Residential Income Property with Private
For Sale
$585,000
2279 3RD AVE, New York, NY 10035
One-bedroom condominium residence with oak flooring, updated blackout blinds, in-unit laundry, and elevator access.
Property Size757 SF
Price / SF$772.79
Days on Market277
Property Features for 2279 3RD AVE
General Information
Standard status
Active
Size
757 SF
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$120
Amenities
pet-friendly
24-hour virtual doorman
secure package room
private terrace
through-wall air conditioning
washer and dryer
3
Hardwood
Dryer, Dishwasher, Washer
Elevator, Unfurnished, Wheelchair Access
City
Garden.
Building Details
Year Built
2008
Listing Agency:
Hauseit LLC
(888) 494-8258
Listed By:
Nicholas Oliver · License #NY3512788
Source:
Xome
Added: Dec 3, 2025
Changed: Sep 2
Last Checked: Sep 5 at 3:41AM
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 Hauseit LLC
Investment Insights
Based on property information with market context.
Residence 3C is a one-bedroom, one-bathroom condominium residence at The Bridges NYC Condominiums in East Harlem. The home includes 757 square feet of interior space and a 300-square-foot private terrace with power and water. Northern and eastern exposures, oak flooring, and a living area connected to the terrace define the main living space. The kitchen has white oak cabinetry, frosted glass fronts, granite countertops, contemporary hardware, and a pass-through window. Additional features include a storage-focused entry closet, bedroom closet, through-wall air conditioning, full-size washer and dryer, and a bathroom with imported porcelain tile and a marble-top vanity.
The 2008 elevator building provides a 24-hour virtual doorman, secure package room, pet-friendly policy, wheelchair access, and an abatement under the 421a program through 2033. The property is near the 4/5/6 subway lines, Harlem River Greenway, Mount Sinai, East River Shopping Plaza, the FDR Drive, and dining along East Harlem. Express service reaches Grand Central and Midtown in approximately 15 minutes.
The 2008 elevator building provides a 24-hour virtual doorman, secure package room, pet-friendly policy, wheelchair access, and an abatement under the 421a program through 2033. The property is near the 4/5/6 subway lines, Harlem River Greenway, Mount Sinai, East River Shopping Plaza, the FDR Drive, and dining along East Harlem. Express service reaches Grand Central and Midtown in approximately 15 minutes.
Key Highlights
- 757 SQFT interior with 300 SQFT private terrace
- Private terrace includes power and water
- 421a tax abatement continues through 2033
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
$23,684
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
4.05%
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%
$473,680
$473.7K
Cap Rate 7%
$338,343
$338.3K
Cap Rate 9%
$263,156
$263.2K
Market Conditions
NOI Build-Up for 757 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
$45.3K $59.88/SF
− Vacancy
−$2.3K −$2.99/SF
EGI
$43.1K $56.89/SF
− OpEx
−$19.4K −$25.60/SF
NOI
$23.7K $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%
$473,680
Cap Rate 7%
$338,343
Cap Rate 9%
$263,156
Alternative Uses
Best Use
Apartment 5plus
$338.3K
$296.1K – $394.7K
NOI $23,684 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.88M
$1.65M – $2.20M
NOI $131,900 @ 7.0% cap · market cap 22.55%
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
7,240
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 - One-bedroom condominium residence with oak flooring, updated blackout blinds, in-unit laundry, and elevator access.
Where is this residential income property located?
The property is located at 2279 3RD AVE New York, NY.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 757 SQFT interior with 300 SQFT private terrace; Private terrace includes power and water; 421a tax abatement continues through 2033
