Full-Floor Residential Income
For Sale
$1,150,000
24 W 45TH Street 8, New York City, NY 10036
Renovated condominium residence with direct elevator access, flexible rooms, and a full suite of modern interior amenities.
Property Size1,554 SF
Price / SF$740.03
Days on Market148
Property Features for 24 W 45TH Street 8
General Information
Standard status
Active
Size
1,554 SF
Elevators
Yes
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
central air conditioning
custom lighting system
washer/dryer
Building Details
Building Size
1,554 SF
Year Built
1902
Listing Agency:
Corcoran Group
(646) 919-2450
Listed By:
Lei C Sheehan
(646) 919-2450
Source:
Tricialee
Added: Mar 16
Changed: Aug 10
Last Checked: Aug 10 at 9:14AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
This renovated full-floor condominium residence at Academy House combines prewar character with updated residential finishes. The 1,554-square-foot layout includes an open living and dining area, a contemporary kitchen with custom cabinetry, Wolf, Bosch, and Miele appliances, and an oversized pantry. The primary bedroom has a private tiled bath, while a second full bathroom serves the rest of the home. An additional room can function as a den, home office, nursery, or second bedroom.
A key-locked elevator opens directly into the residence. High ceilings, hardwood floors, central air conditioning, custom lighting, and an in-unit washer/dryer complete the interior. Built in 1902, Academy House contains nine residences, with one home per floor. The property is near major transportation hubs, Bryant Park, Rockefeller Center, museums, landmarks, restaurants, and shopping destinations. The listed real estate property tax includes a 17.5% primary residence tax abatement.
A key-locked elevator opens directly into the residence. High ceilings, hardwood floors, central air conditioning, custom lighting, and an in-unit washer/dryer complete the interior. Built in 1902, Academy House contains nine residences, with one home per floor. The property is near major transportation hubs, Bryant Park, Rockefeller Center, museums, landmarks, restaurants, and shopping destinations. The listed real estate property tax includes a 17.5% primary residence tax abatement.
Key Highlights
- 1,554‑square‑foot renovated full‑floor condominium residence
- Key‑locked elevator provides direct entry into the home
- Open kitchen with Wolf, Bosch, and Miele appliances
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
$48,620
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
4.23%
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%
$972,400
$972.4K
Cap Rate 7%
$694,571
$694.6K
Cap Rate 9%
$540,222
$540.2K
Market Conditions
NOI Build-Up for 1,554 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
$93.1K $59.88/SF
− Vacancy
−$4.7K −$2.99/SF
EGI
$88.4K $56.89/SF
− OpEx
−$39.8K −$25.60/SF
NOI
$48.6K $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%
$972,400
Cap Rate 7%
$694,571
Cap Rate 9%
$540,222
Alternative Uses
Best Use
Apartment 5plus
$694.6K
$607.8K – $810.3K
NOI $48,620 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.87M
$3.38M – $4.51M
NOI $270,769 @ 7.0% cap · market cap 23.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
94,218
Businesses Nearby
Explore this area
Business Placement
Demographics for 10036, NY
33,868
Population
22,473
Households
1.5
Avg Household Size
37
Median Age
69%
College-Educated
93%
High-School Grad
0.4 sq mi
ZIP Area
84,670
Density / Sq Mi
$100,225
Median Household Income
$86,122
Median Earnings
$2,301
Median Rent
$988,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated condominium residence with direct elevator access, flexible rooms, and a full suite of modern interior amenities.
Where is this residential income property located?
The property is located at 24 W 45TH Street 8 New York City, NY.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 1,554‑square‑foot renovated full‑floor condominium residence; Key‑locked elevator provides direct entry into the home; Open kitchen with Wolf, Bosch, and Miele appliances
