Residential Income Property with
New
For Sale
$415,000
165 West 66th Street, New York, NY 10023
New York, NY
Property Size426 SF
Price / SF$974.18
Days on Market2
Property Features for 165 West 66th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
1
Full bathrooms
1
Standard status
Active
Size
426 SF
Amenities
24-hour doorman
laundry
bike storage
fitness center
pet friendly
Building Details
Year built
1962
Listing Agency:
NextHome Platinum Properties
(516) 788-8785
Listed By:
Anthony Raimo
(516) 301-6151
Added: Aug 23
Last Checked: Aug 24 at 3:06PM
MLS# 973898
Copyright © 2026 NextHome, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This second-floor studio at 165 West 66th Street offers 426 square feet with a separate kitchen, private hallway, bathroom, dressing area, and four double-door closets. The apartment faces an interior courtyard and is positioned within a 1962 full-service building. Building amenities include a 24-hour doorman, live-in superintendent, laundry facilities, bike storage, and a fitness center.
The property is located on West 66th Street between Broadway and Amsterdam, one block from Lincoln Center. Central Park and Riverside Park are both within a short walk, while the 1 train is down the block. Columbus Circle, grocery stores, restaurants, entertainment, and daily services are also nearby.
The property is located on West 66th Street between Broadway and Amsterdam, one block from Lincoln Center. Central Park and Riverside Park are both within a short walk, while the 1 train is down the block. Columbus Circle, grocery stores, restaurants, entertainment, and daily services are also nearby.
Key Highlights
- 426‑square‑foot second‑floor studio
- Separate kitchen with private hallway to bathroom and dressing area
- Four double‑door closets provide substantial storage
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
$13,383
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
3.22%
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%
$267,660
$267.7K
Cap Rate 7%
$191,186
$191.2K
Cap Rate 9%
$148,700
$148.7K
Market Conditions
NOI Build-Up for 426 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
$25.6K $60.00/SF
− Vacancy
−$1.2K −$2.88/SF
EGI
$24.3K $57.12/SF
− OpEx
−$10.9K −$25.70/SF
NOI
$13.4K $31.42/SF
Area
ZIP 10023
Vacancy
4.80%
Lease Rate
$60.00 /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%
$267,660
Cap Rate 7%
$191,186
Cap Rate 9%
$148,700
Alternative Uses
Best Use
Apartment 5plus
$191.2K
$167.3K – $223.1K
NOI $13,383 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$302.9K
$265.0K – $353.4K
NOI $21,202 @ 7.0% cap · market cap 5.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
14,174
Businesses Nearby
Explore this area
Business Placement
Demographics for 10023, NY
71,164
Population
46,272
Households
1.5
Avg Household Size
42
Median Age
84%
College-Educated
98%
High-School Grad
1.0 sq mi
ZIP Area
71,164
Density / Sq Mi
$157,866
Median Household Income
$109,508
Median Earnings
$3,050
Median Rent
$1,401,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor studio with separate kitchen, abundant storage, and access to full-service building amenities.
Where is this residential income property located?
The property is located at 165 West 66th Street New York, NY.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: 426‑square‑foot second‑floor studio; Separate kitchen with private hallway to bathroom and dressing area; Four double‑door closets provide substantial storage
