Alcove Studio Residential Income
For Sale
$475,000
155 E 34th Street 16S, New York City, NY 10016
Flexible alcove layout includes a distinct sleeping area, abundant windows, and generous storage.
Property Size530 SF
Price / SF$896.23
Days on Market8
Property Features for 155 E 34th Street 16S
General Information
Standard status
Active
Size
530 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$6,912
Building Details
Building Size
530 SF
Year Built
1961
Listing Agency:
Howard Hanna NYC
(646) 841-3224
Listed By:
Aimee Fink
(646) 841-3224
Source:
Howardhannanyc
Added: Aug 17
Changed: Aug 24
Last Checked: Aug 23 at 8:56AM
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 Howard Hanna NYC
Investment Insights
Based on property information with market context.
This 530-square-foot residential income property is configured as an oversized alcove studio with a separate sleeping area, living space, dining area, and extensive closet storage. Large windows bring in natural light and open city views, while the flexible floor plan provides the feel of a one-bedroom arrangement. The building was constructed in 1961 and includes newly renovated elevators, a full-time doorman, and a live-in superintendent.
Located at 155 E 34th Street in New York City, the property is near the East River waterfront, ferry service, Grand Central, Penn Station, restaurants, shopping, and public transportation, including the #6 train. Trader Joe’s and Lidl are also nearby. An attached parking garage is available for an additional fee, and residents have access to a furnished rooftop deck with panoramic city views.
Located at 155 E 34th Street in New York City, the property is near the East River waterfront, ferry service, Grand Central, Penn Station, restaurants, shopping, and public transportation, including the #6 train. Trader Joe’s and Lidl are also nearby. An attached parking garage is available for an additional fee, and residents have access to a furnished rooftop deck with panoramic city views.
Key Highlights
- 530‑square‑foot oversized alcove studio with flexible living, dining, and sleeping areas
- Large windows provide abundant natural light and expansive city views
- Full‑time doorman, live‑in superintendent, and newly renovated elevators
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
$16,582
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
3.49%
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%
$331,640
$331.6K
Cap Rate 7%
$236,886
$236.9K
Cap Rate 9%
$184,244
$184.2K
Market Conditions
NOI Build-Up for 530 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
$31.7K $59.88/SF
− Vacancy
−$1.6K −$2.99/SF
EGI
$30.1K $56.89/SF
− OpEx
−$13.6K −$25.60/SF
NOI
$16.6K $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%
$331,640
Cap Rate 7%
$236,886
Cap Rate 9%
$184,244
Alternative Uses
Best Use
Apartment 5plus
$236.9K
$207.3K – $276.4K
NOI $16,582 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.32M
$1.15M – $1.54M
NOI $92,347 @ 7.0% cap · market cap 19.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,841
Businesses Nearby
Explore this area
Business Placement
Demographics for 10016, NY
62,336
Population
36,985
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
97%
High-School Grad
0.5 sq mi
ZIP Area
124,672
Density / Sq Mi
$153,065
Median Household Income
$107,691
Median Earnings
$3,321
Median Rent
$928,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Flexible alcove layout includes a distinct sleeping area, abundant windows, and generous storage.
Where is this residential income property located?
The property is located at 155 E 34th Street 16S New York City, NY.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 530‑square‑foot oversized alcove studio with flexible living, dining, and sleeping areas; Large windows provide abundant natural light and expansive city views; Full‑time doorman, live‑in superintendent, and newly renovated elevators
