Renovated Residential Income
For Sale
$575,000
205 E 124th Street 3BC, New York City, NY 10035
Two-bedroom residence with flexible room planning, premium kitchen appliances, and two full baths.
Property Size1,180 SF
Price / SF$487.29
Days on Market111
Property Features for 205 E 124th Street 3BC
General Information
Standard status
Active
Size
1,180 SF
Property subtype
Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
central air conditioning
in-residence laundry closet
Building Details
Year Built
1930
Listing Agency:
CORE Group Marketing LLC
(347) 517-1544
Listed By:
Sargis Mosyan
(347) 517-1544
Source:
Howardhannanyc
Added: May 7
Changed: Aug 23
Last Checked: Aug 24 at 2:11PM
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 CORE Group Marketing LLC
Investment Insights
Based on property information with market context.
Residence 3BC is a fully renovated home offering approximately 1,180 square feet, two bedrooms, and two bathrooms. The layout includes two entrances, hardwood flooring, central air conditioning, and a dedicated laundry closet with Bosch washer and dryer. A south-facing great room features five windows, a bay window, and a decorative fireplace, while the adaptable floor plan allows for a third windowed bedroom, office, or den. The primary suite has three oversized windows and an en-suite bath with a walk-in shower; the second bedroom includes two windows and custom closet storage.
The kitchen combines Carrara stone surfaces, European-style cabinetry, an oversized island with seating for four, and a full appliance package including Bertazzoni, Miele, and Gaggenau equipment. The property is at East 124th Street and Third Avenue in East Harlem, near the 4/5/6 subway lines, Metro-North, bus routes, Citi Bike stations, RFK Triborough Bridge, and Harlem River Drive.
The kitchen combines Carrara stone surfaces, European-style cabinetry, an oversized island with seating for four, and a full appliance package including Bertazzoni, Miele, and Gaggenau equipment. The property is at East 124th Street and Third Avenue in East Harlem, near the 4/5/6 subway lines, Metro-North, bus routes, Citi Bike stations, RFK Triborough Bridge, and Harlem River Drive.
Key Highlights
- Approximately 1,180 square feet with two bedrooms and two bathrooms
- Flexible layout with potential for a third windowed bedroom, office, or den
- Fully renovated residence with hardwood floors and central air conditioning
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
$36,919
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
6.42%
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%
$738,380
$738.4K
Cap Rate 7%
$527,414
$527.4K
Cap Rate 9%
$410,211
$410.2K
Market Conditions
NOI Build-Up for 1,180 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
$70.7K $59.88/SF
− Vacancy
−$3.5K −$2.99/SF
EGI
$67.1K $56.89/SF
− OpEx
−$30.2K −$25.60/SF
NOI
$36.9K $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%
$738,380
Cap Rate 7%
$527,414
Cap Rate 9%
$410,211
Alternative Uses
Best Use
Apartment 5plus
$527.4K
$461.5K – $615.3K
NOI $36,919 @ 7.0% cap · market cap 6.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.94M
$2.57M – $3.43M
NOI $205,603 @ 7.0% cap · market cap 35.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
5,949
Businesses Nearby
Explore this area
Business Placement
Demographics for 10035, NY
35,980
Population
16,340
Households
2.2
Avg Household Size
38
Median Age
31%
College-Educated
76%
High-School Grad
1.4 sq mi
ZIP Area
25,700
Density / Sq Mi
$40,556
Median Household Income
$44,042
Median Earnings
$1,283
Median Rent
$663,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom residence with flexible room planning, premium kitchen appliances, and two full baths.
Where is this residential income property located?
The property is located at 205 E 124th Street 3BC New York City, NY.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Approximately 1,180 square feet with two bedrooms and two bathrooms; Flexible layout with potential for a third windowed bedroom, office, or den; Fully renovated residence with hardwood floors and central air conditioning
