Four-Bedroom Flex Co-Op
For Sale
$1,425,000
504 Grand Street B-42, New York City, NY 10002
A combined double unit with dual east and west exposures, a windowed eat-in kitchen, and a flex 4th bedroom or storage space.
Property Size1,700 SF
Price / SF$838.24
Days on Market582
Property Features for 504 Grand Street B-42
General Information
Standard status
Active
Size
1,700 SF
Elevators
Yes
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
laundry facilities
gym
community room
bicycle storage
package room
24 hour security
on-site maintenance staff
central courtyard with fountains
Building Details
Building Size
1,700 SF
Year Built
1929
Stories
6
Construction
art deco
Listing Agency:
Find Properties
(917) 740-5381
Listed By:
Eric Levine
(917) 740-5381
Source:
Howardhannanyc
Added: Jan 6, 2025
Changed: Aug 8
Last Checked: Aug 10 at 9:28AM
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 Find Properties
Investment Insights
Based on property information with market context.
A rare combined double unit in The Amalgamated Dwellings, offering a quiet, spacious flex layout that blends classic pre-war character with modern updates. The home combines two apartments and is one of the largest co-op units, featuring original plaster cove ceilings, metal window casings, and hardwood floors with inset walnut borders (with original flooring preserved under current carpeting). A windowed eat-in kitchen includes stainless steel appliances, dual sinks, updated cabinetry, and a walk-in pantry.
The bright interior includes dual east and west exposures and a built-in home office area with excellent closet storage throughout. The layout also includes a classic main bathroom with an original cast-iron tub, plus a king-sized primary bedroom with dual exposures and an ensuite bath. A windowed laundry/utility room of 90+ square feet can be updated or converted into a fourth bedroom, a dedicated home office, or a large walk-in storage room.
The Amalgamated Dwellings is a 236-unit, 6-story cooperative built in 1929 on Grand St in the Lower East Side. The building retains its original art deco and European charm, including intricate plaster work, high ceilings, windowed hallways, European-style elevators, wide entrance archways, and a private central courtyard with fountains. Building amenities include updated laundry facilities, a gym, a community room, bicycle storage, a package room, 24-hour security, and on-site maintenance staff. There is an assessment in place through 6/1/2029 for a boiler installation.
The bright interior includes dual east and west exposures and a built-in home office area with excellent closet storage throughout. The layout also includes a classic main bathroom with an original cast-iron tub, plus a king-sized primary bedroom with dual exposures and an ensuite bath. A windowed laundry/utility room of 90+ square feet can be updated or converted into a fourth bedroom, a dedicated home office, or a large walk-in storage room.
The Amalgamated Dwellings is a 236-unit, 6-story cooperative built in 1929 on Grand St in the Lower East Side. The building retains its original art deco and European charm, including intricate plaster work, high ceilings, windowed hallways, European-style elevators, wide entrance archways, and a private central courtyard with fountains. Building amenities include updated laundry facilities, a gym, a community room, bicycle storage, a package room, 24-hour security, and on-site maintenance staff. There is an assessment in place through 6/1/2029 for a boiler installation.
Key Highlights
- Combined double unit with flex four‑bedroom layout
- Pre‑war details: plaster cove ceilings, metal window casings, hardwood floors with walnut borders
- Windowed eat‑in kitchen with stainless appliances, dual sinks, updated cabinetry, walk‑in pantry
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
$53,356
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%
$1,067,120
$1.1M
Cap Rate 7%
$762,229
$762.2K
Cap Rate 9%
$592,844
$592.8K
Market Conditions
NOI Build-Up for 1,700 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
$101.8K $59.88/SF
− Vacancy
−$4.8K −$2.81/SF
EGI
$97.0K $57.07/SF
− OpEx
−$43.7K −$25.68/SF
NOI
$53.4K $31.39/SF
Area
ZIP 10002
Vacancy
4.70%
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%
$1,067,120
Cap Rate 7%
$762,229
Cap Rate 9%
$592,844
Alternative Uses
Best Use
Apartment 5plus
$762.2K
$667.0K – $889.3K
NOI $53,356 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.23M
$3.70M – $4.94M
NOI $296,208 @ 7.0% cap · market cap 20.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
8,545
Businesses Nearby
Explore this area
Business Placement
Demographics for 10002, NY
82,155
Population
39,646
Households
2.1
Avg Household Size
41
Median Age
39%
College-Educated
71%
High-School Grad
0.8 sq mi
ZIP Area
102,694
Density / Sq Mi
$46,525
Median Household Income
$51,425
Median Earnings
$1,207
Median Rent
$808,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - A combined double unit with dual east and west exposures, a windowed eat-in kitchen, and a flex 4th bedroom or storage space.
Where is this residential income property located?
The property is located at 504 Grand Street B-42 New York City, NY.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: Combined double unit with flex four‑bedroom layout; Pre‑war details: plaster cove ceilings, metal window casings, hardwood floors with walnut borders; Windowed eat‑in kitchen with stainless appliances, dual sinks, updated cabinetry, walk‑in pantry
