Corner Residential Income
For Sale
$795,000
2279 3RD Avenue 4A, New York City, NY 10035
Corner condominium with three exposures, renovated oak flooring, and a windowed kitchen with stainless steel appliances.
Property Size1,305 SF
Price / SF$609.20
Days on Market287
Property Features for 2279 3RD Avenue 4A
General Information
Standard status
Active
Size
1,305 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
video intercom
24-hr virtual doorman
package room
Building Details
Building Size
1,305 SF
Year Built
2008
Listing Agency:
Douglas Elliman Real Estate
(917) 353-1902
Listed By:
Jason Lanyard · License #40LA1072781
(917) 353-1902
Source:
Miradorrealestate
Added: Nov 7, 2025
Changed: Aug 15
Last Checked: Aug 20 at 11:51AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
Unit 4A is a corner residential income condominium at the Bridge Condominium, a 12-apartment complex completed in 2008. The residence includes two bedrooms, two bathrooms, a living room, dining alcove, windowed kitchen, master suite, and separate laundry room. Interior features include newly refinished dark oak floors, granite counters, oak and opaque-glass cabinetry, GE Profile stainless steel appliances, marble and ceramic bathroom finishes, and a glass-enclosed shower. The property also includes a video intercom, 24-hour virtual doorman service, secure package room, and individual delivery lock boxes.
The residence is located at 2279 3RD Avenue in New York City’s East Harlem. The 4/5/6 express trains at 125th provide service to Grand Central in 3 stops, while East River shopping plaza retailers include Costco, Target, Marshalls, and Aldo. A 35-year tax abatement is in place, and the source information cites a 4.5% cap rate.
The residence is located at 2279 3RD Avenue in New York City’s East Harlem. The 4/5/6 express trains at 125th provide service to Grand Central in 3 stops, while East River shopping plaza retailers include Costco, Target, Marshalls, and Aldo. A 35-year tax abatement is in place, and the source information cites a 4.5% cap rate.
Key Highlights
- 1,305 SF corner condominium at 2279 3RD Avenue, New York City, NY 10035
- Two‑bedroom, two‑bathroom layout with separate laundry room
- Three northern, western, and southern exposures
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
$40,830
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
5.14%
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%
$816,600
$816.6K
Cap Rate 7%
$583,286
$583.3K
Cap Rate 9%
$453,667
$453.7K
Market Conditions
NOI Build-Up for 1,305 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
$78.1K $59.88/SF
− Vacancy
−$3.9K −$2.99/SF
EGI
$74.2K $56.89/SF
− OpEx
−$33.4K −$25.60/SF
NOI
$40.8K $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%
$816,600
Cap Rate 7%
$583,286
Cap Rate 9%
$453,667
Alternative Uses
Best Use
Apartment 5plus
$583.3K
$510.4K – $680.5K
NOI $40,830 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.25M
$2.84M – $3.79M
NOI $227,383 @ 7.0% cap · market cap 28.60%
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 - Corner condominium with three exposures, renovated oak flooring, and a windowed kitchen with stainless steel appliances.
Where is this residential income property located?
The property is located at 2279 3RD Avenue 4A New York City, NY.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 1,305 SF corner condominium at 2279 3RD Avenue, New York City, NY 10035; Two‑bedroom, two‑bathroom layout with separate laundry room; Three northern, western, and southern exposures
