Renovated Residential Income
New
For Sale
$350,000
245 W 115TH Street 1A, New York City, NY 10025
Renovated studio condominium with southern exposure, hardwood flooring, updated appliances, and access to shared building amenities.
Property Size350 SF
Price / SF$1,000
Days on Market4
Property Features for 245 W 115TH Street 1A
General Information
Standard status
Active
Size
350 SF
Property subtype
Apartment
Units
Unit Mix
1 x studio
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
backyard patio
bike storage
laundry room
virtual doorman
on-site super
Building Details
Building Size
350 SF
Year Built
1900
Listing Agency:
Douglas Elliman Real Estate
Listed By:
BEVERLEY R DRAGGON · License #40DR0817338
(646) 765-1402
Source:
Nobleblackandpartners
Added: Sep 2
Changed: Sep 4
Last Checked: Sep 4 at 8:38AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This residential income property is a renovated studio condominium with two south-facing windows, a windowed kitchen, wood cabinetry, and new appliances. The residence also includes a windowed bathroom, hardwood floors throughout, and multiple closets. The condominium building was constructed in 1900 and offers a backyard patio, bike storage, laundry facilities, virtual doorman service, and an on-site superintendent.
The property is located at 245 W 115th Street in New York City’s Harlem neighborhood. Public transportation includes the B, C, 2, and 3 subway lines. The surrounding area includes restaurants, shopping, supermarkets, a post office, Starbucks, Columbia, and City College. The building is pet-friendly and situated near Morningside and Central Park.
The property is located at 245 W 115th Street in New York City’s Harlem neighborhood. Public transportation includes the B, C, 2, and 3 subway lines. The surrounding area includes restaurants, shopping, supermarkets, a post office, Starbucks, Columbia, and City College. The building is pet-friendly and situated near Morningside and Central Park.
Key Highlights
- Renovated studio condominium with two south‑facing windows
- Windowed kitchen with wood cabinetry and new appliances
- Hardwood floors throughout with multiple closets
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
$11,521
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
3.29%
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%
$230,420
$230.4K
Cap Rate 7%
$164,586
$164.6K
Cap Rate 9%
$128,011
$128.0K
Market Conditions
NOI Build-Up for 350 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
$22.1K $63.00/SF
− Vacancy
−$1.1K −$3.15/SF
EGI
$20.9K $59.85/SF
− OpEx
−$9.4K −$26.93/SF
NOI
$11.5K $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%
$230,420
Cap Rate 7%
$164,586
Cap Rate 9%
$128,011
Alternative Uses
Best Use
Apartment 5plus
$164.6K
$144.0K – $192.0K
NOI $11,521 @ 7.0% cap · market cap 3.29%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.38M
$1.21M – $1.61M
NOI $96,768 @ 7.0% cap · market cap 27.65%
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
6,138
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated studio condominium with southern exposure, hardwood flooring, updated appliances, and access to shared building amenities.
Where is this residential income property located?
The property is located at 245 W 115TH Street 1A New York City, NY.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Renovated studio condominium with two south‑facing windows; Windowed kitchen with wood cabinetry and new appliances; Hardwood floors throughout with multiple closets
