Residential Income Property with Four
For Sale
$2,000,000
310 W 72nd Street 2-CD, New York City, NY 10023
Convertible apartment with pre-war character, generous entertaining space, and a renovation-ready layout.
Property Size2,100 SF
Price / SF$952.38
Days on Market379
Property Features for 310 W 72nd Street 2-CD
General Information
Standard status
Active
Size
2,100 SF
Property subtype
Apartment
Units
Unit Mix
1 x 3BR/2.5BA
Multifamily Units
1
Amenities
24 hour doorman
bike storage
laundry room
playroom
private storage
Building Details
Building Size
2,100 SF
Year Built
1924
Listing Agency:
Blu Realty Group
(212) 580-8879
Listed By:
Jenny J Lee
(212) 580-8879
Source:
Nobleblackandpartners
Added: Jul 29, 2025
Changed: Aug 9
Last Checked: Aug 10 at 9:51AM
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 Blu Realty Group
Investment Insights
Based on property information with market context.
This residential income property is a convertible four-bedroom combination apartment with southern exposure and a current configuration of three bedrooms, two and a half baths, and a home office. The approximately 2,100-square-foot residence features original herringbone parquet flooring with inlay borders, beamed ceilings, a traditional foyer, and an oversized L-shaped great room. A large windowed eat-in galley kitchen includes a service entrance, while the primary bedroom offers an en-suite windowed bathroom and walk-in closet. Two additional bedrooms provide substantial closet space, with one including an en-suite windowed powder room. A washer and dryer may be installed with board approval.
Built in 1924, the full-service co-op at 310 West 72nd Street provides a 24-hour doorman, bike storage, laundry room, playroom, and private storage available for rent. The property is near Riverside Park, Trader Joe’s, Fairway Market, and transportation.
Built in 1924, the full-service co-op at 310 West 72nd Street provides a 24-hour doorman, bike storage, laundry room, playroom, and private storage available for rent. The property is near Riverside Park, Trader Joe’s, Fairway Market, and transportation.
Key Highlights
- Convertible four‑bedroom layout; currently configured with three bedrooms, 2.5 baths, and a home office
- Approximately 2,100 square feet with southern exposure throughout
- Original herringbone parquet floors with inlay borders and beamed ceilings
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
$65,974
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
3.30%
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%
$1,319,480
$1.3M
Cap Rate 7%
$942,486
$942.5K
Cap Rate 9%
$733,044
$733.0K
Market Conditions
NOI Build-Up for 2,100 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
$126.0K $60.00/SF
− Vacancy
−$6.0K −$2.88/SF
EGI
$120.0K $57.12/SF
− OpEx
−$54.0K −$25.70/SF
NOI
$66.0K $31.42/SF
Area
ZIP 10023
Vacancy
4.80%
Lease Rate
$60.00 /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%
$1,319,480
Cap Rate 7%
$942,486
Cap Rate 9%
$733,044
Alternative Uses
Best Use
Apartment 5plus
$942.5K
$824.7K – $1.10M
NOI $65,974 @ 7.0% cap · market cap 3.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.49M
$1.31M – $1.74M
NOI $104,518 @ 7.0% cap · market cap 5.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
25,716
Businesses Nearby
Explore this area
Business Placement
Demographics for 10023, NY
71,164
Population
46,272
Households
1.5
Avg Household Size
42
Median Age
84%
College-Educated
98%
High-School Grad
1.0 sq mi
ZIP Area
71,164
Density / Sq Mi
$157,866
Median Household Income
$109,508
Median Earnings
$3,050
Median Rent
$1,401,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Convertible apartment with pre-war character, generous entertaining space, and a renovation-ready layout.
Where is this residential income property located?
The property is located at 310 W 72nd Street 2-CD New York City, NY.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Convertible four‑bedroom layout; currently configured with three bedrooms, 2.5 baths, and a home office; Approximately 2,100 square feet with southern exposure throughout; Original herringbone parquet floors with inlay borders and beamed ceilings
