Furnished Short-Term Rental
For Sale
$775,000
150 W 51ST Street 1621, New York City, NY 10019
Furnished one-bedroom condominium with refreshed finishes and access to full-service building amenities.
Property Size700 SF
Price / SF$1,107
Days on Market224
Property Features for 150 W 51ST Street 1621
General Information
Standard status
Active
Size
700 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Furnished
Yes
Public Transit
Yes
Amenities
doorman
concierge
maid service
central laundry room
health club
roof deck
security
Building Details
Building Size
700 SF
Year Built
1926
Listing Agency:
Douglas Elliman Real Estate
(917) 776-6237
Listed By:
Elena S Sarkissian · License #30SA1019618
(917) 776-6237
Source:
Miradorrealestate
Added: Jan 8
Changed: Aug 16
Last Checked: Aug 15 at 11:43AM
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.
This 700 SF one-bedroom, one-bath condominium at Executive Plaza Condominium features a spacious entry foyer, abundant closet storage, wood flooring, and exposures to both the north and south. Recent interior improvements include fresh paint, refinished floors, and a kitchen with solid wood cabinetry, granite countertops, an island, and a dishwasher. The residence is furnished with new linens, a mattress, and a sofa.
Building services include a full-time doorman, concierge, maid service, central laundry, health club, roof deck, and security. The property is positioned on West 51st Street near 7th Avenue in Midtown, with transportation, shopping, restaurants, and Central Park nearby. Short-term rentals are permitted, providing flexibility for an owner seeking a furnished residence or rental property.
Building services include a full-time doorman, concierge, maid service, central laundry, health club, roof deck, and security. The property is positioned on West 51st Street near 7th Avenue in Midtown, with transportation, shopping, restaurants, and Central Park nearby. Short-term rentals are permitted, providing flexibility for an owner seeking a furnished residence or rental property.
Key Highlights
- 700 SF one‑bedroom, one‑bath condominium
- Furnished with new linens, a new mattress, and a new sofa
- Kitchen includes solid wood cabinets, granite countertop and island, 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
$21,901
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
2.83%
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%
$438,020
$438.0K
Cap Rate 7%
$312,871
$312.9K
Cap Rate 9%
$243,344
$243.3K
Market Conditions
NOI Build-Up for 700 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
$41.9K $59.88/SF
− Vacancy
−$2.1K −$2.99/SF
EGI
$39.8K $56.89/SF
− OpEx
−$17.9K −$25.60/SF
NOI
$21.9K $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%
$438,020
Cap Rate 7%
$312,871
Cap Rate 9%
$243,344
Alternative Uses
Best Use
Apartment 5plus
$312.9K
$273.8K – $365.0K
NOI $21,901 @ 7.0% cap · market cap 2.83%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.74M
$1.52M – $2.03M
NOI $121,968 @ 7.0% cap · market cap 15.74%
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
73,599
Businesses Nearby
Explore this area
Business Placement
Demographics for 10019, NY
49,029
Population
33,279
Households
1.5
Avg Household Size
38
Median Age
78%
College-Educated
98%
High-School Grad
0.7 sq mi
ZIP Area
70,041
Density / Sq Mi
$121,835
Median Household Income
$108,231
Median Earnings
$2,619
Median Rent
$1,066,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Furnished one-bedroom condominium with refreshed finishes and access to full-service building amenities.
Where is this short term rental property located?
The property is located at 150 W 51ST Street 1621 New York City, NY.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 700 SF one‑bedroom, one‑bath condominium; Furnished with new linens, a new mattress, and a new sofa; Kitchen includes solid wood cabinets, granite countertop and island, and dishwasher
