Renovated Residential Income
For Sale
$795,000
233 E 70th Street 17T, New York City, NY 10021
Top-floor co-op residence with two bedrooms, flexible office space, and full-service building amenities.
Property Size850 SF
Price / SF$935.29
Days on Market92
Property Features for 233 E 70th Street 17T
General Information
Standard status
Active
Size
850 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Amenities
newly renovated gym
lobby
24-hour doorman
bike room
private storage rental
laundry facilities
Building Details
Building Size
850 SF
Year Built
1957
Listing Agency:
Compass
(917) 548-4255
Listed By:
Andrew Chung
(917) 548-4255
Source:
Nobleblackandpartners
Added: May 11
Changed: Aug 8
Last Checked: Aug 10 at 9:20AM
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 850-square-foot residential income property occupies the top floor of a full-service co-op completed in 1957. The renovated residence includes two bedrooms, one bathroom, and a flexible second bedroom suitable for office use. East- and north-facing exposures bring natural light into the living and dining area, while the kitchen offers custom cabinetry, marble countertops, a dishwasher, and stainless steel appliances. Additional improvements include new windows, updated AC units, wide-plank hardwood flooring, custom closets, and additional storage.
Building services include a renovated gym and lobby, a 24-hour full-time doorman, bike room, on-site laundry, and private storage available for rent. The building permits pets, pied-à-terres, co-purchasing, and parents purchasing for children.
Building services include a renovated gym and lobby, a 24-hour full-time doorman, bike room, on-site laundry, and private storage available for rent. The building permits pets, pied-à-terres, co-purchasing, and parents purchasing for children.
Key Highlights
- 850 SF top‑floor co‑op residence
- Two bedrooms and one bathroom, including a flexible office space
- Renovated interior with new windows and updated AC units
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
$26,594
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
3.35%
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%
$531,880
$531.9K
Cap Rate 7%
$379,914
$379.9K
Cap Rate 9%
$295,489
$295.5K
Market Conditions
NOI Build-Up for 850 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
$50.9K $59.88/SF
− Vacancy
−$2.5K −$2.99/SF
EGI
$48.4K $56.89/SF
− OpEx
−$21.8K −$25.60/SF
NOI
$26.6K $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%
$531,880
Cap Rate 7%
$379,914
Cap Rate 9%
$295,489
Alternative Uses
Best Use
Apartment 5plus
$379.9K
$332.4K – $443.2K
NOI $26,594 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.12M
$1.85M – $2.47M
NOI $148,104 @ 7.0% cap · market cap 18.63%
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
31,051
Businesses Nearby
Explore this area
Business Placement
Demographics for 10021, NY
45,691
Population
29,248
Households
1.6
Avg Household Size
41
Median Age
81%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
114,228
Density / Sq Mi
$156,712
Median Household Income
$99,886
Median Earnings
$3,002
Median Rent
$1,529,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Top-floor co-op residence with two bedrooms, flexible office space, and full-service building amenities.
Where is this residential income property located?
The property is located at 233 E 70th Street 17T 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: 850 SF top‑floor co‑op residence; Two bedrooms and one bathroom, including a flexible office space; Renovated interior with new windows and updated AC units
