Two-Bedroom Residential Income
New
For Sale
$675,000
220 W 111TH Street 2B, New York City, NY 10026
Renovated pre-war condominium with period detailing, updated finishes, and access to shared roof and laundry amenities.
Property Size610 SF
Price / SF$1,106
Days on Market5
Property Features for 220 W 111TH Street 2B
General Information
Standard status
Active
Size
610 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
roof deck
laundry
Building Details
Building Size
610 SF
Year Built
1910
Listing Agency:
Corcoran Group
Listed By:
Limor Nesher · License #40NE1029010 (NY)
(646) 319-6504
Source:
Miradorrealestate
Added: Sep 14
Changed: Sep 17
Last Checked: Sep 17 at 2:31AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
This 610-square-foot, two-bedroom, one-bath condominium occupies a restored pre-war residential building completed in 1910. The home combines a bright living room with a compact kitchen equipped with stainless steel appliances, a windowed bathroom, 9-ft ceilings, crown molding, and new hardwood flooring. The building contains 24 units and offers a marble-and-mosaic lobby, a common roof deck, and laundry facilities. Pets are welcome.
The property is located at 220 W 111TH Street 2B in New York City’s South Harlem area, one block from Central Park and near Morningside Park. The 2/3/B/C trains and Columbia University are also nearby, along with cafés, markets, and lounges.
The property is located at 220 W 111TH Street 2B in New York City’s South Harlem area, one block from Central Park and near Morningside Park. The 2/3/B/C trains and Columbia University are also nearby, along with cafés, markets, and lounges.
Key Highlights
- 610 SF two‑bedroom, one‑bath condominium
- Restored 24‑unit pre‑war building completed in 1910
- 9‑ft ceilings, crown molding, and new hardwood floors
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
$19,085
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
2.83%
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%
$381,700
$381.7K
Cap Rate 7%
$272,643
$272.6K
Cap Rate 9%
$212,056
$212.1K
Market Conditions
NOI Build-Up for 610 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
$36.5K $59.88/SF
− Vacancy
−$1.8K −$2.99/SF
EGI
$34.7K $56.89/SF
− OpEx
−$15.6K −$25.60/SF
NOI
$19.1K $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%
$381,700
Cap Rate 7%
$272,643
Cap Rate 9%
$212,056
Alternative Uses
Best Use
Apartment 5plus
$272.6K
$238.6K – $318.1K
NOI $19,085 @ 7.0% cap · market cap 2.83%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.52M
$1.33M – $1.77M
NOI $106,286 @ 7.0% cap · market cap 15.75%
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
8,482
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 - Renovated pre-war condominium with period detailing, updated finishes, and access to shared roof and laundry amenities.
Where is this residential income property located?
The property is located at 220 W 111TH Street 2B New York City, NY.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 610 SF two‑bedroom, one‑bath condominium; Restored 24‑unit pre‑war building completed in 1910; 9‑ft ceilings, crown molding, and new hardwood floors
