Renovated Residential Income
For Sale
$650,000
16 PARK Avenue 12C, New York City, NY 10016
High-floor corner residence with a renovated kitchen, custom millwork, and restored prewar details.
Property Size750 SF
Days on Market61
Property Features for 16 PARK Avenue 12C
General Information
Standard status
Active
Size
750 SF
Property subtype
Apartment
Building Details
Building Size
750 SF
Year Built
1924
Listing Agency:
Corcoran Group
(516) 376-7111
Listed By:
Daniel Sholomon
(516) 376-7111
Source:
Tricialee
Added: Jun 12
Changed: Aug 10
Last Checked: Aug 10 at 9:52AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
Apartment 12C is a renovated one-bedroom, one-bathroom residence on a high floor at the corner of Park Avenue and East 35th Street. The home includes a windowed kitchen with quartz counters, shaker cabinetry, under-cabinet lighting, a built-in wall oven, farmhouse sink, refrigerator, and dishwasher. Luxury vinyl plank flooring, dimmable Lutron lighting, custom picture-frame molding, high beamed ceilings, and architectural millwork carry throughout. The living room has three oversized south-facing windows, while the corner bedroom offers southern and western exposures, three closets, a walk-in closet, built-in desk, and en-suite bathroom. The bath features a DXV smart toilet, integrated vanity with illuminated mirror, and a stall shower.
The 1924 boutique prewar cooperative includes an attended lobby, live-in superintendent, landscaped garden, central laundry, storage, and bike room. The building is near Grand Central and Penn Station, with access to the 4/5/6, B/D/F/M, N/Q/R/W, and 7/S subway lines. Pets, pied-à-terres, and co-purchasing are permitted.
The 1924 boutique prewar cooperative includes an attended lobby, live-in superintendent, landscaped garden, central laundry, storage, and bike room. The building is near Grand Central and Penn Station, with access to the 4/5/6, B/D/F/M, N/Q/R/W, and 7/S subway lines. Pets, pied-à-terres, and co-purchasing are permitted.
Key Highlights
- One‑bedroom, one‑bathroom high‑floor corner residence
- Renovated windowed kitchen with quartz counters and built‑in appliances
- Three oversized south‑facing windows in the living room
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
$23,465
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
3.61%
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%
$469,300
$469.3K
Cap Rate 7%
$335,214
$335.2K
Cap Rate 9%
$260,722
$260.7K
Market Conditions
NOI Build-Up for 750 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
$44.9K $59.88/SF
− Vacancy
−$2.2K −$2.99/SF
EGI
$42.7K $56.89/SF
− OpEx
−$19.2K −$25.60/SF
NOI
$23.5K $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%
$469,300
Cap Rate 7%
$335,214
Cap Rate 9%
$260,722
Alternative Uses
Best Use
Apartment 5plus
$335.2K
$293.3K – $391.1K
NOI $23,465 @ 7.0% cap · market cap 3.61%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.87M
$1.63M – $2.18M
NOI $130,680 @ 7.0% cap · market cap 20.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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 - High-floor corner residence with a renovated kitchen, custom millwork, and restored prewar details.
Where is this residential income property located?
The property is located at 16 PARK Avenue 12C New York City, NY.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: One‑bedroom, one‑bathroom high‑floor corner residence; Renovated windowed kitchen with quartz counters and built‑in appliances; Three oversized south‑facing windows in the living room
