Renovated Residential Income
For Sale
$949,000
Pending
333 E 34TH Street 2M, New York City, NY 10016
Two-bedroom condominium residence with an open layout, quartz-finished kitchen, oak flooring, five custom closets, and full-service building amenities.
Property Size915 SF
Days on Market31
Property Features for 333 E 34TH Street 2M
General Information
Standard status
Pending
Size
915 SF
Property subtype
Apartment
Additional Details
HOA Fee
$267.38
Public Transit
Yes
Multifamily Units
1
Amenities
24-hour doorman
multi-floor laundry
bike storage
on-site superintendent
on-site garage
Building Details
Building Size
915 SF
Year Built
1961
Listing Agency:
Douglas Elliman Real Estate
(646) 300-2779
Listed By:
Myra McCormack · License #10401216720
(646) 300-2779
Source:
Tricialee
Added: Jul 12
Changed: Aug 8
Last Checked: Aug 10 at 9:57AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This renovated two-bedroom condominium residence at 333 E 34TH Street 2M features an open living arrangement connecting the kitchen, dining, and living areas. The kitchen includes an oversized island, white quartz countertops, stainless steel appliances, and a built-in wine refrigerator. Oak flooring extends throughout the home, while the split-bedroom design places the bedrooms along northern exposures. The oversized bathroom has quartz countertops and herringbone tile, and five custom closets provide substantial storage. Laundry is located on the floor.
Built in 1961, The Devon is a full-service, pet-friendly condominium with a 24-hour doorman, on-site superintendent, bike storage, multi-floor laundry, and an on-site garage. The building is in Murray Hill, near restaurants, nightlife, Trader Joe’s, Fairway Market, NYU Langone Health, playgrounds, the East River Esplanade, crosstown bus service, and the Lexington Avenue subway.
Built in 1961, The Devon is a full-service, pet-friendly condominium with a 24-hour doorman, on-site superintendent, bike storage, multi-floor laundry, and an on-site garage. The building is in Murray Hill, near restaurants, nightlife, Trader Joe’s, Fairway Market, NYU Langone Health, playgrounds, the East River Esplanade, crosstown bus service, and the Lexington Avenue subway.
Key Highlights
- Renovated two‑bedroom condominium residence with an open kitchen, living, and dining arrangement
- Kitchen features an oversized island, white quartz countertops, stainless steel appliances, and built‑in wine refrigerator
- Five custom‑designed closets and on‑floor laundry provide practical storage and convenience
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
$28,628
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
3.02%
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%
$572,560
$572.6K
Cap Rate 7%
$408,971
$409.0K
Cap Rate 9%
$318,089
$318.1K
Market Conditions
NOI Build-Up for 915 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
$54.8K $59.88/SF
− Vacancy
−$2.7K −$2.99/SF
EGI
$52.1K $56.89/SF
− OpEx
−$23.4K −$25.60/SF
NOI
$28.6K $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%
$572,560
Cap Rate 7%
$408,971
Cap Rate 9%
$318,089
Alternative Uses
Best Use
Apartment 5plus
$409.0K
$357.9K – $477.1K
NOI $28,628 @ 7.0% cap · market cap 3.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.28M
$1.99M – $2.66M
NOI $159,430 @ 7.0% cap · market cap 16.80%
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
32,374
Businesses Nearby
Explore this area
Business Placement
Demographics for 10016, NY
62,336
Population
36,985
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
97%
High-School Grad
0.5 sq mi
ZIP Area
124,672
Density / Sq Mi
$153,065
Median Household Income
$107,691
Median Earnings
$3,321
Median Rent
$928,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium residence with an open layout, quartz-finished kitchen, oak flooring, five custom closets, and full-service building amenities.
Where is this residential income property located?
The property is located at 333 E 34TH Street 2M New York City, NY.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Renovated two‑bedroom condominium residence with an open kitchen, living, and dining arrangement; Kitchen features an oversized island, white quartz countertops, stainless steel appliances, and built‑in wine refrigerator; Five custom‑designed closets and on‑floor laundry provide practical storage and convenience
