Three-Bedroom Residential Income
For Sale
$995,000
255 Clinton Street S3, New York City, NY 10002
Condominium residence with flexible living space, separate kitchen, hardwood floors, and dedicated storage.
Property Size1,022 SF
Price / SF$973.58
Days on Market8
Property Features for 255 Clinton Street S3
General Information
Standard status
Active
Size
1,022 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,008
Building Details
Building Size
1,022 SF
Year Built
1986
Listing Agency:
Compass
Listed By:
Dylan Hildreth Hoffman
(646) 431-2260
Source:
Carlinwright
Added: Sep 17
Changed: Sep 21
Last Checked: Sep 22 at 8:25PM
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.
Residence S3 is a 1,022-square-foot condominium with three bedrooms, one-and-a-half baths, and a layout that separates the sleeping quarters from the main living areas. The living and dining room features high ceilings, hardwood flooring, and a large picture window. A separate galley kitchen includes white cabinetry, generous counter space, a gas range, and a full-size refrigerator. The home also offers a primary-bedroom walk-in closet, additional closets, through-wall air conditioning, and oversized windows. A full bathroom with a tub and shower is complemented by a separate powder room.
The residence is part of Two Bridges Townhouse Condominium, which includes properties at 251-255 Clinton Street, 291-295 Cherry Street, and 305-311 Cherry Street. Its location places the home near the Lower East Side, Chinatown, and the East River waterfront, with dining, shopping, recreation, and transportation nearby. Washer/dryers are not permitted.
The residence is part of Two Bridges Townhouse Condominium, which includes properties at 251-255 Clinton Street, 291-295 Cherry Street, and 305-311 Cherry Street. Its location places the home near the Lower East Side, Chinatown, and the East River waterfront, with dining, shopping, recreation, and transportation nearby. Washer/dryers are not permitted.
Key Highlights
- Three‑bedroom, one‑and‑a‑half‑bath condominium
- 1,022 square feet with separate living and dining areas
- High ceilings, hardwood floors, and oversized 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
$32,077
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
3.22%
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%
$641,540
$641.5K
Cap Rate 7%
$458,243
$458.2K
Cap Rate 9%
$356,411
$356.4K
Market Conditions
NOI Build-Up for 1,022 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
$61.2K $59.88/SF
− Vacancy
−$2.9K −$2.81/SF
EGI
$58.3K $57.07/SF
− OpEx
−$26.2K −$25.68/SF
NOI
$32.1K $31.39/SF
Area
ZIP 10002
Vacancy
4.70%
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%
$641,540
Cap Rate 7%
$458,243
Cap Rate 9%
$356,411
Alternative Uses
Best Use
Apartment 5plus
$458.2K
$401.0K – $534.6K
NOI $32,077 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.54M
$2.23M – $2.97M
NOI $178,073 @ 7.0% cap · market cap 17.90%
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
11,176
Businesses Nearby
Explore this area
Business Placement
Demographics for 10002, NY
82,155
Population
39,646
Households
2.1
Avg Household Size
41
Median Age
39%
College-Educated
71%
High-School Grad
0.8 sq mi
ZIP Area
102,694
Density / Sq Mi
$46,525
Median Household Income
$51,425
Median Earnings
$1,207
Median Rent
$808,500
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 flexible living space, separate kitchen, hardwood floors, and dedicated storage.
Where is this residential income property located?
The property is located at 255 Clinton Street S3 New York City, 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: Three‑bedroom, one‑and‑a‑half‑bath condominium; 1,022 square feet with separate living and dining areas; High ceilings, hardwood floors, and oversized windows
