Renovated Residential Income
For Sale
$1,495,000
261 W 137th Street 3, New York City, NY 10030
Three-bedroom duplex condominium with updated interiors, generous living space, and a flexible bedroom or office on the main level.
Property Size1,968 SF
Price / SF$759.65
Days on Market14
Property Features for 261 W 137th Street 3
General Information
Standard status
Active
Size
1,968 SF
Property subtype
Apartment
Units
Unit Mix
1 x 3BR/2.5BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$10,020
Amenities
in-unit washer/dryer
high ceilings
hardwood floors
Pella insulated double-pane windows
Mitsubishi ductless heating and cooling
Building Details
Building Size
1,968 SF
Year Built
1910
Listing Agency:
Compass
Listed By:
Josue Galdos
(917) 319-2990
Source:
Miradorrealestate
Added: Sep 11
Changed: Sep 21
Last Checked: Sep 22 at 9:07PM
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 3 is a renovated duplex condominium within a three-unit building, offering 1,968 square feet across the top two floors. The main level combines living and dining areas with an updated kitchen equipped with quartz countertops, stainless-steel appliances, and extensive cabinetry. One bedroom and a powder room are also located on this floor. Two additional bedrooms and two full bathrooms occupy the upper level, including a primary suite with a private bath and a separate nook. An in-unit washer and dryer is positioned upstairs.
Interior features include high ceilings, hardwood flooring, Pella insulated double-pane windows, and Mitsubishi ductless heating and cooling. The property is at 261 W 137th Street in Central Harlem, near the 2 and 3 trains at West 135th Street and Lenox Avenue and the B and C trains at West 135th Street and St. Nicholas Avenue. Citi Bike stations, supermarkets, restaurants, and cafes are also nearby. The building was constructed in 1910.
Interior features include high ceilings, hardwood flooring, Pella insulated double-pane windows, and Mitsubishi ductless heating and cooling. The property is at 261 W 137th Street in Central Harlem, near the 2 and 3 trains at West 135th Street and Lenox Avenue and the B and C trains at West 135th Street and St. Nicholas Avenue. Citi Bike stations, supermarkets, restaurants, and cafes are also nearby. The building was constructed in 1910.
Key Highlights
- 1,968 SF duplex residence spanning the top two floors of a three‑unit condominium
- Three bedrooms and 2.5 bathrooms, including a primary bedroom with en suite bath
- Renovated kitchen with quartz countertops, stainless‑steel appliances, and ample cabinetry
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
$61,573
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
4.12%
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%
$1,231,460
$1.2M
Cap Rate 7%
$879,614
$879.6K
Cap Rate 9%
$684,144
$684.1K
Market Conditions
NOI Build-Up for 1,968 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
$117.8K $59.88/SF
− Vacancy
−$5.9K −$2.99/SF
EGI
$112.0K $56.89/SF
− OpEx
−$50.4K −$25.60/SF
NOI
$61.6K $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%
$1,231,460
Cap Rate 7%
$879,614
Cap Rate 9%
$684,144
Alternative Uses
Best Use
Apartment 5plus
$879.6K
$769.7K – $1.03M
NOI $61,573 @ 7.0% cap · market cap 4.12%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.90M
$4.29M – $5.72M
NOI $342,904 @ 7.0% cap · market cap 22.94%
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
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom duplex condominium with updated interiors, generous living space, and a flexible bedroom or office on the main level.
Where is this residential income property located?
The property is located at 261 W 137th Street 3 New York City, NY.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 1,968 SF duplex residence spanning the top two floors of a three‑unit condominium; Three bedrooms and 2.5 bathrooms, including a primary bedroom with en suite bath; Renovated kitchen with quartz countertops, stainless‑steel appliances, and ample cabinetry
