Residential Income Property with Water
For Sale
$495,000
20 WEST Street 21A, New York City, NY 10004
Upgraded studio condominium with an in-place month-to-month tenant and extensive resident amenities.
Property Size460 SF
Price / SF$1,076
Days on Market169
Property Features for 20 WEST Street 21A
General Information
Standard status
Active
Size
460 SF
Property subtype
Apartment
Units
Unit Mix
1 x studio
Multifamily Units
1
Amenities
fitness center
lounge
common terrace
concierge
valet
bicycle storage
billiards
Wi-Fi
locker rooms
sauna
shower rooms
Building Details
Building Size
460 SF
Year Built
1930
Tenancy
Single
Listing Agency:
Douglas Elliman Real Estate
(917) 414-8280
Listed By:
Joshua Lieberman · License #10301214798
(917) 414-8280
Source:
Miradorrealestate
Added: Mar 9
Changed: Aug 23
Last Checked: Aug 23 at 9:28AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This 460-square-foot studio condominium at 20 West Street includes high ceilings, two large windows, water views, and a bright interior. The layout features a modern kitchen with stainless steel appliances and black granite countertops, a breakfast bar, built-in desk, dressing area, marble bathroom, window treatments, and Italian pendant lighting. A tenant is currently in place on a month-to-month arrangement.
Built in 1930, the Downtown Club provides a 12,000-square-foot fitness center and lounge with cardio equipment, free weights, locker rooms, showers, and saunas. Residents also have access to a landscaped common terrace, resident lounge with Wi-Fi, billiards, indoor bicycle storage, 24-hour concierge service, and valet services available 6 days a week. The property is near Battery Park, Wall Street, the New York Stock Exchange, South Street Seaport, the World Trade Center, and Whole Foods Market.
Built in 1930, the Downtown Club provides a 12,000-square-foot fitness center and lounge with cardio equipment, free weights, locker rooms, showers, and saunas. Residents also have access to a landscaped common terrace, resident lounge with Wi-Fi, billiards, indoor bicycle storage, 24-hour concierge service, and valet services available 6 days a week. The property is near Battery Park, Wall Street, the New York Stock Exchange, South Street Seaport, the World Trade Center, and Whole Foods Market.
Key Highlights
- 460‑square‑foot studio condominium with water views
- Tenant in place on a month‑to‑month arrangement
- High ceilings and two large windows
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
$14,392
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%
$287,840
$287.8K
Cap Rate 7%
$205,600
$205.6K
Cap Rate 9%
$159,911
$159.9K
Market Conditions
NOI Build-Up for 460 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
$27.5K $59.88/SF
− Vacancy
−$1.4K −$2.99/SF
EGI
$26.2K $56.89/SF
− OpEx
−$11.8K −$25.60/SF
NOI
$14.4K $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%
$287,840
Cap Rate 7%
$205,600
Cap Rate 9%
$159,911
Alternative Uses
Best Use
Apartment 5plus
$205.6K
$179.9K – $239.9K
NOI $14,392 @ 7.0% cap · market cap 2.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.15M
$1.00M – $1.34M
NOI $80,150 @ 7.0% cap · market cap 16.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
26,682
Businesses Nearby
Explore this area
Business Placement
Demographics for 10004, NY
4,287
Population
2,146
Households
2
Avg Household Size
35
Median Age
91%
College-Educated
99%
High-School Grad
0.5 sq mi
ZIP Area
8,574
Density / Sq Mi
$220,592
Median Household Income
$136,348
Median Earnings
$3,501
Median Rent
$1,866,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Upgraded studio condominium with an in-place month-to-month tenant and extensive resident amenities.
Where is this residential income property located?
The property is located at 20 WEST Street 21A New York City, NY.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 460‑square‑foot studio condominium with water views; Tenant in place on a month‑to‑month arrangement; High ceilings and two large windows
