Residential Income Property with Rooftop
For Sale
$849,000
2605 FREDERICK DOUGLASS Boulevard 3B, New York City, NY 10030
Two-bedroom condominium with an open living area, windowed bathrooms, central air, and hardwood flooring throughout.
Property Size1,244 SF
Price / SF$682.48
Days on Market77
Property Features for 2605 FREDERICK DOUGLASS Boulevard 3B
General Information
Standard status
Active
Size
1,244 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
HOA Fee
$1,332
Public Transit
Yes
Amenities
rooftop terrace
virtual doorman
Building Details
Building Size
1,244 SF
Year Built
1894
Listing Agency:
Serhant
(646) 583-3663
Listed By:
Bradley Arthur Rhyins
(646) 583-3663
Source:
Serhant
Added: May 26
Changed: Aug 9
Last Checked: Aug 10 at 9:48AM
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 Serhant
Investment Insights
Based on property information with market context.
Apartment 3B is a 1,244-square-foot, two-bedroom, two-bathroom condominium with an open arrangement linking the kitchen, dining area, and living room. Walnut cabinetry, quartz counters, a glass mosaic backsplash, peninsula seating, and built-in appliances define the kitchen. Both bedrooms are set apart from the main living area, while the primary suite includes a soaking tub and separate enclosed shower. The second bathroom also has an enclosed shower and an in-unit Bosch washer/dryer. Hardwood floors, recessed lighting, central air conditioning, and windows on multiple exposures complete the interior.
The boutique condominium contains 14 residential units and offers a rooftop terrace with 360-degree views, a virtual doorman, package delivery accommodations, and a pet-friendly policy. The residence is near two supermarkets, Saint Nicholas Park, the Harlem YMCA, Harlem Hospital, the Schomburg Center for Research in Black Culture, and B and C subway service with approximately 15-minute access to Columbus Circle. A 25-Year 421-a Real Estate Tax Abatement remains in effect, with the full 100 percent exemption continuing through tax year 2028/29 and phase-out through tax year 2032/33.
The boutique condominium contains 14 residential units and offers a rooftop terrace with 360-degree views, a virtual doorman, package delivery accommodations, and a pet-friendly policy. The residence is near two supermarkets, Saint Nicholas Park, the Harlem YMCA, Harlem Hospital, the Schomburg Center for Research in Black Culture, and B and C subway service with approximately 15-minute access to Columbus Circle. A 25-Year 421-a Real Estate Tax Abatement remains in effect, with the full 100 percent exemption continuing through tax year 2028/29 and phase-out through tax year 2032/33.
Key Highlights
- 1,244‑square‑foot condominium with two bedrooms and two bathrooms
- Open kitchen, dining, and living arrangement with peninsula seating
- Primary suite includes a soaking tub and separate glass‑enclosed shower
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
$38,921
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
4.58%
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%
$778,420
$778.4K
Cap Rate 7%
$556,014
$556.0K
Cap Rate 9%
$432,456
$432.5K
Market Conditions
NOI Build-Up for 1,244 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
$74.5K $59.88/SF
− Vacancy
−$3.7K −$2.99/SF
EGI
$70.8K $56.89/SF
− OpEx
−$31.8K −$25.60/SF
NOI
$38.9K $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%
$778,420
Cap Rate 7%
$556,014
Cap Rate 9%
$432,456
Alternative Uses
Best Use
Apartment 5plus
$556.0K
$486.5K – $648.7K
NOI $38,921 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.10M
$2.71M – $3.61M
NOI $216,755 @ 7.0% cap · market cap 25.53%
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
7,019
Businesses Nearby
Explore this area
Business Placement
Demographics for 10030, NY
29,686
Population
14,602
Households
2
Avg Household Size
36
Median Age
35%
College-Educated
78%
High-School Grad
0.3 sq mi
ZIP Area
98,953
Density / Sq Mi
$42,738
Median Household Income
$37,388
Median Earnings
$1,204
Median Rent
$810,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium with an open living area, windowed bathrooms, central air, and hardwood flooring throughout.
Where is this residential income property located?
The property is located at 2605 FREDERICK DOUGLASS Boulevard 3B New York City, NY.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 1,244‑square‑foot condominium with two bedrooms and two bathrooms; Open kitchen, dining, and living arrangement with peninsula seating; Primary suite includes a soaking tub and separate glass‑enclosed shower
