Pre-War Alcove Studio in Full-Service
For Sale
$510,000
200 W 20TH Street 303, New York City, NY 10011
Pre-war alcove studio with a windowed kitchen, sunken living room, and a separate dining area in a full-service Chelsea building.
Property Size530 SF
Price / SF$962.26
Days on Market125
Property Features for 200 W 20TH Street 303
General Information
Standard status
Active
Size
530 SF
Property subtype
Apartment
Units
Unit Mix
1 x Alcove Studio
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
24 hour doorman
laundry
roof deck
dishwasher
concrete countertops
cork flooring
high beamed ceilings
hard wood floors
windowed bath
Building Details
Building Size
530 SF
Year Built
1939
Construction
Art Deco
Listing Agency:
The Agency Brokerage
(347) 645-3976
Listed By:
Christopher D Toland
(347) 645-3976
Source:
Cbwarburg
Added: Apr 8
Changed: Aug 8
Last Checked: Aug 10 at 9:35AM
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 The Agency Brokerage
Investment Insights
Based on property information with market context.
This pre-war alcove studio is located in a full-service, art deco building and offers a practical, reconfigured layout. The apartment features a windowed kitchen with a dishwasher, concrete countertops, and cork flooring. A large sunken living room includes a separate dining area, with high beamed ceilings. The sleeping area is separated by a sliding door for a more bedroom-like feel, along with generous closet space. Additional interior finishes include hardwood floors and a windowed bathroom.
The building offers a 24-hour doorman, on-site laundry, and a roof deck with city views. It is positioned for convenience to transportation, shopping, and restaurants, with an art deco setting in the heart of Chelsea. Built in 1939, the property reflects the period character of a pre-war New York building.
The building offers a 24-hour doorman, on-site laundry, and a roof deck with city views. It is positioned for convenience to transportation, shopping, and restaurants, with an art deco setting in the heart of Chelsea. Built in 1939, the property reflects the period character of a pre-war New York building.
Key Highlights
- Pre‑war art deco building built in 1939
- Windowed kitchen with dishwasher, concrete countertops, and cork flooring
- Large sunken living room with separate dining area and high beamed ceilings
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
$16,582
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
3.25%
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%
$331,640
$331.6K
Cap Rate 7%
$236,886
$236.9K
Cap Rate 9%
$184,244
$184.2K
Market Conditions
NOI Build-Up for 530 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
$31.7K $59.88/SF
− Vacancy
−$1.6K −$2.99/SF
EGI
$30.1K $56.89/SF
− OpEx
−$13.6K −$25.60/SF
NOI
$16.6K $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%
$331,640
Cap Rate 7%
$236,886
Cap Rate 9%
$184,244
Alternative Uses
Best Use
Apartment 5plus
$236.9K
$207.3K – $276.4K
NOI $16,582 @ 7.0% cap · market cap 3.25%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.32M
$1.15M – $1.54M
NOI $92,347 @ 7.0% cap · market cap 18.11%
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
39,471
Businesses Nearby
Explore this area
Business Placement
Demographics for 10011, NY
53,318
Population
35,049
Households
1.5
Avg Household Size
39
Median Age
79%
College-Educated
96%
High-School Grad
0.6 sq mi
ZIP Area
88,863
Density / Sq Mi
$146,571
Median Household Income
$113,503
Median Earnings
$2,868
Median Rent
$1,165,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Pre-war alcove studio with a windowed kitchen, sunken living room, and a separate dining area in a full-service Chelsea building.
Where is this residential income property located?
The property is located at 200 W 20TH Street 303 New York City, NY.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: Pre‑war art deco building built in 1939; Windowed kitchen with dishwasher, concrete countertops, and cork flooring; Large sunken living room with separate dining area and high beamed ceilings
