Corner Residential Income
For Sale
$1,299,000
20 PINE Street 908, New York City, NY 10005
Renovated one-bedroom residence with an open kitchen, spa-style bath, and extensive building amenities.
Property Size1,208 SF
Price / SF$1,075
Days on Market36
Property Features for 20 PINE Street 908
General Information
Standard status
Active
Size
1,208 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1.5BA
Multifamily Units
1
Amenities
Indoor Swimming Pool
Hammam + Spa Treatment Rooms
Steam Room + Sauna
Roof Deck
Gym
Winter Lounge with Warming Kitchen
Billiards Room & Golf Simulator
Library
Children's Playroom
Bike Storage
Lounge
Building Details
Building Size
1,208 SF
Year Built
1928
Listing Agency:
Serhant
(917) 524-9680
Listed By:
David Rosen
(917) 524-9680
Source:
Howardhannanyc
Added: Jul 6
Changed: Aug 8
Last Checked: Aug 10 at 9:59AM
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 Serhant
Investment Insights
Based on property information with market context.
Residence 908 is a corner one-bedroom home at 20 Pine Street with approximately 1,208 square feet, 11-foot beamed ceilings, and one-and-a-half baths. The redesigned interior connects the kitchen with the living and dining areas, while seller improvements include motorized shades, upgraded lighting, a new washer and dryer, and a built-in 120-inch projection screen. The primary bathroom includes premium stonework, a Jacuzzi air tub, smart mirror, and designer fixtures. Views of the New York Stock Exchange extend from the corner living and dining area.
The 1928 building offers an indoor swimming pool, hammam, spa treatment rooms, steam room, sauna, roof deck, gym, winter lounge, billiards room, golf simulator, library, children's playroom, bike storage, and lounge. The neighboring residence may offer a combination opportunity approaching 1,900 square feet, subject to appropriate approvals.
The 1928 building offers an indoor swimming pool, hammam, spa treatment rooms, steam room, sauna, roof deck, gym, winter lounge, billiards room, golf simulator, library, children's playroom, bike storage, and lounge. The neighboring residence may offer a combination opportunity approaching 1,900 square feet, subject to appropriate approvals.
Key Highlights
- Approximately 1,208 square feet with 11' beamed ceilings
- Corner one‑bedroom layout with one‑and‑a‑half baths
- Renovated primary bathroom with Jacuzzi air tub and smart mirror
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
$37,795
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
2.91%
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%
$755,900
$755.9K
Cap Rate 7%
$539,929
$539.9K
Cap Rate 9%
$419,944
$419.9K
Market Conditions
NOI Build-Up for 1,208 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
$72.3K $59.88/SF
− Vacancy
−$3.6K −$2.99/SF
EGI
$68.7K $56.89/SF
− OpEx
−$30.9K −$25.60/SF
NOI
$37.8K $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%
$755,900
Cap Rate 7%
$539,929
Cap Rate 9%
$419,944
Alternative Uses
Best Use
Apartment 5plus
$539.9K
$472.4K – $629.9K
NOI $37,795 @ 7.0% cap · market cap 2.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.01M
$2.63M – $3.51M
NOI $210,482 @ 7.0% cap · market cap 16.20%
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
32,046
Businesses Nearby
Explore this area
Business Placement
Demographics for 10005, NY
10,639
Population
6,495
Households
1.6
Avg Household Size
31
Median Age
84%
College-Educated
97%
High-School Grad
0.1 sq mi
ZIP Area
106,390
Density / Sq Mi
$211,810
Median Household Income
$133,727
Median Earnings
$3,501
Median Rent
$1,387,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated one-bedroom residence with an open kitchen, spa-style bath, and extensive building amenities.
Where is this residential income property located?
The property is located at 20 PINE Street 908 New York City, NY.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Approximately 1,208 square feet with 11' beamed ceilings; Corner one‑bedroom layout with one‑and‑a‑half baths; Renovated primary bathroom with Jacuzzi air tub and smart mirror
