Cozy Carnegie Hill
For Sale
$325,000
Pending
105 E 97th St 9, New York, NY 10029
Affordable 2-bedroom apartment in a prime Carnegie Hill location.
Property Size450 SF
Days on Market269
Property Features for 105 E 97th St 9
General Information
Standard status
Pending
Size
450 SF
Property subtype
Residential
Building Details
Building Size
450 SF
Year Built
1910
Listing Agency:
(917) 755-1414
Listed By:
JAY M PEGRAM
(917) 755-1414
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 19
Last Checked: Aug 24 at 10:04AM
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 JAY M PEGRAM
Investment Insights
Based on property information with market context.
This cozy 2-bedroom apartment, approximately 450 square feet, is suitable as a starter home or for downsizing. Located in the Carnegie Hill neighborhood, the apartment features prewar charm and character, hardwood floors, and an open kitchen. Situated on the 3rd floor of a walk-up building, the unit faces the back. The building is a self-managed, financially solid 165% AMI HDFC Coop. It is located at 105 E 97th St. The apartment provides easy access to Central Park, Museum Mile, and Mount Sinai Hospital. Transportation options include the subway 6 train at 96th and Lexington, the 96th Street crosstown bus, and the Second Avenue Subway. The monthly maintenance fee is $460. The apartment must be used as a primary residence. The 2023 Maximum NYC AMI based on the household size is as follows: Household of 1 $163,185, Household of 2 $182,450, Household of 3 $209,715, Household of 4 $232,980.
Key Highlights
- Low $460 maintenance fees.
- Prime Carnegie Hill location near Central Park, Museum Mile, and transportation.
- Financially solid HDFC Coop.
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
$17,161
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
5.28%
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%
$343,220
$343.2K
Cap Rate 7%
$245,157
$245.2K
Cap Rate 9%
$190,678
$190.7K
Market Conditions
NOI Build-Up for 450 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
$32.4K $72.00/SF
− Vacancy
−$1.2K −$2.66/SF
EGI
$31.2K $69.34/SF
− OpEx
−$14.0K −$31.20/SF
NOI
$17.2K $38.13/SF
Area
ZIP 10029
Vacancy
3.70%
Lease Rate
$72.00 /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%
$343,220
Cap Rate 7%
$245,157
Cap Rate 9%
$190,678
Alternative Uses
Best Use
Apartment 5plus
$245.2K
$214.5K – $286.0K
NOI $17,161 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.61M
$1.40M – $1.87M
NOI $112,388 @ 7.0% cap · market cap 34.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
13,944
Businesses Nearby
Explore this area
Business Placement
Demographics for 10029, NY
78,141
Population
36,955
Households
2.1
Avg Household Size
36
Median Age
36%
College-Educated
78%
High-School Grad
1.2 sq mi
ZIP Area
65,118
Density / Sq Mi
$38,308
Median Household Income
$41,951
Median Earnings
$1,183
Median Rent
$818,100
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 - Affordable 2-bedroom apartment in a prime Carnegie Hill location.
Where is this apartment building located?
The property is located at 105 E 97th St 9 New York, NY.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Low $460 maintenance fees.; Prime Carnegie Hill location near Central Park, Museum Mile, and transportation.; Financially solid HDFC Coop.
