Two-Bedroom Residential Income
For Sale
$850,000
229 W 116TH Street 2B, New York City, NY 10026
Tenant in place through June 2027 with a 4.5% cap rate.
Property Size1,007 SF
Price / SF$844.09
Days on Market231
Property Features for 229 W 116TH Street 2B
General Information
Standard status
Active
Size
1,007 SF
Property subtype
Apartment
Building Details
Building Size
1,007 SF
Year Built
1910
Listing Agency:
Douglas Elliman Real Estate
(212) 319-4109
Listed By:
Yair Tavivian · License #10301212650
(212) 319-4109
Source:
Miradorrealestate
Added: Jan 5
Changed: Aug 23
Last Checked: Aug 23 at 9:24AM
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.
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.
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 = 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
$31,506
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
3.71%
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%
$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
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
$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 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%
$630,120
Cap Rate 7%
$450,086
Cap Rate 9%
$350,067
Alternative Uses
Best Use
Apartment 5plus
$450.1K
$393.8K – $525.1K
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
NOI $175,460 @ 7.0% cap · market cap 20.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
