Corner Two-Bedroom Two-Bath
For Sale
$1,695,000
1280 5TH Avenue 16C, New York City, NY 10029
Corner two-bedroom, two-bath home with in-unit washer/dryer and central HVAC in a full-service 2010 condominium.
Property Size1,344 SF
Price / SF$1,261
Days on Market155
Property Features for 1280 5TH Avenue 16C
General Information
Standard status
Active
Size
1,344 SF
Property subtype
Apartment
Building Details
Building Size
1,344 SF
Year Built
2010
Listing Agency:
Corcoran Group
(646) 703-2053
Listed By:
Caroline A Bass · License #10301202058 (NY)
(646) 703-2053
Source:
Howardhannanyc
Added: Mar 8
Changed: Aug 8
Last Checked: Aug 10 at 9:44AM
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.
A refined corner two-bedroom, two-bath residence with a split-bedroom layout, designed for both privacy and everyday comfort. The home opens to a gracious entry foyer leading to a corner living and dining room wrapped in oversized windows and wide-planked hardwood floors. The windowed kitchen features a dramatic wall of glass, stone countertops, and floor-to-ceiling Zebrano cabinetry, complemented by premium appliances including a Thermador five-burner cooktop and oven, Miele ventilated hood, integrated Thermador refrigerator and freezer, and a Bosch dishwasher.
The primary suite is bathed in southern light with side views toward Central Park, complemented by a custom walk-in closet and a spa-caliber bath finished in Jerusalem limestone with a Zuma soaking tub and polished marble surfaces. The second bedroom sits on the opposite wing with open southern exposures and its own en-suite bath with abalone shell mosaic detailing, Tundra Grey marble flooring, a frameless glass shower, and a stone-topped vanity. Additional comforts include an in-unit washer and dryer, central HVAC, and abundant closet space throughout.
Completed in 2010, One Museum Mile offers full-service staffing and a clubhouse-caliber amenity program including a heated rooftop swimming pool, landscaped roof terraces with outdoor kitchens, residents’ lounge with fireplace, a state-of-the-art fitness center, and a formal 20-seat dining room with Central Park views.
The primary suite is bathed in southern light with side views toward Central Park, complemented by a custom walk-in closet and a spa-caliber bath finished in Jerusalem limestone with a Zuma soaking tub and polished marble surfaces. The second bedroom sits on the opposite wing with open southern exposures and its own en-suite bath with abalone shell mosaic detailing, Tundra Grey marble flooring, a frameless glass shower, and a stone-topped vanity. Additional comforts include an in-unit washer and dryer, central HVAC, and abundant closet space throughout.
Completed in 2010, One Museum Mile offers full-service staffing and a clubhouse-caliber amenity program including a heated rooftop swimming pool, landscaped roof terraces with outdoor kitchens, residents’ lounge with fireplace, a state-of-the-art fitness center, and a formal 20-seat dining room with Central Park views.
Key Highlights
- Corner split‑bedroom two‑bedroom, two‑bath layout
- Completed in 2010; 1,344 SF interior
- Oversized corner windows with wide‑planked hardwood floors
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
$51,253
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
3.02%
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%
$1,025,060
$1.0M
Cap Rate 7%
$732,186
$732.2K
Cap Rate 9%
$569,478
$569.5K
Market Conditions
NOI Build-Up for 1,344 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
$96.8K $72.00/SF
− Vacancy
−$3.6K −$2.66/SF
EGI
$93.2K $69.34/SF
− OpEx
−$41.9K −$31.20/SF
NOI
$51.3K $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%
$1,025,060
Cap Rate 7%
$732,186
Cap Rate 9%
$569,478
Alternative Uses
Best Use
Apartment 5plus
$732.2K
$640.7K – $854.2K
NOI $51,253 @ 7.0% cap · market cap 3.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.80M
$4.20M – $5.59M
NOI $335,664 @ 7.0% cap · market cap 19.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
10,309
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Corner two-bedroom, two-bath home with in-unit washer/dryer and central HVAC in a full-service 2010 condominium.
Where is this residential income property located?
The property is located at 1280 5TH Avenue 16C New York City, NY.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: Corner split‑bedroom two‑bedroom, two‑bath layout; Completed in 2010; 1,344 SF interior; Oversized corner windows with wide‑planked hardwood floors
