Renovated One-Bedroom Income
For Sale
$550,000
Pending
2279 3rd Avenue #6B, New York City, NY 10035
Updated condo residence with custom kitchen finishes, in-unit laundry, elevated ceilings, and access to shared outdoor space.
Property Size868 SF
Days on Market556
Property Features for 2279 3rd Avenue #6B
General Information
Standard status
Pending
Size
868 SF
Property subtype
Apartment
Building Details
Building Size
868 SF
Year Built
2006
Stories
7
Listing Agency:
Compass
Listed By:
Nigel Pearce
(646) 739-7116
Source:
Moravilla.kw
Added: Mar 2, 2025
Changed: Aug 31
Last Checked: Sep 8 at 3:28AM
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 Compass
Investment Insights
Based on property information with market context.
This renovated one-bedroom, one-bathroom condominium combines a flexible bedroom that can accommodate a home office with practical in-unit laundry. The residence features newly installed solid oak flooring, freshly painted walls, 10-foot ceilings, zoned heating and air conditioning, and a walk-in closet with open sky views. An open kitchen connects to the living room and includes GE stainless steel appliances, granite countertops, custom smoked-glass and polished-aluminum cabinetry, and a dishwasher. The bathroom is finished with ceramic tile and Danze fixtures.
The apartment is located at The Bridges NYC South, a 7-story condominium completed in 2006 with 12 apartments. Building features include an elevator, video intercom with a 24-hour virtual doorkeeper, secure package room, shared third-floor outdoor space, and access to laundry facilities. The property is on 124th Street and Third Avenue in Eastside Manhattan, one block from the 4, 5, and 6 subway lines and near 125th Street retail, including Costco, Aldi, Target, and East River Shopping Plaza. A 421-A tax abatement is in place through 2033.
The apartment is located at The Bridges NYC South, a 7-story condominium completed in 2006 with 12 apartments. Building features include an elevator, video intercom with a 24-hour virtual doorkeeper, secure package room, shared third-floor outdoor space, and access to laundry facilities. The property is on 124th Street and Third Avenue in Eastside Manhattan, one block from the 4, 5, and 6 subway lines and near 125th Street retail, including Costco, Aldi, Target, and East River Shopping Plaza. A 421-A tax abatement is in place through 2033.
Key Highlights
- Renovated 1‑bedroom, 1‑bathroom condominium at 2279 3rd Avenue #6B
- 10‑foot ceilings, solid oak floors, zoned heating and AC, and a large walk‑in closet
- Open kitchen with GE stainless steel appliances, granite counters, and custom cabinetry
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
$27,157
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
4.94%
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%
$543,140
$543.1K
Cap Rate 7%
$387,957
$388.0K
Cap Rate 9%
$301,744
$301.7K
Market Conditions
NOI Build-Up for 868 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
$52.0K $59.88/SF
− Vacancy
−$2.6K −$2.99/SF
EGI
$49.4K $56.89/SF
− OpEx
−$22.2K −$25.60/SF
NOI
$27.2K $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%
$543,140
Cap Rate 7%
$387,957
Cap Rate 9%
$301,744
Alternative Uses
Best Use
Apartment 5plus
$388.0K
$339.5K – $452.6K
NOI $27,157 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.16M
$1.89M – $2.52M
NOI $151,240 @ 7.0% cap · market cap 27.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7,240
Businesses Nearby
Explore this area
Business Placement
Demographics for 10035, NY
35,980
Population
16,340
Households
2.2
Avg Household Size
38
Median Age
31%
College-Educated
76%
High-School Grad
1.4 sq mi
ZIP Area
25,700
Density / Sq Mi
$40,556
Median Household Income
$44,042
Median Earnings
$1,283
Median Rent
$663,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condo residence with custom kitchen finishes, in-unit laundry, elevated ceilings, and access to shared outdoor space.
Where is this residential income property located?
The property is located at 2279 3rd Avenue #6B New York City, NY.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Renovated 1‑bedroom, 1‑bathroom condominium at 2279 3rd Avenue #6B; 10‑foot ceilings, solid oak floors, zoned heating and AC, and a large walk‑in closet; Open kitchen with GE stainless steel appliances, granite counters, and custom cabinetry
