Studio Residential Income
New
For Sale
$750,000
171 Henry Street 3B, New York City, NY 10002
Park-facing condominium studio with defined sleeping area, stainless steel kitchen appliances, in-unit laundry, and individually controlled climate systems.
Property Size684 SF
Price / SF$1,096
Days on Market5
Property Features for 171 Henry Street 3B
General Information
Standard status
Active
Size
684 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$12,420
Building Details
Building Size
684 SF
Year Built
2017
Listing Agency:
Compass
(929) 429-0059
Listed By:
Megan Cipollini
(929) 429-0059
Source:
Nilelundgren
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 10 at 4:41AM
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 Compass
Investment Insights
Based on property information with market context.
Residence 3B is a 684-square-foot studio condominium in a boutique Lower East Side building completed in 2017. A partition wall separates the sleeping area from the main living space, while the layout also accommodates dining, work, and entertaining areas. The open kitchen includes granite countertops, extensive cabinetry, and stainless steel appliances. Matte hardwood flooring, an in-unit washer/dryer, and individually controlled heating and air conditioning are also provided.
The home features 9'6" ceilings and oversized north-facing windows with views toward Seward Park. The property is near the East Broadway F train, Seward Park, Seward Park Library, Manny Cantor Center, Essex Market, and Trader Joe's. The adjacent condominium residence, Unit 3A, is also available, with any combination subject to condominium approval and applicable requirements. Select photographs have been virtually staged.
The home features 9'6" ceilings and oversized north-facing windows with views toward Seward Park. The property is near the East Broadway F train, Seward Park, Seward Park Library, Manny Cantor Center, Essex Market, and Trader Joe's. The adjacent condominium residence, Unit 3A, is also available, with any combination subject to condominium approval and applicable requirements. Select photographs have been virtually staged.
Key Highlights
- 684 SF studio condominium residence
- 9'6" ceilings with oversized north‑facing windows
- Views toward Seward Park
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
$21,468
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
2.86%
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%
$429,360
$429.4K
Cap Rate 7%
$306,686
$306.7K
Cap Rate 9%
$238,533
$238.5K
Market Conditions
NOI Build-Up for 684 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
$41.0K $59.88/SF
− Vacancy
−$1.9K −$2.81/SF
EGI
$39.0K $57.07/SF
− OpEx
−$17.6K −$25.68/SF
NOI
$21.5K $31.39/SF
Area
ZIP 10002
Vacancy
4.70%
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%
$429,360
Cap Rate 7%
$306,686
Cap Rate 9%
$238,533
Alternative Uses
Best Use
Apartment 5plus
$306.7K
$268.4K – $357.8K
NOI $21,468 @ 7.0% cap · market cap 2.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.70M
$1.49M – $1.99M
NOI $119,180 @ 7.0% cap · market cap 15.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
17,183
Businesses Nearby
Explore this area
Business Placement
Demographics for 10002, NY
82,155
Population
39,646
Households
2.1
Avg Household Size
41
Median Age
39%
College-Educated
71%
High-School Grad
0.8 sq mi
ZIP Area
102,694
Density / Sq Mi
$46,525
Median Household Income
$51,425
Median Earnings
$1,207
Median Rent
$808,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Park-facing condominium studio with defined sleeping area, stainless steel kitchen appliances, in-unit laundry, and individually controlled climate systems.
Where is this residential income property located?
The property is located at 171 Henry Street 3B New York City, NY.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 684 SF studio condominium residence; 9'6" ceilings with oversized north‑facing windows; Views toward Seward Park
