi
ZIP Area
84,440
Density / Sq Mi
$115,121
Median Household Income
$87,698
Median Earnings
$3,140
Median Rent
$865,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom residence with 14-foot ceilings, custom finishes, and an in-unit washer and dryer.
Where is this residential income property located?
The property is located at 119 FULTON Street 7A New York City, NY.
What is the asking price?
The asking price for this property is $1,398,000.
What are key features of this property?
This property features: 1,471 SF south‑facing two‑bedroom loft residence; 14‑foot ceilings with open kitchen, dining, and living areas; Poggenpohl cabinetry, marble countertops, and Viking and Bosch appliances
