Full-Floor Residential Income
For Sale
$2,000,000
238 W 108th Street 5, New York City, NY 10025
Contemporary condominium residence with private outdoor space, direct elevator access, central HVAC, and dedicated lower-level storage.
Property Size1,810 SF
Price / SF$1,104
Days on Market18
Property Features for 238 W 108th Street 5
General Information
Standard status
Active
Size
1,810 SF
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
3BR/2.5BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$20,136
Amenities
gas fireplace
central HVAC
double-paned windows
storage closet
Building Details
Building Size
1,810 SF
Year Built
2007
Listing Agency:
Compass
Listed By:
Lucie Holt
(917) 770-4953
Source:
Serhant
Added: Sep 8
Changed: Sep 14
Last Checked: Sep 24 at 5:32PM
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 full-floor condominium residence occupies the fifth floor of a boutique building completed in 2007. The 1,810-square-foot layout includes three bedrooms, 2.5 bathrooms, a spacious living and dining area, an open kitchen, a powder room, and a separate 68 sq ft storage closet. Direct elevator entry, 9-foot ceilings, bamboo flooring, designer lighting, and double-paned windows add to the interior specification.
The kitchen is fitted with custom cabinetry, pantry storage, a breakfast island, farmhouse-style sink, Sub-Zero refrigerator, Bosch dishwasher, Viking gas range and oven, built-in microwave, and Bosch washer and dryer. The primary suite includes a walk-in closet and limestone bath with a jetted soaking tub, separate shower, and double vanity. A 177-square-foot south-facing terrace connects to the primary bedroom, while the second bedroom also has terrace access. Central HVAC provides year-round climate control, and the building features video-assisted entry and a key-locked elevator.
The kitchen is fitted with custom cabinetry, pantry storage, a breakfast island, farmhouse-style sink, Sub-Zero refrigerator, Bosch dishwasher, Viking gas range and oven, built-in microwave, and Bosch washer and dryer. The primary suite includes a walk-in closet and limestone bath with a jetted soaking tub, separate shower, and double vanity. A 177-square-foot south-facing terrace connects to the primary bedroom, while the second bedroom also has terrace access. Central HVAC provides year-round climate control, and the building features video-assisted entry and a key-locked elevator.
Key Highlights
- 1,810‑square‑foot full‑floor condominium residence
- 177‑square‑foot south‑facing terrace off the primary bedroom
- Three bedrooms and 2.5 bathrooms
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
$59,581
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
2.98%
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%
$1,191,620
$1.2M
Cap Rate 7%
$851,157
$851.2K
Cap Rate 9%
$662,011
$662.0K
Market Conditions
NOI Build-Up for 1,810 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
$114.0K $63.00/SF
− Vacancy
−$5.7K −$3.15/SF
EGI
$108.3K $59.85/SF
− OpEx
−$48.7K −$26.93/SF
NOI
$59.6K $32.92/SF
Area
ZIP 10025
Vacancy
5.00%
Lease Rate
$63.00 /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%
$1,191,620
Cap Rate 7%
$851,157
Cap Rate 9%
$662,011
Alternative Uses
Best Use
Apartment 5plus
$851.2K
$744.8K – $993.0K
NOI $59,581 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.15M
$6.26M – $8.34M
NOI $500,429 @ 7.0% cap · market cap 25.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
7,470
Businesses Nearby
Explore this area
Business Placement
Demographics for 10025, NY
95,424
Population
47,649
Households
2
Avg Household Size
41
Median Age
69%
College-Educated
92%
High-School Grad
0.9 sq mi
ZIP Area
106,027
Density / Sq Mi
$109,195
Median Household Income
$64,827
Median Earnings
$2,009
Median Rent
$1,125,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Contemporary condominium residence with private outdoor space, direct elevator access, central HVAC, and dedicated lower-level storage.
Where is this residential income property located?
The property is located at 238 W 108th Street 5 New York City, NY.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 1,810‑square‑foot full‑floor condominium residence; 177‑square‑foot south‑facing terrace off the primary bedroom; Three bedrooms and 2.5 bathrooms
