One-Bedroom Residential Income
For Sale
$775,000
35 E 38TH Street 5G, New York City, NY 10016
Spacious one-bedroom in a full-service Elysabeth condominium with 24-hour doorman, fitness center, and laundry facility.
Property Size775 SF
Days on Market17
Property Features for 35 E 38TH Street 5G
General Information
Standard status
Active
Size
775 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
24-hour doorman service
fitness center
laundry facility
live-in superintendent
stainless steel appliances
deep soaking sink
granite countertops
abundant cabinet storage
Building Details
Building Size
775 SF
Year Built
1961
Listing Agency:
Corcoran Group
(917) 273-4723
Listed By:
Vincent J Circosta
(917) 273-4723
Source:
Serhant
Added: Jul 26
Changed: Aug 8
Last Checked: Aug 10 at 10:07AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
A generously sized one-bedroom, one-bath residence at the Elysabeth Condominium offers an oversized living room with ample space for dining and entertaining, plus a dedicated home office area. The home features a sunny southern exposure with direct views of the Empire State Building, and a large bedroom sized for a king bed along with additional furniture and a desk. Storage is a highlight throughout, with two generous double closets.
The galley kitchen is equipped with stainless steel appliances, a deep soaking sink, granite countertops, and abundant cabinet storage. The bathroom includes classic subway tile.
Residents enjoy a full-service building experience with 24-hour doorman service, a fitness center, a laundry facility, and a live-in superintendent. The property is located just moments from Grand Central, with convenient access to Metro-North and the 4, 5, 6, and Shuttle subway lines, as well as nearby Midtown office, dining, and retail destinations.
The galley kitchen is equipped with stainless steel appliances, a deep soaking sink, granite countertops, and abundant cabinet storage. The bathroom includes classic subway tile.
Residents enjoy a full-service building experience with 24-hour doorman service, a fitness center, a laundry facility, and a live-in superintendent. The property is located just moments from Grand Central, with convenient access to Metro-North and the 4, 5, 6, and Shuttle subway lines, as well as nearby Midtown office, dining, and retail destinations.
Key Highlights
- One‑bedroom, one‑bath residence at the Elysabeth Condominium
- Sunny southern exposure with direct views of the Empire State Building
- Full‑service building with 24‑hour doorman, live‑in superintendent, fitness center, and laundry facility
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
$24,248
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
3.13%
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%
$484,960
$485.0K
Cap Rate 7%
$346,400
$346.4K
Cap Rate 9%
$269,422
$269.4K
Market Conditions
NOI Build-Up for 775 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
$46.4K $59.88/SF
− Vacancy
−$2.3K −$2.99/SF
EGI
$44.1K $56.89/SF
− OpEx
−$19.8K −$25.60/SF
NOI
$24.2K $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%
$484,960
Cap Rate 7%
$346,400
Cap Rate 9%
$269,422
Alternative Uses
Best Use
Apartment 5plus
$346.4K
$303.1K – $404.1K
NOI $24,248 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.93M
$1.69M – $2.25M
NOI $135,036 @ 7.0% cap · market cap 17.42%
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
91,796
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 - Spacious one-bedroom in a full-service Elysabeth condominium with 24-hour doorman, fitness center, and laundry facility.
Where is this residential income property located?
The property is located at 35 E 38TH Street 5G New York City, NY.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: One‑bedroom, one‑bath residence at the Elysabeth Condominium; Sunny southern exposure with direct views of the Empire State Building; Full‑service building with 24‑hour doorman, live‑in superintendent, fitness center, and laundry facility
