Renovated Residential Income
For Sale
$899,000
220 Manhattan Avenue 2-N, New York City, NY 10025
Updated two-bedroom residence with a custom kitchen, renovated baths, and full-service building amenities.
Property Size839 SF
Price / SF$1,071
Days on Market11
Property Features for 220 Manhattan Avenue 2-N
General Information
Standard status
Active
Size
839 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/1.5BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$12,744
Amenities
24-hour doorman
concierge
live-in superintendent
private gardens
laundry facilities
bike storage
Building Details
Building Size
839 SF
Year Built
1988
Listing Agency:
ICONIC PROS
(929) 273-8757
Listed By:
Shail Barot · License #10401343910
(929) 273-8757
Source:
Nobleblackandpartners
Added: Jul 31
Changed: Aug 10
Last Checked: Aug 10 at 9:25AM
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 ICONIC PROS
Investment Insights
Based on property information with market context.
Residence 2N is an 839-square-foot, two-bedroom, one-and-a-half-bath home in a building completed in 1988. The interior has been updated with Mirage semi-hardwood flooring, refreshed baseboards, modern electrical outlets, and ample closet space. Its U-shaped kitchen includes custom cabinetry, quartz countertops and backsplash, a Bertazzoni gas range, and stainless steel appliances. Italian porcelain tile, a quartz-topped custom vanity, an LED medicine cabinet, and an updated half bath complete the bathroom improvements.
Building services include a 24-hour doorman and concierge, a live-in superintendent, private gardens, laundry facilities, and bike storage on both sides of the building. Additional parking is available through a waitlist. Access is provided through both 220 and 300 Manhattan Avenue, with the B and C subway lines nearby and Central Park and Morningside Park across from the building. Nearby destinations include Columbia University, Whole Foods, Trader Joe's, HomeGoods, TJ Maxx, restaurants, cafes, and the Cathedral of St. John the Divine.
Building services include a 24-hour doorman and concierge, a live-in superintendent, private gardens, laundry facilities, and bike storage on both sides of the building. Additional parking is available through a waitlist. Access is provided through both 220 and 300 Manhattan Avenue, with the B and C subway lines nearby and Central Park and Morningside Park across from the building. Nearby destinations include Columbia University, Whole Foods, Trader Joe's, HomeGoods, TJ Maxx, restaurants, cafes, and the Cathedral of St. John the Divine.
Key Highlights
- 839 SF two‑bedroom, one‑and‑a‑half‑bath residence
- Renovated U‑shaped kitchen with custom cabinetry and quartz surfaces
- Bertazzoni gas range and stainless steel kitchen appliances
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
$27,618
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
3.07%
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%
$552,360
$552.4K
Cap Rate 7%
$394,543
$394.5K
Cap Rate 9%
$306,867
$306.9K
Market Conditions
NOI Build-Up for 839 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
$52.9K $63.00/SF
− Vacancy
−$2.6K −$3.15/SF
EGI
$50.2K $59.85/SF
− OpEx
−$22.6K −$26.93/SF
NOI
$27.6K $32.92/SF
Area
ZIP 10025
Vacancy
5.00%
Lease Rate
$63.00 /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%
$552,360
Cap Rate 7%
$394,543
Cap Rate 9%
$306,867
Alternative Uses
Best Use
Apartment 5plus
$394.5K
$345.2K – $460.3K
NOI $27,618 @ 7.0% cap · market cap 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.31M
$2.90M – $3.87M
NOI $231,967 @ 7.0% cap · market cap 25.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,887
Businesses Nearby
Explore this area
Business Placement
Demographics for 10025, NY
95,424
Population
47,649
Households
2
Avg Household Size
41
Median Age
69%
College-Educated
92%
High-School Grad
0.9 sq mi
ZIP Area
106,027
Density / Sq Mi
$109,195
Median Household Income
$64,827
Median Earnings
$2,009
Median Rent
$1,125,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated two-bedroom residence with a custom kitchen, renovated baths, and full-service building amenities.
Where is this residential income property located?
The property is located at 220 Manhattan Avenue 2-N New York City, NY.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 839 SF two‑bedroom, one‑and‑a‑half‑bath residence; Renovated U‑shaped kitchen with custom cabinetry and quartz surfaces; Bertazzoni gas range and stainless steel kitchen appliances
