Residential Income Property with
For Sale
$995,000
248 E 31st Street 5A, Manhattan, NY 10016
The condominium pairs a wood-burning fireplace with two private outdoor terraces.
Property Size1,184 SF
Price / SF$840.37
Days on Market23
Property Features for 248 E 31st Street 5A
General Information
Standard status
Active
Size
1,184 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$17,796
Amenities
fireplace
private terrace
dishwasher
washer/dryer
individually controlled heat and AC
wood floors
exposed brick
doorman
roof deck
storage
bike room
pet friendly
Building Details
Building Size
1,184 SF
Year Built
1925
Listing Agency:
Sothebys International Realty
Listed By:
Anthony Ligorelli
(212) 710-1900
Source:
Carytamura
Added: Oct 9
Changed: Oct 31
Last Checked: Oct 30 at 9:59PM
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 Sothebys International Realty
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Investment Insights
Based on property information with market context.
This 1,184-square-foot, one-bedroom condominium has a separate living and dining area, wood floors, exposed brick, and a wood-burning fireplace. Two private terraces provide outdoor space, with one adjoining the bedroom. The windowed eat-in kitchen includes stainless steel appliances, a dishwasher, marble countertops, subway tile backsplash, and a built-in banquet. In-unit laundry, individually controlled heat and air conditioning, and a windowed bathroom complete the apartment.
The Greenhouse Condominium dates to 1925 and was converted to condominium use in 1982. Building amenities include a 24-hour doorman, full-time superintendent, roof deck, storage areas, and a bike room. Trader Joe’s, Fairway, restaurants, parks, and major transportation are cited among the nearby conveniences; the terraces offer views of the Chrysler Building and skyline.
The Greenhouse Condominium dates to 1925 and was converted to condominium use in 1982. Building amenities include a 24-hour doorman, full-time superintendent, roof deck, storage areas, and a bike room. Trader Joe’s, Fairway, restaurants, parks, and major transportation are cited among the nearby conveniences; the terraces offer views of the Chrysler Building and skyline.
Key Highlights
- 1,184‑square‑foot one‑bedroom condominium
- Two private terraces, including one off the bedroom
- Living and dining area with wood‑burning fireplace and exposed brick
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,044
Cap Rate
3.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$740,880
$740.9K
Cap Rate 7%
$529,200
$529.2K
Cap Rate 9%
$411,600
$411.6K
Market Conditions
NOI Build-Up for 1,184 SF
Gross rent
$70.9K $59.88/SF
− Vacancy
−$3.5K −$2.99/SF
EGI
$67.4K $56.89/SF
− OpEx
−$30.3K −$25.60/SF
NOI
$37.0K $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 Rate 5%
$740,880
Cap Rate 7%
$529,200
Cap Rate 9%
$411,600
Alternative Uses
Best Use
Apartment 5plus
$529.2K
$463.1K – $617.4K
NOI $37,044 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.95M
$2.58M – $3.44M
NOI $206,300 @ 7.0% cap · market cap 20.73%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
46,936
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - The condominium pairs a wood-burning fireplace with two private outdoor terraces.
Where is this residential income property located?
The property is located at 248 E 31st Street 5A Manhattan, NY.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 1,184‑square‑foot one‑bedroom condominium; Two private terraces, including one off the bedroom; Living and dining area with wood‑burning fireplace and exposed brick
