Top-Floor Residential Income
New
For Sale
$425,000
245 W 115TH Street 17, New York City, NY 10026
Converted one-bedroom layout with southern exposure and oak hardwood floors.
Property Size400 SF
Price / SF$1,062
Days on Market7
Property Features for 245 W 115TH Street 17
General Information
Standard status
Active
Size
400 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
laundry room
bike storage
common courtyard
garden
patio
BBQ area
Building Details
Building Size
400 SF
Year Built
1900
Listing Agency:
Serhant
(917) 747-1424
Listed By:
Evelyn Torres
(917) 747-1424
Source:
Howardhannanyc
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 10 at 9:53AM
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 Serhant
Investment Insights
Based on property information with market context.
This top-floor condominium measures 400 square feet and was originally configured as a studio before being converted to create a separate bedroom. Southern exposure and an open outlook bring natural light into the residence, while oak hardwood flooring runs throughout. The bedroom includes a custom three-door mirrored closet with built-in organizers. Built in 1900, the property is part of a pet-friendly building that permits subleasing.
Building amenities include a laundry room, bike storage, and a common courtyard and garden with a patio and BBQ area. The residence is around the corner from the B/C subway lines and near the 2/3 trains, with Columbia University, Central Park, Morningside Park, restaurants, cafés, bars, and neighborhood conveniences nearby.
Building amenities include a laundry room, bike storage, and a common courtyard and garden with a patio and BBQ area. The residence is around the corner from the B/C subway lines and near the 2/3 trains, with Columbia University, Central Park, Morningside Park, restaurants, cafés, bars, and neighborhood conveniences nearby.
Key Highlights
- 400 SF top‑floor condominium converted from a studio to a one‑bedroom layout
- Southern exposure with an open outlook and abundant natural light
- Custom three‑door mirrored bedroom closet with built‑in organizers
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
$12,515
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
2.94%
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%
$250,300
$250.3K
Cap Rate 7%
$178,786
$178.8K
Cap Rate 9%
$139,056
$139.1K
Market Conditions
NOI Build-Up for 400 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
$24.0K $59.88/SF
− Vacancy
−$1.2K −$2.99/SF
EGI
$22.8K $56.89/SF
− OpEx
−$10.2K −$25.60/SF
NOI
$12.5K $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%
$250,300
Cap Rate 7%
$178,786
Cap Rate 9%
$139,056
Alternative Uses
Best Use
Apartment 5plus
$178.8K
$156.4K – $208.6K
NOI $12,515 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$995.7K
$871.2K – $1.16M
NOI $69,696 @ 7.0% cap · market cap 16.40%
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
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 - Converted one-bedroom layout with southern exposure and oak hardwood floors.
Where is this residential income property located?
The property is located at 245 W 115TH Street 17 New York City, NY.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 400 SF top‑floor condominium converted from a studio to a one‑bedroom layout; Southern exposure with an open outlook and abundant natural light; Custom three‑door mirrored bedroom closet with built‑in organizers
