Residential Income Property with River
For Sale
$824,900
Pending
350 Albany Street 8A, New York City, NY 10280
Updated residence with Hudson River views and full-service building amenities.
Property Size840 SF
Days on Market127
Property Features for 350 Albany Street 8A
General Information
Standard status
Pending
Size
840 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1.5BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$19,368
Amenities
24-hour doorman
concierge service
live-in super
laundry on every floor
fitness center
roof deck
Building Details
Building Size
840 SF
Year Built
1986
Listing Agency:
Howard Hanna NYC
Listed By:
Andrew Klima · License #RS374284
(716) 725-9136
Source:
Howardhannanyc
Added: May 11
Changed: Sep 13
Last Checked: Sep 13 at 12:48PM
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 Howard Hanna NYC
Investment Insights
Based on property information with market context.
Residence 8A is a newly completed one-bedroom, one-and-a-half-bath home spanning 840 square feet. East- and west-facing exposures bring varied natural light, while a large picture window looks toward the Hudson River. The open kitchen includes Liebherr, Fisher & Paykel, and Thermador appliances, custom cabinetry, premium counters, and a breakfast bar. The primary suite features custom closets and an ensuite bath, complemented by a separate powder room and new HVAC systems.
The 1986-built Hudson Tower sits on a quiet cul-de-sac and provides a 24-hour doorman, concierge service, live-in superintendent, laundry facilities on every floor, fitness center, and roof deck. Brookfield Place, The Oculus, the Hudson River Esplanade, dining, shopping, and parks are nearby. Transportation options include access to subways, M20 and M9 buses, and the Downtown Connection.
The 1986-built Hudson Tower sits on a quiet cul-de-sac and provides a 24-hour doorman, concierge service, live-in superintendent, laundry facilities on every floor, fitness center, and roof deck. Brookfield Place, The Oculus, the Hudson River Esplanade, dining, shopping, and parks are nearby. Transportation options include access to subways, M20 and M9 buses, and the Downtown Connection.
Key Highlights
- 840‑square‑foot one‑bedroom, 1.5‑bath residence
- East- and west‑facing exposures with Hudson River views
- Open kitchen with Liebherr, Fisher & Paykel, and Thermador appliances
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
$26,281
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
3.19%
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%
$525,620
$525.6K
Cap Rate 7%
$375,443
$375.4K
Cap Rate 9%
$292,011
$292.0K
Market Conditions
NOI Build-Up for 840 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
$50.3K $59.88/SF
− Vacancy
−$2.5K −$2.99/SF
EGI
$47.8K $56.89/SF
− OpEx
−$21.5K −$25.60/SF
NOI
$26.3K $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%
$525,620
Cap Rate 7%
$375,443
Cap Rate 9%
$292,011
Alternative Uses
Best Use
Apartment 5plus
$375.4K
$328.5K – $438.0K
NOI $26,281 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.09M
$1.83M – $2.44M
NOI $146,362 @ 7.0% cap · market cap 17.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Updated residence with Hudson River views and full-service building amenities.
Where is this residential income property located?
The property is located at 350 Albany Street 8A New York City, NY.
What is the asking price?
The asking price for this property is $824,900.
What are key features of this property?
This property features: 840‑square‑foot one‑bedroom, 1.5‑bath residence; East- and west‑facing exposures with Hudson River views; Open kitchen with Liebherr, Fisher & Paykel, and Thermador appliances
