Upgraded Residential Income
For Sale
$839,000
257 W 117th Street 2F, New York City, NY 10026
Flexible condominium residence with two full bathrooms, modern finishes, and full-service building amenities in Harlem.
Property Size952 SF
Price / SF$881.30
Days on Market8
Property Features for 257 W 117th Street 2F
General Information
Standard status
Active
Size
952 SF
Elevators
Yes
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$12,564
Amenities
24-hour doorman
live-in superintendent
ButterflyMX keyless entry
bike storage
transferable storage lockers
in-unit washer/dryer
central air
Building Details
Building Size
952 SF
Year Built
1892
Listing Agency:
Compass
Listed By:
shimaa anwar · License #10401351011
(917) 635-9301
Source:
Howardhannanyc
Added: Sep 9
Changed: Sep 14
Last Checked: Sep 15 at 9:11AM
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 952-square-foot condominium residence at The Fitzgerald combines a primary bedroom with a separate flex room that can serve as an office, guest room, nursery, dressing room, or additional sleeping area. The home includes two full bathrooms, central air, oversized closets, an in-unit Bosch washer and dryer, and an open kitchen equipped with stone counters, white cabinetry, Bosch appliances, a Liebherr refrigerator, and an Elkay sink with disposal. The primary suite features a marble bathroom with a glass-enclosed shower, while the additional bathroom includes a soaking tub.
Building services include a 24-hour doorman, live-in superintendent, elevator, ButterflyMX keyless entry, bike storage, and transferable storage lockers. Adjacent garage parking is available separately. The property is near Morningside Park, Central Park, the B, C, 2, and 3 trains, and Harlem Restaurant Row. Built in 1892.
Building services include a 24-hour doorman, live-in superintendent, elevator, ButterflyMX keyless entry, bike storage, and transferable storage lockers. Adjacent garage parking is available separately. The property is near Morningside Park, Central Park, the B, C, 2, and 3 trains, and Harlem Restaurant Row. Built in 1892.
Key Highlights
- 952‑square‑foot condominium with a primary bedroom and separate flex room
- Two full bathrooms, including a marble en‑suite with glass‑enclosed shower
- Open kitchen with Bosch appliances and Liebherr refrigerator
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
$29,786
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
3.55%
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%
$595,720
$595.7K
Cap Rate 7%
$425,514
$425.5K
Cap Rate 9%
$330,956
$331.0K
Market Conditions
NOI Build-Up for 952 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
$57.0K $59.88/SF
− Vacancy
−$2.9K −$2.99/SF
EGI
$54.2K $56.89/SF
− OpEx
−$24.4K −$25.60/SF
NOI
$29.8K $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%
$595,720
Cap Rate 7%
$425,514
Cap Rate 9%
$330,956
Alternative Uses
Best Use
Apartment 5plus
$425.5K
$372.3K – $496.4K
NOI $29,786 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.37M
$2.07M – $2.76M
NOI $165,876 @ 7.0% cap · market cap 19.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
9,289
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Flexible condominium residence with two full bathrooms, modern finishes, and full-service building amenities in Harlem.
Where is this residential income property located?
The property is located at 257 W 117th Street 2F New York City, NY.
What is the asking price?
The asking price for this property is $839,000.
What are key features of this property?
This property features: 952‑square‑foot condominium with a primary bedroom and separate flex room; Two full bathrooms, including a marble en‑suite with glass‑enclosed shower; Open kitchen with Bosch appliances and Liebherr refrigerator
