Corner Residential Income
New
For Sale
$520,000
16 PARK Avenue 10B, New York City, NY 10016
Pre-war apartment with a windowed kitchen, original architectural details, and full-service building amenities.
Property Size820 SF
Price / SF$634.15
Days on Market6
Property Features for 16 PARK Avenue 10B
General Information
Standard status
Active
Size
820 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
doorman
live-in superintendent
central laundry
storage room
bike room
Building Details
Building Size
820 SF
Year Built
1924
Listing Agency:
Brown Harris Stevens Residential Sales LLC
(212) 381-2665
Listed By:
Olga Zoria
(212) 381-2665
Source:
Bondnyre
Added: Aug 19
Changed: Aug 22
Last Checked: Aug 23 at 9:12AM
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 820-square-foot, one-bedroom, one-bath corner apartment occupies the 10th floor of a pre-war residential income property built in 1924. North and south exposures bring natural light to a layout with nine-foot beamed ceilings, architectural moldings, original hardwood floors, and French doors. The eat-in kitchen has a window, stainless steel appliances, and a Bosch dishwasher, while the bedroom includes built-ins and custom-fitted closets. A windowed bathroom completes the residence.
Building services include a full-time doorman and live-in superintendent, along with central laundry, a storage room, and a bike room. The property is near Midtown restaurants, Broadway theaters, nightlife, subways, Grand Central Terminal, department stores, and Fifth Avenue shopping. Pied-à-terre use, guarantors, co-purchasers, and pets are permitted.
Building services include a full-time doorman and live-in superintendent, along with central laundry, a storage room, and a bike room. The property is near Midtown restaurants, Broadway theaters, nightlife, subways, Grand Central Terminal, department stores, and Fifth Avenue shopping. Pied-à-terre use, guarantors, co-purchasers, and pets are permitted.
Key Highlights
- 820‑square‑foot one‑bedroom, one‑bath corner apartment
- Built in 1924 with nine‑foot beamed ceilings and original hardwood floors
- North and south exposures, including views toward Park Avenue
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
$25,656
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
4.93%
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%
$513,120
$513.1K
Cap Rate 7%
$366,514
$366.5K
Cap Rate 9%
$285,067
$285.1K
Market Conditions
NOI Build-Up for 820 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
$49.1K $59.88/SF
− Vacancy
−$2.5K −$2.99/SF
EGI
$46.6K $56.89/SF
− OpEx
−$21.0K −$25.60/SF
NOI
$25.7K $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%
$513,120
Cap Rate 7%
$366,514
Cap Rate 9%
$285,067
Alternative Uses
Best Use
Apartment 5plus
$366.5K
$320.7K – $427.6K
NOI $25,656 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.04M
$1.79M – $2.38M
NOI $142,877 @ 7.0% cap · market cap 27.48%
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
46,936
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 - Pre-war apartment with a windowed kitchen, original architectural details, and full-service building amenities.
Where is this residential income property located?
The property is located at 16 PARK Avenue 10B New York City, NY.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: 820‑square‑foot one‑bedroom, one‑bath corner apartment; Built in 1924 with nine‑foot beamed ceilings and original hardwood floors; North and south exposures, including views toward Park Avenue
