Refreshed Residential Income
For Sale
$808,000
2098 Frederick Douglass Boulevard 3E, New York City, NY 10026
Full-service condominium residence with updated finishes, attended lobby, fitness center, roof deck, and convenient transit access.
Property Size936 SF
Price / SF$863.25
Days on Market18
Property Features for 2098 Frederick Douglass Boulevard 3E
General Information
Standard status
Active
Size
936 SF
Elevators
Yes
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$60
Amenities
Community Room
Full-service condominium
Doorman / attended lobby
Live-in superintendent
Fitness center
Resident roof deck
Laundry facilities
Storage availability
Pet-friendly
Building Details
Building Size
936 SF
Year Built
2007
Listing Agency:
Manhattan Realty Group
Listed By:
Andre Bourne
(917) 593-0540
Source:
Howardhannanyc
Added: Sep 8
Changed: Sep 21
Last Checked: Sep 24 at 5:28PM
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 Manhattan Realty Group
Investment Insights
Based on property information with market context.
Residence 3E is a 936-square-foot condominium residence in The Gateway Tower, a 2007-built full-service building. The home features refinished hardwood floors, fresh paint, improved lighting, updated switches and outlets, new hardware, and flexible living and dining areas. Its quieter exposure and move-in condition complement the refreshed interior presentation.
Building amenities include a community room, doorman-attended lobby, live-in superintendent, fitness center, resident roof deck, laundry facilities, elevator service, pet-friendly policies, and storage availability. Central Park is a few blocks away, with Morningside Park, Columbia University, the Cathedral of St. John the Divine, restaurants, cafés, and daily conveniences nearby. B/C and 2/3 subway service, express A/D trains at 125th, and M1, M2, M3, M4, and M10 bus routes provide additional transportation options. A 421-A tax abatement is scheduled through 2032.
Building amenities include a community room, doorman-attended lobby, live-in superintendent, fitness center, resident roof deck, laundry facilities, elevator service, pet-friendly policies, and storage availability. Central Park is a few blocks away, with Morningside Park, Columbia University, the Cathedral of St. John the Divine, restaurants, cafés, and daily conveniences nearby. B/C and 2/3 subway service, express A/D trains at 125th, and M1, M2, M3, M4, and M10 bus routes provide additional transportation options. A 421-A tax abatement is scheduled through 2032.
Key Highlights
- 936‑square‑foot residence with quiet‑side exposure
- Refinished hardwood floors, fresh paint, upgraded lighting, and new hardware
- Full‑service condominium with doorman‑attended lobby and live‑in superintendent
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
$29,285
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
3.62%
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%
$585,700
$585.7K
Cap Rate 7%
$418,357
$418.4K
Cap Rate 9%
$325,389
$325.4K
Market Conditions
NOI Build-Up for 936 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
$56.0K $59.88/SF
− Vacancy
−$2.8K −$2.99/SF
EGI
$53.2K $56.89/SF
− OpEx
−$24.0K −$25.60/SF
NOI
$29.3K $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%
$585,700
Cap Rate 7%
$418,357
Cap Rate 9%
$325,389
Alternative Uses
Best Use
Apartment 5plus
$418.4K
$366.1K – $488.1K
NOI $29,285 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.33M
$2.04M – $2.72M
NOI $163,089 @ 7.0% cap · market cap 20.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
9,113
Businesses Nearby
Explore this area
Business Placement
Demographics for 10026, NY
35,644
Population
17,648
Households
2
Avg Household Size
37
Median Age
54%
College-Educated
90%
High-School Grad
0.4 sq mi
ZIP Area
89,110
Density / Sq Mi
$74,140
Median Household Income
$56,919
Median Earnings
$1,546
Median Rent
$1,014,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Full-service condominium residence with updated finishes, attended lobby, fitness center, roof deck, and convenient transit access.
Where is this residential income property located?
The property is located at 2098 Frederick Douglass Boulevard 3E New York City, NY.
What is the asking price?
The asking price for this property is $808,000.
What are key features of this property?
This property features: 936‑square‑foot residence with quiet‑side exposure; Refinished hardwood floors, fresh paint, upgraded lighting, and new hardware; Full‑service condominium with doorman‑attended lobby and live‑in superintendent
