Residential Income Property with
For Sale
$599,000
333 Rector Place 502, New York City, NY 10280
Alcove studio with in-unit laundry, private outdoor space, and immediate access to waterfront paths.
Property Size551 SF
Days on Market76
Property Features for 333 Rector Place 502
General Information
Standard status
Active
Size
551 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$9,600
Building Details
Building Size
551 SF
Year Built
1985
Listing Agency:
Jade Stone Real Estate Consulting Inc
(917) 494-0531
Listed By:
Anne Huiwen Chang · License #10991211559
(917) 494-0531
Source:
Serhant
Added: May 28
Changed: Aug 11
Last Checked: Aug 10 at 10:00AM
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 Jade Stone Real Estate Consulting Inc
Investment Insights
Based on property information with market context.
This 551-square-foot alcove studio is located within the full-service 1 Rector Park Condominium. The north-facing residence features a courtyard outlook, an efficient floor plan, an open kitchen with generous counter space, and sliding glass doors opening to a private balcony. An additional window serves the sleeping alcove, while an in-unit washer and dryer add everyday convenience.
Building services and amenities include a 24-hour doorman and concierge, an on-site resident manager, residents lounge, children’s playroom, windowed fitness center, business center, bike storage, and garage parking available for an additional fee. The property is adjacent to the Battery Park City Esplanade and sits on Rector Park, with access to landscaped open space and waterfront paths. Brookfield Place and the World Trade Center are nearby, while the Oculus provides connections to multiple subway lines and PATH. The 1 Rector Park Condominium was built in 1985.
Building services and amenities include a 24-hour doorman and concierge, an on-site resident manager, residents lounge, children’s playroom, windowed fitness center, business center, bike storage, and garage parking available for an additional fee. The property is adjacent to the Battery Park City Esplanade and sits on Rector Park, with access to landscaped open space and waterfront paths. Brookfield Place and the World Trade Center are nearby, while the Oculus provides connections to multiple subway lines and PATH. The 1 Rector Park Condominium was built in 1985.
Key Highlights
- 551‑square‑foot north‑facing alcove studio
- Private balcony with courtyard views
- In‑unit washer and dryer
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
$17,239
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
2.88%
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%
$344,780
$344.8K
Cap Rate 7%
$246,271
$246.3K
Cap Rate 9%
$191,544
$191.5K
Market Conditions
NOI Build-Up for 551 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
$33.0K $59.88/SF
− Vacancy
−$1.6K −$2.99/SF
EGI
$31.3K $56.89/SF
− OpEx
−$14.1K −$25.60/SF
NOI
$17.2K $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%
$344,780
Cap Rate 7%
$246,271
Cap Rate 9%
$191,544
Alternative Uses
Best Use
Apartment 5plus
$246.3K
$215.5K – $287.3K
NOI $17,239 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.37M
$1.20M – $1.60M
NOI $96,006 @ 7.0% cap · market cap 16.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
23,291
Businesses Nearby
Explore this area
Business Placement
Demographics for 10280, NY
8,993
Population
5,015
Households
1.8
Avg Household Size
38
Median Age
90%
College-Educated
100%
High-School Grad
0.1 sq mi
ZIP Area
89,930
Density / Sq Mi
$206,250
Median Household Income
$131,677
Median Earnings
$3,501
Median Rent
$893,800
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Alcove studio with in-unit laundry, private outdoor space, and immediate access to waterfront paths.
Where is this residential income property located?
The property is located at 333 Rector Place 502 New York City, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 551‑square‑foot north‑facing alcove studio; Private balcony with courtyard views; In‑unit washer and dryer
