Two-Bedroom Residential Income
For Sale
$849,000
1400 5th Avenue 6P, New York City, NY 10026
Tenant-occupied condominium residence with a split-bedroom layout, two full baths, and building-wide services and amenities.
Property Size1,034 SF
Price / SF$821.08
Days on Market138
Property Features for 1400 5th Avenue 6P
General Information
Standard status
Active
Size
1,034 SF
Property subtype
Apartment
Occupancy
100%
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$3,000
Amenities
central air & heat
hardwood floors
stainless steel appliances
dishwasher
breakfast bar
walk-in closet
en-suite bathroom
24-hour doorman and concierge
live-in super
on-site management
landscaped private courtyard garden
resident lounge/community room
playroom
laundry on every floor
bike storage
personal storage
pet-friendly policy
Building Details
Building Size
1,034 SF
Year Built
2003
Tenancy
Single
Listing Agency:
Compass
(917) 691-6778
Listed By:
Provera Sebastiano Tronchetti
(917) 691-6778
Source:
Nobleblackandpartners
Added: Mar 26
Changed: Aug 5
Last Checked: Aug 10 at 10:06AM
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.
Unit 6P at 1400 5th Avenue is a 1,034-square-foot, two-bedroom, two-bath condominium residence completed in 2003. The split-bedroom plan places the primary suite apart from the second bedroom, while the main living area combines living and dining space with a pass-through galley kitchen, breakfast bar, stainless steel appliances, and dishwasher. Central air and heat, hardwood floors, oversized windows, and substantial closet storage add practical appeal. The primary bedroom includes a walk-in closet and private bath.
The condominium offers a 24-hour doorman and concierge, live-in superintendent, on-site management, landscaped courtyard, resident lounge, playroom, laundry on every floor, bike storage, and personal storage subject to fee and waitlist. The building is LEED-certified and includes a 421-a tax abatement through 2031. The property is at 116th Street and 5th Avenue, near the 2/3 express trains, 6 train, and Metro-North at 125th Street. The unit is currently tenant-occupied under a lease expiring May 31st.
The condominium offers a 24-hour doorman and concierge, live-in superintendent, on-site management, landscaped courtyard, resident lounge, playroom, laundry on every floor, bike storage, and personal storage subject to fee and waitlist. The building is LEED-certified and includes a 421-a tax abatement through 2031. The property is at 116th Street and 5th Avenue, near the 2/3 express trains, 6 train, and Metro-North at 125th Street. The unit is currently tenant-occupied under a lease expiring May 31st.
Key Highlights
- 1,034 SF two‑bedroom, two‑bath condominium residence
- Split‑bedroom floor plan with primary suite, walk‑in closet, and en‑suite bath
- Pass‑through galley kitchen with stainless steel appliances and dishwasher
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
$32,351
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
3.81%
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%
$647,020
$647.0K
Cap Rate 7%
$462,157
$462.2K
Cap Rate 9%
$359,456
$359.5K
Market Conditions
NOI Build-Up for 1,034 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
$61.9K $59.88/SF
− Vacancy
−$3.1K −$2.99/SF
EGI
$58.8K $56.89/SF
− OpEx
−$26.5K −$25.60/SF
NOI
$32.4K $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%
$647,020
Cap Rate 7%
$462,157
Cap Rate 9%
$359,456
Alternative Uses
Best Use
Apartment 5plus
$462.2K
$404.4K – $539.2K
NOI $32,351 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.57M
$2.25M – $3.00M
NOI $180,164 @ 7.0% cap · market cap 21.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
100%
Occupancy
Single-tenant
Tenancy
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 - Tenant-occupied condominium residence with a split-bedroom layout, two full baths, and building-wide services and amenities.
Where is this residential income property located?
The property is located at 1400 5th Avenue 6P New York City, NY.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 1,034 SF two‑bedroom, two‑bath condominium residence; Split‑bedroom floor plan with primary suite, walk‑in closet, and en‑suite bath; Pass‑through galley kitchen with stainless steel appliances and dishwasher
