Loft-Style Junior One-Bedroom
For Sale
$895,000
244 MADISON Avenue 16A, New York City, NY 10016
Loft-style junior one-bedroom in a full-service prewar co-op with a 24-hour doorman and rooftop deck.
Property Size975 SF
Price / SF$917.95
Days on Market165
Property Features for 244 MADISON Avenue 16A
General Information
Standard status
Active
Size
975 SF
Property subtype
Apartment
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x junior one-bedroom
Multifamily Units
1
Amenities
24-hour doorman
live-in superintendent
laundry facilities
rooftop deck
Building Details
Building Size
975 SF
Year Built
1916
Listing Agency:
Brown Harris Stevens Residential Sales LLC
Listed By:
Fern J Hammond
(212) 381-3270
Source:
Carytamura
Added: Mar 26
Changed: Sep 3
Last Checked: Sep 5 at 4:55AM
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 Brown Harris Stevens Residential Sales LLC
Investment Insights
Based on property information with market context.
Residence 10D at 244 Madison Avenue is a renovated loft-style junior one-bedroom with an open feel created by approximately 12-foot ceilings. The layout includes a loft sleeping area, a custom Murphy bed for flexible use, and excellent storage with multiple closets plus a generously sized walk-in. The renovated kitchen features sleek modern finishes and stainless steel appliances.
Built in 1916 by architect Arthur Loomis Harmon, the building is a full-service prewar cooperative. Amenities include a 24-hour doorman, a live-in superintendent, newly upgraded laundry facilities, and a rooftop deck with panoramic city views.
Ownership and residency flexibility is supported by co-purchasing, pied-a-terre ownership, and unlimited subletting after two years. Cats and service dogs are welcome.
Built in 1916 by architect Arthur Loomis Harmon, the building is a full-service prewar cooperative. Amenities include a 24-hour doorman, a live-in superintendent, newly upgraded laundry facilities, and a rooftop deck with panoramic city views.
Ownership and residency flexibility is supported by co-purchasing, pied-a-terre ownership, and unlimited subletting after two years. Cats and service dogs are welcome.
Key Highlights
- Approximately 12‑foot ceilings in a renovated loft‑style junior one‑bedroom
- Loft sleeping area plus a custom Murphy bed for flexible space
- Renovated kitchen with modern finishes and stainless steel 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
$30,505
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
3.41%
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%
$610,100
$610.1K
Cap Rate 7%
$435,786
$435.8K
Cap Rate 9%
$338,944
$338.9K
Market Conditions
NOI Build-Up for 975 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
$58.4K $59.88/SF
− Vacancy
−$2.9K −$2.99/SF
EGI
$55.5K $56.89/SF
− OpEx
−$25.0K −$25.60/SF
NOI
$30.5K $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%
$610,100
Cap Rate 7%
$435,786
Cap Rate 9%
$338,944
Alternative Uses
Best Use
Apartment 5plus
$435.8K
$381.3K – $508.4K
NOI $30,505 @ 7.0% cap · market cap 3.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.43M
$2.12M – $2.83M
NOI $169,884 @ 7.0% cap · market cap 18.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
46,936
Businesses Nearby
Explore this area
Business Placement
Demographics for 10016, NY
62,336
Population
36,985
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
97%
High-School Grad
0.5 sq mi
ZIP Area
124,672
Density / Sq Mi
$153,065
Median Household Income
$107,691
Median Earnings
$3,321
Median Rent
$928,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Loft-style junior one-bedroom in a full-service prewar co-op with a 24-hour doorman and rooftop deck.
Where is this residential income property located?
The property is located at 244 MADISON Avenue 16A New York City, NY.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Approximately 12‑foot ceilings in a renovated loft‑style junior one‑bedroom; Loft sleeping area plus a custom Murphy bed for flexible space; Renovated kitchen with modern finishes and stainless steel appliances
