29-Unit Walk-Up Apartment
For Sale
$23,000,000
245 E 30th St, New York, NY 10016
Six-story residential walk-up with 29 units, including both free-market and rent-regulated apartments.
Property Size20,892 SF
Price / SF$1,100
Days on Market50
Property Features for 245 E 30th St
General Information
Standard status
Active
Size
20,892 SF
Property subtype
Multifamily
Additional Details
Cap Rate
6%
Multifamily Units
29
Amenities
245 East 30th Street, this 29-unit property is comprised of approximately 20,892 SF with 50' of frontage. This property sits on a 50' x 98.75' lot (Block: 911 Lot: 26) and is built 50' x 84'.
Zoning: R7B | Tax Class: 2 | 86% Free Market
The property is well-served by the 6 train at 28th and 33rd Streets, the M15 bus along First and Second Avenues, the M34 crosstown bus along 34th Street, and the East River Ferry.
Building Details
Building Size
20,892 SF
Stories
6
Units
29
Tenancy
Multi
Listing Agency:
New York City Office
(212) 430-5147
Listed By:
Joe Koicim · License #License(s): NY: 10301208718
(212) 430-5147
Source:
Marcusmillichap
Added: Jun 22
Changed: Aug 8
Last Checked: Aug 10 at 2:28AM
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 New York City Office
Investment Insights
Based on property information with market context.
This 29-unit, six-story residential walk-up totals approximately 20,892 square feet and offers a purely residential unit mix of 6 two-bedroom, 11 three-bedroom, 11 four-bedroom, and 1 five-bedroom apartment. The building includes 25 free-market units and 4 rent-regulated units.
With 50 feet of frontage, the property has a strong presence on the block. The free-market apartments have been newly renovated to a condominium standard, featuring stainless steel kitchens, dishwashers, hardwood floors, and high ceilings.
The combination of unit size variety and mixed regulatory status supports a flexible residential income profile within a walk-up configuration.
With 50 feet of frontage, the property has a strong presence on the block. The free-market apartments have been newly renovated to a condominium standard, featuring stainless steel kitchens, dishwashers, hardwood floors, and high ceilings.
The combination of unit size variety and mixed regulatory status supports a flexible residential income profile within a walk-up configuration.
Key Highlights
- 29‑unit, 6‑story residential walk‑up totaling approx. 20,892 SF
- 50 ft of street frontage for strong presence on the block
- Unit mix: 6 two‑bedroom, 11 three‑bedroom, 11 four‑bedroom, and 1 five‑bedroom apartment
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
$653,654
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
2.84%
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%
$13,073,080
$13.1M
Cap Rate 7%
$9,337,914
$9.3M
Cap Rate 9%
$7,262,822
$7.3M
Market Conditions
NOI Build-Up for 20,892 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
$1.25M $59.88/SF
− Vacancy
−$62.6K −$2.99/SF
EGI
$1.19M $56.89/SF
− OpEx
−$534.8K −$25.60/SF
NOI
$653.7K $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%
$13,073,080
Cap Rate 7%
$9,337,914
Cap Rate 9%
$7,262,822
Alternative Uses
Best Use
Apartment 5plus
$9.34M
$8.17M – $10.89M
NOI $653,654 @ 7.0% cap · market cap 2.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$52.00M
$45.50M – $60.67M
NOI $3,640,222 @ 7.0% cap · market cap 15.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
29
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
46,936
Businesses Nearby
Explore this area
Business Placement
Demographics for 10016, NY
62,336
Population
36,985
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
97%
High-School Grad
0.5 sq mi
ZIP Area
124,672
Density / Sq Mi
$153,065
Median Household Income
$107,691
Median Earnings
$3,321
Median Rent
$928,400
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 - Six-story residential walk-up with 29 units, including both free-market and rent-regulated apartments.
Where is this apartment building located?
The property is located at 245 E 30th St New York, NY.
What is the asking price?
The asking price for this property is $23,000,000.
What are key features of this property?
This property features: 29‑unit, 6‑story residential walk‑up totaling approx. 20,892 SF; 50 ft of street frontage for strong presence on the block; Unit mix: 6 two‑bedroom, 11 three‑bedroom, 11 four‑bedroom, and 1 five‑bedroom apartment
