One-Bedroom Residential Income
For Sale
$465,000
249 E 118th Street 3B, New York City, NY 10035
Condominium residence with a Juliet balcony, custom kitchen, and in-unit laundry.
Property Size565 SF
Price / SF$823.01
Days on Market27
Property Features for 249 E 118th Street 3B
General Information
Standard status
Active
Size
565 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$372
Amenities
Juliet balcony
solid maple hardwood floors
oversized double-pane windows
recessed lighting
custom cabinetry
Quartz countertops
tiled backsplash
GE Profile stainless steel appliances
in-unit washer/dryer
marble bathroom
deep soaking tub
dedicated HVAC
Building Details
Building Size
565 SF
Year Built
2006
Listing Agency:
Compass
(917) 531-5193
Listed By:
Mitchell H Simmons
(917) 531-5193
Source:
Carlinwright
Added: Jul 15
Changed: Aug 9
Last Checked: Aug 10 at 9:21AM
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 Compass
Investment Insights
Based on property information with market context.
This 565-square-foot condominium residence offers one bedroom, one bathroom, and a Juliet balcony. The interior includes solid maple hardwood floors, oversized double-pane windows, recessed lighting, and a dedicated heating, air conditioning, and hot water system. The open pass-through kitchen is finished with custom cabinetry, Quartz Caesarstone countertops, a tiled backsplash, GE Profile stainless steel appliances, and a Moen faucet. An in-unit GE stackable washer and dryer adds convenience. The bathroom features marble floors, tiled walls with marble trim, a deep soaking tub, and American Standard fixtures, along with a custom marble-topped vanity.
Built in 2006, The Ivy Condominium is near multiple subway lines, the crosstown bus, and the Second Avenue bus. The residence is also close to shopping, dining, and neighborhood conveniences in the Upper East Side and Harlem. Real estate taxes benefit from a 421-a tax abatement in effect until 2033.
Built in 2006, The Ivy Condominium is near multiple subway lines, the crosstown bus, and the Second Avenue bus. The residence is also close to shopping, dining, and neighborhood conveniences in the Upper East Side and Harlem. Real estate taxes benefit from a 421-a tax abatement in effect until 2033.
Key Highlights
- 565‑square‑foot condominium residence with 1 bedroom and 1 bathroom
- Juliet balcony with tree‑lined views
- Solid maple hardwood floors and oversized double‑pane windows
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
$17,677
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
3.80%
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%
$353,540
$353.5K
Cap Rate 7%
$252,529
$252.5K
Cap Rate 9%
$196,411
$196.4K
Market Conditions
NOI Build-Up for 565 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
$33.8K $59.88/SF
− Vacancy
−$1.7K −$2.99/SF
EGI
$32.1K $56.89/SF
− OpEx
−$14.5K −$25.60/SF
NOI
$17.7K $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%
$353,540
Cap Rate 7%
$252,529
Cap Rate 9%
$196,411
Alternative Uses
Best Use
Apartment 5plus
$252.5K
$221.0K – $294.6K
NOI $17,677 @ 7.0% cap · market cap 3.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.41M
$1.23M – $1.64M
NOI $98,446 @ 7.0% cap · market cap 21.17%
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
6,680
Businesses Nearby
Explore this area
Business Placement
Demographics for 10035, NY
35,980
Population
16,340
Households
2.2
Avg Household Size
38
Median Age
31%
College-Educated
76%
High-School Grad
1.4 sq mi
ZIP Area
25,700
Density / Sq Mi
$40,556
Median Household Income
$44,042
Median Earnings
$1,283
Median Rent
$663,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium residence with a Juliet balcony, custom kitchen, and in-unit laundry.
Where is this residential income property located?
The property is located at 249 E 118th Street 3B New York City, NY.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: 565‑square‑foot condominium residence with 1 bedroom and 1 bathroom; Juliet balcony with tree‑lined views; Solid maple hardwood floors and oversized double‑pane windows
