Residential Income Property with
For Sale
$645,000
321 E 48th Street 9-D, New York City, NY 10017
One-bedroom condominium with updated finishes, strong natural light, and extensive building amenities.
Property Size750 SF
Price / SF$860
Days on Market67
Property Features for 321 E 48th Street 9-D
General Information
Standard status
Active
Size
750 SF
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$8,172
Amenities
24-hour doorman
laundry facilities
bike storage
additional storage space
pet-friendly
Building Details
Building Size
750 SF
Year Built
1961
Listing Agency:
ICONIC PROS
(929) 273-8757
Listed By:
Shail Barot · License #10401343910
(929) 273-8757
Source:
Serhant
Added: Jun 19
Changed: Aug 24
Last Checked: Aug 23 at 8:55AM
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 ICONIC PROS
Investment Insights
Based on property information with market context.
Residence 9D is a 750-square-foot, one-bedroom, one-bath condominium with South and West exposures that bring natural light into the living areas. The living room offers flexible use, while the bedroom includes a large closet and additional storage. A windowed kitchen features an externally vented fan, a new Avanti gas range, and plentiful cabinetry. Fresh paint, luxury vinyl plank flooring, Bali faux wood blinds, and other recent interior updates complete the residence.
The 1961 elevator building provides a 24-hour doorman, laundry facilities, bike storage, additional storage, and a pet-friendly policy. All utilities are included except electricity. The property is located at 321 E 48th Street in Turtle Bay, near Dag Hammarskjold Plaza, East Midtown waterfront paths, Trader Joe’s, Whole Foods, dining, shopping, Grand Central, and major transportation.
The 1961 elevator building provides a 24-hour doorman, laundry facilities, bike storage, additional storage, and a pet-friendly policy. All utilities are included except electricity. The property is located at 321 E 48th Street in Turtle Bay, near Dag Hammarskjold Plaza, East Midtown waterfront paths, Trader Joe’s, Whole Foods, dining, shopping, Grand Central, and major transportation.
Key Highlights
- 750‑square‑foot condominium with one bedroom and one bath
- South and West exposures provide abundant natural light
- Windowed kitchen with externally vented fan and new Avanti gas range
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
$23,465
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
3.64%
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%
$469,300
$469.3K
Cap Rate 7%
$335,214
$335.2K
Cap Rate 9%
$260,722
$260.7K
Market Conditions
NOI Build-Up for 750 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
$44.9K $59.88/SF
− Vacancy
−$2.2K −$2.99/SF
EGI
$42.7K $56.89/SF
− OpEx
−$19.2K −$25.60/SF
NOI
$23.5K $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%
$469,300
Cap Rate 7%
$335,214
Cap Rate 9%
$260,722
Alternative Uses
Best Use
Apartment 5plus
$335.2K
$293.3K – $391.1K
NOI $23,465 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.87M
$1.63M – $2.18M
NOI $130,680 @ 7.0% cap · market cap 20.26%
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
38,138
Businesses Nearby
Explore this area
Business Placement
Demographics for 10017, NY
17,401
Population
12,866
Households
1.4
Avg Household Size
38
Median Age
85%
College-Educated
97%
High-School Grad
0.3 sq mi
ZIP Area
58,003
Density / Sq Mi
$132,518
Median Household Income
$94,214
Median Earnings
$2,980
Median Rent
$808,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom condominium with updated finishes, strong natural light, and extensive building amenities.
Where is this residential income property located?
The property is located at 321 E 48th Street 9-D New York City, NY.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: 750‑square‑foot condominium with one bedroom and one bath; South and West exposures provide abundant natural light; Windowed kitchen with externally vented fan and new Avanti gas range
