Four-Bedroom Residential Income
For Sale
$2,495,000
1399 PARK Avenue PH23, New York City, NY 10029
Corner condominium residence with private parking, skyline views, and full-service building amenities.
Property Size2,846 SF
Price / SF$876.67
Days on Market193
Property Features for 1399 PARK Avenue PH23
General Information
Standard status
Active
Size
2,846 SF
Property subtype
Apartment
Building Details
Building Size
2,846 SF
Year Built
2019
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Yair Tavivian · License #10301212650
(212) 319-4109
Source:
Howardhannanyc
Added: Feb 24
Changed: Sep 3
Last Checked: Sep 5 at 8:50AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
Residence 18B is a 2,209-square-foot corner condominium completed in 2019, configured with four bedrooms, an expansive living and dining area, and a separate bedroom wing. The home includes floor-to-ceiling windows, wide-plank oak flooring, central air conditioning, sound-attenuated windows, and an in-unit Bosch washer and dryer. Its kitchen features marble countertops, custom oak cabinetry, and Thermador and Bosch appliances. The primary suite offers a walk-in closet and spa-inspired bath, while one additional bedroom includes an ensuite bath.
Private parking accompanies the residence. Building amenities at North Park Tower include a 24-hour doorman, fitness center, residents’ lounge with outdoor terrace, children’s playroom, library, bike room, and on-site parking. The property is near Central Park, Museum Mile, neighborhood restaurants, top schools, and transportation.
Private parking accompanies the residence. Building amenities at North Park Tower include a 24-hour doorman, fitness center, residents’ lounge with outdoor terrace, children’s playroom, library, bike room, and on-site parking. The property is near Central Park, Museum Mile, neighborhood restaurants, top schools, and transportation.
Key Highlights
- 2,209‑square‑foot corner condominium residence
- Four‑bedroom layout with separate bedroom wing
- Private parking included
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
$108,532
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
4.35%
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%
$2,170,640
$2.2M
Cap Rate 7%
$1,550,457
$1.6M
Cap Rate 9%
$1,205,911
$1.2M
Market Conditions
NOI Build-Up for 2,846 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
$204.9K $72.00/SF
− Vacancy
−$7.6K −$2.66/SF
EGI
$197.3K $69.34/SF
− OpEx
−$88.8K −$31.20/SF
NOI
$108.5K $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%
$2,170,640
Cap Rate 7%
$1,550,457
Cap Rate 9%
$1,205,911
Alternative Uses
Best Use
Apartment 5plus
$1.55M
$1.36M – $1.81M
NOI $108,532 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$10.15M
$8.88M – $11.85M
NOI $710,789 @ 7.0% cap · market cap 28.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
11,250
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 condominium residence with private parking, skyline views, and full-service building amenities.
Where is this residential income property located?
The property is located at 1399 PARK Avenue PH23 New York City, NY.
What is the asking price?
The asking price for this property is $2,495,000.
What are key features of this property?
This property features: 2,209‑square‑foot corner condominium residence; Four‑bedroom layout with separate bedroom wing; Private parking included
