Corner Residential Income
For Sale
$550,000
350 ALBANY Street 2K, New York City, NY 10280
South-facing one-bedroom condominium with large windows, crown molding, generous closets, and access to multiple building amenities.
Property Size700 SF
Price / SF$785.71
Days on Market161
Property Features for 350 ALBANY Street 2K
General Information
Standard status
Active
Size
700 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Amenities
Fitness Room
Roof Deck
Courtyard
Bike Room
Common Storage Room
Building Details
Building Size
700 SF
Year Built
1986
Listing Agency:
Douglas Elliman Real Estate
(917) 365-6295
Listed By:
CATHERINE K PARK · License #30PA1024730
(917) 365-6295
Source:
Carytamura
Added: Mar 17
Changed: Aug 23
Last Checked: Aug 24 at 2:14PM
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 700-square-foot, one-bedroom condominium occupies a south-facing corner position within Hudson Tower, a building completed in 1986. The residence features a broad living room, oversized windows with custom blinds, crown molding, substantial closet capacity, and a pass-through kitchen with extensive cabinetry and storage. Building amenities include a fitness room, roof deck, courtyard, bike room, and shared storage.
The property is located at 350 Albany Street near the Battery Park Esplanade. Brookfield Place and North Cove Marina are approximately a block away, while Whole Foods, Eataly, and Gristedes provide nearby food and daily shopping options.
The property is located at 350 Albany Street near the Battery Park Esplanade. Brookfield Place and North Cove Marina are approximately a block away, while Whole Foods, Eataly, and Gristedes provide nearby food and daily shopping options.
Key Highlights
- 700 SF south‑facing corner condominium
- One‑bedroom layout with a broad living room and oversized windows
- Pass‑through kitchen with extensive cabinetry and storage
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
$21,901
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
3.98%
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%
$438,020
$438.0K
Cap Rate 7%
$312,871
$312.9K
Cap Rate 9%
$243,344
$243.3K
Market Conditions
NOI Build-Up for 700 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
$41.9K $59.88/SF
− Vacancy
−$2.1K −$2.99/SF
EGI
$39.8K $56.89/SF
− OpEx
−$17.9K −$25.60/SF
NOI
$21.9K $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%
$438,020
Cap Rate 7%
$312,871
Cap Rate 9%
$243,344
Alternative Uses
Best Use
Apartment 5plus
$312.9K
$273.8K – $365.0K
NOI $21,901 @ 7.0% cap · market cap 3.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.74M
$1.52M – $2.03M
NOI $121,968 @ 7.0% cap · market cap 22.18%
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
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
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Frequently Asked Questions
What type of property is this?
Residential income property - South-facing one-bedroom condominium with large windows, crown molding, generous closets, and access to multiple building amenities.
Where is this residential income property located?
The property is located at 350 ALBANY Street 2K New York City, NY.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 700 SF south‑facing corner condominium; One‑bedroom layout with a broad living room and oversized windows; Pass‑through kitchen with extensive cabinetry and storage
