Renaissance Revival Townhouse with
For Sale
$6,125,000
306 W 78TH St, New York, NY 10024
1895 building with owner's duplex plus seven rental units.
Property Size5,648 SF
Lot Size0.04 Acres
Price / SF$1,084
Days on Market168
Property Features for 306 W 78TH St
General Information
Standard status
Active
Size
5,648 SF
Lot size
0.04 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$104,616
Building Details
Building Size
5,648 SF
Year Built
1910
Listing Agency:
(212) 371-8200
Listed By:
Sophie Smadbeck
(212) 371-8200
Source:
Elliman
Added: Mar 10
Changed: Aug 23
Last Checked: Aug 22 at 10:12AM
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 Sophie Smadbeck
Investment Insights
Based on property information with market context.
Originally constructed in 1895 by architect J.W. Davison, this 18-foot-wide townhouse at 306 West 78th Street is the third of four townhouses designed in the Renaissance Revival style. The property features a modern, light-filled owner's duplex and seven additional rental units, encompassing approximately 5,648 square feet of interior space. The building's strong rent roll and renovated owner's unit with outdoor space provide flexibility. The property is suitable for conversion to a single-family residence, use by a live-in owner seeking to offset expenses with rental income, or acquisition by an investor completing a tax-free exchange. Situated on a tree-lined block near Riverside Park, 306 West 78th Street is located close to schools, restaurants, retail, and cultural institutions on the Upper West Side.
Key Highlights
- Prime Upper West Side location near Riverside Park, top schools, restaurants, retail, and cultural institutions.
- Spacious (5,648 sq ft) property with a renovated, light‑filled owner's duplex and generous outdoor space.**
- Strong rental income potential with seven additional rental units.
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
$176,711
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
2.89%
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%
$3,534,220
$3.5M
Cap Rate 7%
$2,524,443
$2.5M
Cap Rate 9%
$1,963,456
$2.0M
Market Conditions
NOI Build-Up for 5,648 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
$338.2K $59.88/SF
− Vacancy
−$16.9K −$2.99/SF
EGI
$321.3K $56.89/SF
− OpEx
−$144.6K −$25.60/SF
NOI
$176.7K $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%
$3,534,220
Cap Rate 7%
$2,524,443
Cap Rate 9%
$1,963,456
Alternative Uses
Best Use
Apartment 5plus
$2.52M
$2.21M – $2.95M
NOI $176,711 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$14.06M
$12.30M – $16.40M
NOI $984,108 @ 7.0% cap · market cap 16.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
24,726
Businesses Nearby
Explore this area
Business Placement
Demographics for 10024, NY
62,250
Population
36,723
Households
1.7
Avg Household Size
43
Median Age
84%
College-Educated
97%
High-School Grad
0.9 sq mi
ZIP Area
69,167
Density / Sq Mi
$182,614
Median Household Income
$117,078
Median Earnings
$2,965
Median Rent
$1,746,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 1895 building with owner's duplex plus seven rental units.
Where is this apartment building located?
The property is located at 306 W 78TH St New York, NY.
What is the asking price?
The asking price for this property is $6,125,000.
What are key features of this property?
This property features: Prime Upper West Side location near Riverside Park, top schools, restaurants, retail, and cultural institutions.; Spacious (5,648 sq ft) property with a renovated, light‑filled owner's duplex and generous outdoor space.**; Strong rental income potential with seven additional rental units.
