Convertible Two-Bedroom Income
For Sale
$715,000
225 E 57th Street 5K, New York City, NY 10022
Oversized residence with flexible living space, custom storage, upgraded appliances, and access to full-service building amenities.
Property Size938 SF
Price / SF$762.26
Days on Market109
Property Features for 225 E 57th Street 5K
General Information
Standard status
Active
Size
938 SF
Property subtype
Apartment
Building Details
Building Size
938 SF
Year Built
1964
Listing Agency:
Compass
(347) 804-3217
Listed By:
Charles Beda
(347) 804-3217
Source:
Nobleblackandpartners
Added: Apr 24
Changed: Aug 5
Last Checked: Aug 10 at 10:00AM
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 Compass
Investment Insights
Based on property information with market context.
This 938-square-foot residential income property at Harridge House is configured as an oversized Junior-4 with a convertible two-bedroom layout. The home includes an L-shaped living and dining area, a windowed dining alcove that can function as a home office or be enclosed as a second bedroom, and a pass-through galley kitchen with stainless steel appliances and substantial cabinet and counter space. The king-sized primary bedroom includes custom built-ins and room for bedroom furniture and a desk. Additional features include parquet wood floors, extensive custom closets, and a marble bathroom with vanity storage.
The building at 225 E 57th Street offers a 24-hour doorman, rooftop deck, two laundry rooms, and a marble-and-glass lobby with a zen garden. The property is near Bloomingdales, shopping along the 57th Street corridor, the D&D building, and the 4, 5, 6, N, R, and W trains. The residence was built in 1964.
The building at 225 E 57th Street offers a 24-hour doorman, rooftop deck, two laundry rooms, and a marble-and-glass lobby with a zen garden. The property is near Bloomingdales, shopping along the 57th Street corridor, the D&D building, and the 4, 5, 6, N, R, and W trains. The residence was built in 1964.
Key Highlights
- 938 SF Junior‑4 layout with convertible two‑bedroom configuration
- L‑shaped living and dining area plus flexible dining alcove
- King‑sized primary bedroom with custom built‑in closets
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
$29,347
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
4.10%
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%
$586,940
$586.9K
Cap Rate 7%
$419,243
$419.2K
Cap Rate 9%
$326,078
$326.1K
Market Conditions
NOI Build-Up for 938 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
$56.2K $59.88/SF
− Vacancy
−$2.8K −$2.99/SF
EGI
$53.4K $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%
$586,940
Cap Rate 7%
$419,243
Cap Rate 9%
$326,078
Alternative Uses
Best Use
Apartment 5plus
$419.2K
$366.8K – $489.1K
NOI $29,347 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.33M
$2.04M – $2.72M
NOI $163,437 @ 7.0% cap · market cap 22.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
46,622
Businesses Nearby
Explore this area
Business Placement
Demographics for 10022, NY
36,708
Population
25,686
Households
1.4
Avg Household Size
45
Median Age
84%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
91,770
Density / Sq Mi
$171,038
Median Household Income
$119,657
Median Earnings
$2,928
Median Rent
$1,116,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Oversized residence with flexible living space, custom storage, upgraded appliances, and access to full-service building amenities.
Where is this residential income property located?
The property is located at 225 E 57th Street 5K New York City, NY.
What is the asking price?
The asking price for this property is $715,000.
What are key features of this property?
This property features: 938 SF Junior‑4 layout with convertible two‑bedroom configuration; L‑shaped living and dining area plus flexible dining alcove; King‑sized primary bedroom with custom built‑in closets
