Building Details

Building Size 1,007 SF

Year Built 1910

Listing Agency: Douglas Elliman Real Estate

Listed By: Yair Tavivian · License #10301212650 Show Phone

Source: Carlinwright

Added: Jan 5 Changed: Oct 1 Last Checked: Oct 7 at 3:12PM

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Investment Insights

Based on property information with market context.

This 1,007-square-foot loft residence combines a two-bedroom, one-and-a-half-bath layout with 11-foot ceilings, exposed brick, refinished oak flooring, and south-facing windows. The living and dining areas connect to a windowed kitchen equipped with granite countertops, stainless steel appliances, and extensive cabinetry. Both bedrooms are positioned at the rear, while the home also includes a full-size washer and dryer, ELFA closet systems, built-in shelving, and a deeded storage unit. The primary bathroom features subway tile, Kohler fixtures, and a rainfall shower.

The unit is leased through June 2027 and carries a 4.5% cap rate. Casa Loma is a 16-unit elevator building completed renovated in 2006, with a restored brick lobby, bike storage, and a 4,000-square-foot landscaped roof deck. The property is near Central Park, Columbia University, neighborhood dining and cafés, and the 2/3/B/C trains.

Key Highlights

• 2‑bedroom, 1.5‑bath loft residence totaling 1,007 SF
• 11‑foot ceilings, exposed brick, and refinished oak floors
• Tenant in place through June 2027 at a 4.5% cap rate

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$31,506

Cap Rate

3.71%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$630,120 $630.1K

Cap Rate 7%

$450,086 $450.1K

Cap Rate 9%

$350,067 $350.1K

Market Conditions

NOI Build-Up for 1,007 SF

Gross rent

$60.3K $59.88/SF

− Vacancy

−$3.0K −$2.99/SF

EGI

$57.3K $56.89/SF

− OpEx

−$25.8K −$25.60/SF

NOI

$31.5K $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 Rate 5%

$630,120

Cap Rate 7%

$450,086

Cap Rate 9%

$350,067

Alternative Uses

Best Use

Apartment 5plus

$450.1K

$393.8K – $525.1K (±1% cap)

NOI $31,506 @ 7.0% cap · market cap 3.71%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$2.51M

$2.19M – $2.92M (±1% cap)

NOI $175,460 @ 7.0% cap · market cap 20.64%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

AV Computers & Printing ... Marketing & Advertising Andrew Joseph Public ... Marketing & Advertising Raiz Project (Bike/Boat/Book/etc) Store Touba Natural Food Grocery & Convenience Store

Suggested Use

Top Pick Law Firm Real Estate Agency Acupuncture Auto Repair Shop Auto Parts Store Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

6,138

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 - Tenant in place through June 2027 with a 4.5% cap rate.

Where is this residential income property located?

The property is located at 229 W 116TH Street 2B New York City, NY.

What is the asking price?

The asking price for this property is $850,000.

What are key features of this property?

This property features: 2‑bedroom, 1.5‑bath loft residence totaling 1,007 SF; 11‑foot ceilings, exposed brick, and refinished oak floors; Tenant in place through June 2027 at a 4.5% cap rate