Two-Bedroom Income
For Sale
$1,050,000
151 LENOX Avenue 2, New York City, NY 10026
Second-floor condominium with two bedrooms, two baths, central air, and dedicated in-unit laundry.
Property Size1,196 SF
Price / SF$877.93
Days on Market8
Property Features for 151 LENOX Avenue 2
General Information
Standard status
Active
Size
1,196 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$19,152
Amenities
in-unit washer and dryer
central air conditioning
storage unit
Building Details
Building Size
1,196 SF
Year Built
1933
Listing Agency:
Brown Harris Stevens Residential Sales LLC
Listed By:
Leanne Stella
(917) 273-4405
Source:
Bondnyre
Added: Sep 17
Changed: Sep 23
Last Checked: Sep 22 at 9:13PM
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 Brown Harris Stevens Residential Sales LLC
Investment Insights
Based on property information with market context.
This second-floor residential income property is a 1,196-square-foot condominium in a 1933 boutique walk-up building. The two-bedroom, two-bath layout features high ceilings, wide-plank oak flooring, triple exposures to the east, west, and south, and an expansive living area. Its kitchen includes stainless steel appliances, custom cabinetry, sleek countertops, and a center island beside a dedicated dining area.
The primary bedroom has a custom closet and en suite bath with a double vanity, soaking tub, and separate enclosed shower. A second full bathroom serves the additional bedroom. Central air conditioning, an in-unit washer and dryer, deep closets, and a full-height building storage unit add practical utility.
The property is located in South Harlem near Central Park, Marcus Garvey Park, and Morningside Park. The 2, 3, B, and C subway lines provide access to nearby transit connections.
The primary bedroom has a custom closet and en suite bath with a double vanity, soaking tub, and separate enclosed shower. A second full bathroom serves the additional bedroom. Central air conditioning, an in-unit washer and dryer, deep closets, and a full-height building storage unit add practical utility.
The property is located in South Harlem near Central Park, Marcus Garvey Park, and Morningside Park. The 2, 3, B, and C subway lines provide access to nearby transit connections.
Key Highlights
- 1,196‑square‑foot second‑floor condominium
- Two‑bedroom, two‑bath layout with primary en suite bathroom
- Triple exposures to the east, west, and south
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
$37,420
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
3.56%
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%
$748,400
$748.4K
Cap Rate 7%
$534,571
$534.6K
Cap Rate 9%
$415,778
$415.8K
Market Conditions
NOI Build-Up for 1,196 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
$71.6K $59.88/SF
− Vacancy
−$3.6K −$2.99/SF
EGI
$68.0K $56.89/SF
− OpEx
−$30.6K −$25.60/SF
NOI
$37.4K $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%
$748,400
Cap Rate 7%
$534,571
Cap Rate 9%
$415,778
Alternative Uses
Best Use
Apartment 5plus
$534.6K
$467.8K – $623.7K
NOI $37,420 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.98M
$2.60M – $3.47M
NOI $208,391 @ 7.0% cap · market cap 19.85%
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
9,010
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 - Second-floor condominium with two bedrooms, two baths, central air, and dedicated in-unit laundry.
Where is this residential income property located?
The property is located at 151 LENOX Avenue 2 New York City, NY.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 1,196‑square‑foot second‑floor condominium; Two‑bedroom, two‑bath layout with primary en suite bathroom; Triple exposures to the east, west, and south
