Two-Bedroom Residential Income
For Sale
$790,000
1400 Fifth Avenue 3L, New York City, NY 10026
Updated condominium with open living areas, garden views, and extensive building amenities.
Property Size1,046 SF
Price / SF$755.26
Days on Market89
Property Features for 1400 Fifth Avenue 3L
General Information
Standard status
Active
Size
1,046 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$312
Amenities
24-hour doorman
private courtyard garden
community room
children's playroom
private storage
laundry facilities
private parking lot
Building Details
Building Size
1,046 SF
Year Built
2004
Listing Agency:
Sothebys International Realty
(917) 992-5350
Listed By:
LORNA LEIBOWITZ
(917) 992-5350
Source:
Nobleblackandpartners
Added: May 14
Changed: Aug 10
Last Checked: Aug 10 at 9:51AM
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 Sothebys International Realty
Investment Insights
Based on property information with market context.
This 1,046-square-foot condominium includes two bedrooms, two full bathrooms, an open living and dining arrangement, and a kitchen equipped with new appliances, granite countertops, an oversized stainless sink, upgraded lighting, and a bar-height counter. The primary bedroom has an en-suite bathroom, while both bedrooms face south and overlook the building gardens. Fresh paint and newly installed flooring complete the interior updates.
Built in 2004, the building is recognized as one of New York City’s early green constructions. Amenities include a 24-hour doorman, landscaped private courtyard, community room, children’s playroom, private storage, laundry facilities on most floors, and a pet-friendly policy. A private parking lot offers deeded spaces, with a current wait-list for purchase. The property is near Central Park’s Conservatory Gardens and recreation center, Mount Sinai Hospital, the Museum of The City of New York, local dining, the Apollo Theater, and multiple transportation options. An HDFC income restriction applies, and the tax abatement expires in 2031.
Built in 2004, the building is recognized as one of New York City’s early green constructions. Amenities include a 24-hour doorman, landscaped private courtyard, community room, children’s playroom, private storage, laundry facilities on most floors, and a pet-friendly policy. A private parking lot offers deeded spaces, with a current wait-list for purchase. The property is near Central Park’s Conservatory Gardens and recreation center, Mount Sinai Hospital, the Museum of The City of New York, local dining, the Apollo Theater, and multiple transportation options. An HDFC income restriction applies, and the tax abatement expires in 2031.
Key Highlights
- Two‑bedroom, two‑bath condominium with 1,046 square feet
- South‑facing bedrooms with garden views and walls of windows
- Updated kitchen with new appliances, granite counters, stainless sink, and upgraded lighting
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
$32,727
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
4.14%
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%
$654,540
$654.5K
Cap Rate 7%
$467,529
$467.5K
Cap Rate 9%
$363,633
$363.6K
Market Conditions
NOI Build-Up for 1,046 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
$62.6K $59.88/SF
− Vacancy
−$3.1K −$2.99/SF
EGI
$59.5K $56.89/SF
− OpEx
−$26.8K −$25.60/SF
NOI
$32.7K $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%
$654,540
Cap Rate 7%
$467,529
Cap Rate 9%
$363,633
Alternative Uses
Best Use
Apartment 5plus
$467.5K
$409.1K – $545.5K
NOI $32,727 @ 7.0% cap · market cap 4.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.60M
$2.28M – $3.04M
NOI $182,255 @ 7.0% cap · market cap 23.07%
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
8,264
Businesses Nearby
Explore this area
Business Placement
Demographics for 10026, NY
35,644
Population
17,648
Households
2
Avg Household Size
37
Median Age
54%
College-Educated
90%
High-School Grad
0.4 sq mi
ZIP Area
89,110
Density / Sq Mi
$74,140
Median Household Income
$56,919
Median Earnings
$1,546
Median Rent
$1,014,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium with open living areas, garden views, and extensive building amenities.
Where is this residential income property located?
The property is located at 1400 Fifth Avenue 3L New York City, NY.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium with 1,046 square feet; South‑facing bedrooms with garden views and walls of windows; Updated kitchen with new appliances, granite counters, stainless sink, and upgraded lighting
