High-Floor Residential Income
For Sale
$859,000
1601 3rd Avenue 28J, New York City, NY 10128
Vacant one-bedroom condominium with open skyline exposure and flexible subletting terms in a full-service community.
Property Size835 SF
Price / SF$1,028
Days on Market134
Property Features for 1601 3rd Avenue 28J
General Information
Standard status
Active
Size
835 SF
Property subtype
Apartment
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Additional Details
Asking Price
$890,000
Taxes and HOA fees
Annual Taxes
$13,452
Amenities
24-hour doorman
concierge
garage
bike room
outdoor terrace with BBQ grills
residents' playground
fitness center
laundry facilities
Building Details
Building Size
835 SF
Year Built
1900
Listing Agency:
Manhattan Realty Group
Listed By:
Jordan Michael-St. John
(754) 779-9453
Source:
Nobleblackandpartners
Added: Apr 27
Changed: Sep 2
Last Checked: Sep 6 at 12:14PM
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 Manhattan Realty Group
Investment Insights
Based on property information with market context.
This vacant 28th-floor condominium at Ruppert Towers provides 835 square feet with one bedroom, a spacious living and dining area, substantial closet storage, and abundant natural light. An alternate floor plan supports conversion to a two-bedroom configuration. The residence has open city views and is offered with pied-à-terre ownership permitted.
Ruppert Towers includes a 24-hour doorman, concierge, garage, bike room, outdoor terrace with BBQ grills, residents’ playground, fitness center, and laundry facilities. The property is positioned at 91st Street and Third Avenue, near Whole Foods, Carl Schurz Park, dining, shopping, and the Q, 4, 5, and 6 trains. Investor-oriented ownership terms include unlimited subletting with one-year minimum lease terms, up to 90% financing allowed, and no board approval.
Ruppert Towers includes a 24-hour doorman, concierge, garage, bike room, outdoor terrace with BBQ grills, residents’ playground, fitness center, and laundry facilities. The property is positioned at 91st Street and Third Avenue, near Whole Foods, Carl Schurz Park, dining, shopping, and the Q, 4, 5, and 6 trains. Investor-oriented ownership terms include unlimited subletting with one-year minimum lease terms, up to 90% financing allowed, and no board approval.
Key Highlights
- 835 SF one‑bedroom condominium on the 28th floor
- Open city views with abundant natural light
- Alternate floor plan supports a two‑bedroom configuration
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
$26,070
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
3.03%
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%
$521,400
$521.4K
Cap Rate 7%
$372,429
$372.4K
Cap Rate 9%
$289,667
$289.7K
Market Conditions
NOI Build-Up for 835 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
$50.0K $59.88/SF
− Vacancy
−$2.6K −$3.11/SF
EGI
$47.4K $56.77/SF
− OpEx
−$21.3K −$25.54/SF
NOI
$26.1K $31.22/SF
Area
ZIP 10128
Vacancy
5.20%
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%
$521,400
Cap Rate 7%
$372,429
Cap Rate 9%
$289,667
Alternative Uses
Best Use
Apartment 5plus
$372.4K
$325.9K – $434.5K
NOI $26,070 @ 7.0% cap · market cap 3.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$593.7K
$519.5K – $692.6K
NOI $41,558 @ 7.0% cap · market cap 4.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
17,744
Businesses Nearby
Explore this area
Business Placement
Demographics for 10128, NY
64,249
Population
35,940
Households
1.8
Avg Household Size
38
Median Age
77%
College-Educated
96%
High-School Grad
0.5 sq mi
ZIP Area
128,498
Density / Sq Mi
$148,705
Median Household Income
$103,078
Median Earnings
$2,648
Median Rent
$1,295,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Vacant one-bedroom condominium with open skyline exposure and flexible subletting terms in a full-service community.
Where is this residential income property located?
The property is located at 1601 3rd Avenue 28J New York City, NY.
What is the asking price?
The asking price for this property is $859,000.
What are key features of this property?
This property features: 835 SF one‑bedroom condominium on the 28th floor; Open city views with abundant natural light; Alternate floor plan supports a two‑bedroom configuration
