Renovated Two-Family
New
For Sale
$2,899,000
425 CONVENT Ave, New York, NY 10031
Historic townhouse with private garden, restored architectural details, modern finishes, and a separate garden-level residence.
Property Size3,740 SF
Days on Market6
Property Features for 425 CONVENT Ave
General Information
Standard status
Active
Size
3,740 SF
Property subtype
Multi Family
Additional Details
Gross Income
$38,400
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,400
Amenities
private garden
dining deck
Building Details
Building Size
3,740 SF
Year Built
1901
Year Renovated
2017
Buildings
1
Units
2
Construction
brownstone
Listed By:
Denise Johnson Favorule · License #10301215128 (NY)
(917) 864-6746
Source:
Elliman
Added: Sep 19
Changed: Sep 23
Last Checked: Sep 24 at 11:40AM
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 Denise Johnson Favorule
Investment Insights
Based on property information with market context.
This circa-1901 two-family brownstone combines preserved architectural character with substantial updates completed in 2013 and 2017. The parlor level has ceilings exceeding 11 feet, original woodwork and moldings, a chef’s kitchen with Thermador Professional appliances, and glass doors opening to a dining deck and private garden. The upper residence includes a primary suite with marble bath, walk-in closets, Bosch washer and dryer, two additional bedrooms, and a renovated shared bath.
The garden level contains a separate one-bedroom residence of approximately 800 square feet with high ceilings, generous storage, a decorative fireplace, and its own private garden. The property is located on Convent Avenue within the Hamilton Heights/Sugar Hill Historic District, near shopping, dining, and everyday services. Subway access includes the A, B, C, and D trains at 145th Street and the 1 train along Broadway. Walk Score is 93, Transit Score is 100, and bikeScore is 77.
The garden level contains a separate one-bedroom residence of approximately 800 square feet with high ceilings, generous storage, a decorative fireplace, and its own private garden. The property is located on Convent Avenue within the Hamilton Heights/Sugar Hill Historic District, near shopping, dining, and everyday services. Subway access includes the A, B, C, and D trains at 145th Street and the 1 train along Broadway. Walk Score is 93, Transit Score is 100, and bikeScore is 77.
Key Highlights
- Two‑family brownstone built circa 1901
- Renovations completed in 2013 and 2017
- Parlor ceilings exceeding 11 feet with original woodwork and moldings
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
$126,575
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
4.37%
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%
$2,531,500
$2.5M
Cap Rate 7%
$1,808,214
$1.8M
Cap Rate 9%
$1,406,389
$1.4M
Market Conditions
NOI Build-Up for 3,740 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
$190.7K $51.00/SF
− Vacancy
−$9.9K −$2.65/SF
EGI
$180.8K $48.35/SF
− OpEx
−$54.2K −$14.50/SF
NOI
$126.6K $33.84/SF
Area
New York, NY
Vacancy
5.20%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,531,500
Cap Rate 7%
$1,808,214
Cap Rate 9%
$1,406,389
Alternative Uses
Best Use
Multifamily LT 5
$1.81M
$1.58M – $2.11M
NOI $126,575 @ 7.0% cap · market cap 4.37%
Second Best
Apartment 5plus
$1.67M
$1.46M – $1.95M
NOI $117,015 @ 7.0% cap · market cap 4.04%
Theoretical Best
Specialty Retail
$9.31M
$8.15M – $10.86M
NOI $651,658 @ 7.0% cap · market cap 22.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
5,132
Businesses Nearby
Explore this area
Business Placement
Demographics for 10031, NY
56,363
Population
24,110
Households
2.3
Avg Household Size
36
Median Age
41%
College-Educated
79%
High-School Grad
0.7 sq mi
ZIP Area
80,519
Density / Sq Mi
$65,067
Median Household Income
$41,149
Median Earnings
$1,787
Median Rent
$678,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Historic townhouse with private garden, restored architectural details, modern finishes, and a separate garden-level residence.
Where is this duplex located?
The property is located at 425 CONVENT Ave New York, NY.
What is the asking price?
The asking price for this property is $2,899,000.
What are key features of this property?
This property features: Two‑family brownstone built circa 1901; Renovations completed in 2013 and 2017; Parlor ceilings exceeding 11 feet with original woodwork and moldings
