Classic 2-Bedroom HDFC
For Sale
$460,000
505 West 143rd Street West 143rd St #23, New York, NY 10031
Spacious, sunlight-filled apartment in vibrant neighborhood with low maintenance.
Property Size550 SF
Days on Market270
Property Features for 505 West 143rd Street West 143rd St #23
General Information
Standard status
Active
Size
550 SF
Property subtype
Residential
Building Details
Building Size
550 SF
Year Built
1920
Listing Agency:
(917) 217-3137
Listed By:
Latania R. Wilson
(917) 217-3137
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 17
Last Checked: Aug 25 at 10:54AM
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 Latania R. Wilson
Investment Insights
Based on property information with market context.
This classic 2-bedroom apartment, converted from a 3-bedroom unit, features oak wood floors and abundant sunlight through three large front-view windows. Located in a well-maintained HDFC cooperative building, the apartment is move-in ready and includes sizable bedrooms and spacious closets, each with overhead storage. The cooperative offers super low maintenance. The property is conveniently located near restaurants, cafes, goods, services, and transportation, including bus and train lines #1, A, B, C, and D. HDFC income restrictions of 120% AMI (area medium income) apply: $136,440 for a family of 4, $122,880 for a family of 3, $109,200 for a family of 2, and $95,000 for an individual. The apartment's appearance is very good.
Key Highlights
- Low maintenance fees in HDFC co‑operative.
- Conveniently located near restaurants, cafes, goods, services, and transportation (bus and train lines #1, A, B, C & D).
- Spacious 2‑bedroom apartment (converted from a 3‑bedroom).
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
$17,208
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
3.74%
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%
$344,160
$344.2K
Cap Rate 7%
$245,829
$245.8K
Cap Rate 9%
$191,200
$191.2K
Market Conditions
NOI Build-Up for 550 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
$32.9K $59.88/SF
− Vacancy
−$1.6K −$2.99/SF
EGI
$31.3K $56.89/SF
− OpEx
−$14.1K −$25.60/SF
NOI
$17.2K $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%
$344,160
Cap Rate 7%
$245,829
Cap Rate 9%
$191,200
Alternative Uses
Best Use
Apartment 5plus
$245.8K
$215.1K – $286.8K
NOI $17,208 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.37M
$1.20M – $1.60M
NOI $95,832 @ 7.0% cap · market cap 20.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,725
Businesses Nearby
Explore this area
Business Placement
Demographics for 10031, NY
56,363
Population
24,110
Households
2.3
Avg Household Size
36
Median Age
41%
College-Educated
79%
High-School Grad
0.7 sq mi
ZIP Area
80,519
Density / Sq Mi
$65,067
Median Household Income
$41,149
Median Earnings
$1,787
Median Rent
$678,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Spacious, sunlight-filled apartment in vibrant neighborhood with low maintenance.
Where is this apartment building located?
The property is located at 505 West 143rd Street West 143rd St #23 New York, NY.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Low maintenance fees in HDFC co‑operative.; Conveniently located near restaurants, cafes, goods, services, and transportation (bus and train lines #1, A, B, C & D).; Spacious 2‑bedroom apartment (converted from a 3‑bedroom).
