Two-Bedroom Residential Income
For Sale
$990,000
3 W 122nd Street 5-C, New York City, NY 10027
900-square-foot apartment in a 24-unit prewar elevator building with renovated kitchen finishes and flexible bedroom potential.
Property Size900 SF
Price / SF$1,100
Days on Market35
Property Features for 3 W 122nd Street 5-C
General Information
Standard status
Active
Size
900 SF
Elevators
Yes
Property subtype
Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$7,212
Building Details
Building Size
900 SF
Year Built
1900
Listing Agency:
Nest Seekers LLC
(917) 370-0394
Listed By:
Ah Young Mondry
(917) 370-0394
Source:
Miradorrealestate
Added: Jul 21
Changed: Aug 24
Last Checked: Aug 24 at 2:55PM
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 Nest Seekers LLC
Investment Insights
Based on property information with market context.
This 900-square-foot apartment occupies a 24-unit prewar elevator building constructed in 1900. The layout includes two bedrooms, each with a closet and sufficient room for king-size beds, along with a 25-foot-wide living and dining room. The generous common area can accommodate a potential third bedroom while retaining living and dining space. A spacious kitchen receives natural light and includes granite countertops and new appliances. The north-facing apartment looks toward the building’s quiet backyard and tree line. The windowed bathroom is undergoing a complete renovation with two sinks.
The property is located within the Mt. Morris Park Historic District on a tree-lined brownstone block. Central Park is a 15-minute walk, while Mt. Morris Park and the Pelham Fritz Recreation Center are nearby. Whole Foods is two blocks away, the 125th Street retail corridor is within walking distance, and Lenox Avenue provides access to multiple dining options.
Transit access includes the 2 and 3 express trains three blocks away, the 4, 5, and 6 trains five blocks away, and Metro-North at 125th Street four blocks away. The station reaches Grand Central in eight minutes. Street parking is available, and the FDR and West Side Highway are five minutes away.
The property is located within the Mt. Morris Park Historic District on a tree-lined brownstone block. Central Park is a 15-minute walk, while Mt. Morris Park and the Pelham Fritz Recreation Center are nearby. Whole Foods is two blocks away, the 125th Street retail corridor is within walking distance, and Lenox Avenue provides access to multiple dining options.
Transit access includes the 2 and 3 express trains three blocks away, the 4, 5, and 6 trains five blocks away, and Metro-North at 125th Street four blocks away. The station reaches Grand Central in eight minutes. Street parking is available, and the FDR and West Side Highway are five minutes away.
Key Highlights
- 900 SF apartment in a 24‑unit prewar elevator building
- Two bedrooms with individual closets and room for king‑size beds
- 25‑foot‑wide living and dining room with potential for a third bedroom
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
$28,159
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
2.84%
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%
$563,180
$563.2K
Cap Rate 7%
$402,271
$402.3K
Cap Rate 9%
$312,878
$312.9K
Market Conditions
NOI Build-Up for 900 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
$53.9K $59.88/SF
− Vacancy
−$2.7K −$2.99/SF
EGI
$51.2K $56.89/SF
− OpEx
−$23.0K −$25.60/SF
NOI
$28.2K $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%
$563,180
Cap Rate 7%
$402,271
Cap Rate 9%
$312,878
Alternative Uses
Best Use
Apartment 5plus
$402.3K
$352.0K – $469.3K
NOI $28,159 @ 7.0% cap · market cap 2.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.24M
$1.96M – $2.61M
NOI $156,816 @ 7.0% cap · market cap 15.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
9,401
Businesses Nearby
Explore this area
Business Placement
Demographics for 10027, NY
64,037
Population
28,038
Households
2.3
Avg Household Size
32
Median Age
52%
College-Educated
87%
High-School Grad
0.9 sq mi
ZIP Area
71,152
Density / Sq Mi
$64,220
Median Household Income
$44,231
Median Earnings
$1,609
Median Rent
$915,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - 900-square-foot apartment in a 24-unit prewar elevator building with renovated kitchen finishes and flexible bedroom potential.
Where is this residential income property located?
The property is located at 3 W 122nd Street 5-C New York City, NY.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: 900 SF apartment in a 24‑unit prewar elevator building; Two bedrooms with individual closets and room for king‑size beds; 25‑foot‑wide living and dining room with potential for a third bedroom
