Residential Income Property with Alcove
For Sale
$379,000
330 3RD Avenue 5L, New York City, NY 10010
Converted junior one-bedroom with a renovated open kitchen, custom storage, and flexible living space for dining or work.
Property Size600 SF
Days on Market10
Property Features for 330 3RD Avenue 5L
General Information
Standard status
Active
Size
600 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
live-in superintendent
24-hour door attendant
renovated lobby
mailroom
laundry facilities
on-site garage
bike room
storage rooms
Building Details
Building Size
600 SF
Year Built
1964
Listing Agency:
Brown Harris Stevens Residential Sales LLC
Listed By:
Andrew D Saracino
(212) 381-4235
Source:
Tricialee
Added: Sep 16
Changed: Sep 23
Last Checked: Sep 24 at 6:18PM
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 Brown Harris Stevens Residential Sales LLC
Investment Insights
Based on property information with market context.
This residential income property at 330 3rd Avenue is an oversized alcove studio converted to a junior one-bedroom. The layout includes an entry foyer suitable for dining, a large living area with room for a home office, and a renovated open kitchen with light maple cabinetry, full-size appliances, and substantial counter and cabinet storage. Custom-fitted closets and a modern bathroom add practical utility. The building was completed in 1964.
Building services include a live-in superintendent, 24-hour door attendant, and on-site staff. Common-area improvements include the lobby, mailroom, hallways, and laundry facilities. Residents also have access to an on-site garage, bike room, and storage rooms. Co-purchases and pied-à-terres are permitted, along with up to two dogs weighing 40 lbs. each. Subletting is allowed after two years of ownership for up to five years.
Building services include a live-in superintendent, 24-hour door attendant, and on-site staff. Common-area improvements include the lobby, mailroom, hallways, and laundry facilities. Residents also have access to an on-site garage, bike room, and storage rooms. Co-purchases and pied-à-terres are permitted, along with up to two dogs weighing 40 lbs. each. Subletting is allowed after two years of ownership for up to five years.
Key Highlights
- Oversized alcove studio converted to a junior one‑bedroom
- Renovated open kitchen with full‑size appliances and light maple cabinetry
- Entry foyer provides room for a 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
$18,772
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
4.95%
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%
$375,440
$375.4K
Cap Rate 7%
$268,171
$268.2K
Cap Rate 9%
$208,578
$208.6K
Market Conditions
NOI Build-Up for 600 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
$35.9K $59.88/SF
− Vacancy
−$1.8K −$2.99/SF
EGI
$34.1K $56.89/SF
− OpEx
−$15.4K −$25.60/SF
NOI
$18.8K $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%
$375,440
Cap Rate 7%
$268,171
Cap Rate 9%
$208,578
Alternative Uses
Best Use
Apartment 5plus
$268.2K
$234.7K – $312.9K
NOI $18,772 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.49M
$1.31M – $1.74M
NOI $104,544 @ 7.0% cap · market cap 27.58%
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
49,216
Businesses Nearby
Explore this area
Business Placement
Demographics for 10010, NY
33,991
Population
19,014
Households
1.8
Avg Household Size
35
Median Age
81%
College-Educated
97%
High-School Grad
0.4 sq mi
ZIP Area
84,978
Density / Sq Mi
$156,127
Median Household Income
$109,691
Median Earnings
$3,113
Median Rent
$1,037,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Converted junior one-bedroom with a renovated open kitchen, custom storage, and flexible living space for dining or work.
Where is this residential income property located?
The property is located at 330 3RD Avenue 5L New York City, NY.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: Oversized alcove studio converted to a junior one‑bedroom; Renovated open kitchen with full‑size appliances and light maple cabinetry; Entry foyer provides room for a dining area
