Two-Bedroom Residential Income
For Sale
$950,000
32 W 128th Street 4, New York City, NY 10027
Oversized condominium residence with private elevator access, a balcony, abundant storage, and access to boutique building amenities.
Property Size1,229 SF
Price / SF$772.99
Days on Market83
Property Features for 32 W 128th Street 4
General Information
Standard status
Active
Size
1,229 SF
Elevators
Yes
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$676
Amenities
gym
bike storage
rooftop terrace
Building Details
Building Size
1,229 SF
Year Built
2003
Listing Agency:
Compass
(617) 833-5668
Listed By:
John R McGuinness
(617) 833-5668
Source:
Miradorrealestate
Added: Jun 3
Changed: Aug 22
Last Checked: Aug 23 at 9:20AM
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.
This 1,229-square-foot floor-through condominium residence includes two bedrooms and two baths within a 2003 boutique building. The home features an open kitchen with a granite breakfast bar, a spacious living and dining area, oversized windows, custom built-ins, California closets, and additional basement storage. The en-suite primary bedroom includes a private north-facing balcony, while the primary bath offers a soaking tub and separate shower.
Building amenities include a gym, bike storage, and rooftop terrace. The property is on a tree-lined block in Central Harlem near the 125th Street commercial corridor and multiple express subway lines. Trader Joe’s, Whole Foods, Sylvia’s, Red Rooster, Corner Social, local cafés, restaurants, and cultural destinations are also nearby. A 421-a 25-year tax abatement remains in place through 2031.
Building amenities include a gym, bike storage, and rooftop terrace. The property is on a tree-lined block in Central Harlem near the 125th Street commercial corridor and multiple express subway lines. Trader Joe’s, Whole Foods, Sylvia’s, Red Rooster, Corner Social, local cafés, restaurants, and cultural destinations are also nearby. A 421-a 25-year tax abatement remains in place through 2031.
Key Highlights
- 1,229‑square‑foot two‑bedroom, two‑bath condominium residence
- Private north‑facing balcony off the en‑suite primary bedroom
- Open kitchen with granite breakfast bar and oversized living and dining area
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
$38,452
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
4.05%
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%
$769,040
$769.0K
Cap Rate 7%
$549,314
$549.3K
Cap Rate 9%
$427,244
$427.2K
Market Conditions
NOI Build-Up for 1,229 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
$73.6K $59.88/SF
− Vacancy
−$3.7K −$2.99/SF
EGI
$69.9K $56.89/SF
− OpEx
−$31.5K −$25.60/SF
NOI
$38.5K $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%
$769,040
Cap Rate 7%
$549,314
Cap Rate 9%
$427,244
Alternative Uses
Best Use
Apartment 5plus
$549.3K
$480.7K – $640.9K
NOI $38,452 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.06M
$2.68M – $3.57M
NOI $214,141 @ 7.0% cap · market cap 22.54%
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
7,755
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 - Oversized condominium residence with private elevator access, a balcony, abundant storage, and access to boutique building amenities.
Where is this residential income property located?
The property is located at 32 W 128th Street 4 New York City, NY.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 1,229‑square‑foot two‑bedroom, two‑bath condominium residence; Private north‑facing balcony off the en‑suite primary bedroom; Open kitchen with granite breakfast bar and oversized living and dining area
