Residential Income Property with Roof
For Sale
$585,000
353 E 104TH Street 2FF, New York City, NY 10029
One-bedroom condominium residence with stainless steel kitchen appliances, bamboo flooring, and access to shared building amenities.
Property Size500 SF
Price / SF$1,170
Days on Market14
Property Features for 353 E 104TH Street 2FF
General Information
Standard status
Active
Size
500 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$8,640
Amenities
fitness center
landscaped common roof deck
bike room
package room
refrigerated cold storage
private storage
Building Details
Building Size
500 SF
Year Built
2007
Listing Agency:
Ferenets Iryna
Listed By:
Iryna Ferenets
(917) 224-5449
Source:
Nobleblackandpartners
Added: Sep 11
Changed: Sep 23
Last Checked: Sep 22 at 9:18PM
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 Ferenets Iryna
Investment Insights
Based on property information with market context.
This one-bedroom, one-bath condominium residence at Observatory Place offers an open kitchen with stainless steel appliances, ample cabinetry, and adjoining living and dining areas. Bamboo flooring extends throughout the home, while the bedroom accommodates a king-size bed and additional furnishings. The property is located in a LEED-certified condominium completed in 2007.
Building amenities include a fitness center, landscaped common roof deck with skyline views, bike room, package room, refrigerated cold storage, and private storage availability. A part-time superintendent provides on-site building support. The residence is at 353 E 104TH Street in New York City, between First and Second Avenues, with access to the Q and 6 trains. Central Park, Museum Mile, Randall's Island, and nearby restaurants and cafés are also within the surrounding area.
Building amenities include a fitness center, landscaped common roof deck with skyline views, bike room, package room, refrigerated cold storage, and private storage availability. A part-time superintendent provides on-site building support. The residence is at 353 E 104TH Street in New York City, between First and Second Avenues, with access to the Q and 6 trains. Central Park, Museum Mile, Randall's Island, and nearby restaurants and cafés are also within the surrounding area.
Key Highlights
- One‑bedroom, one‑bath residence at Observatory Place
- Open kitchen with stainless steel appliances and generous cabinet storage
- Bamboo flooring throughout the residence
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
$19,067
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
3.26%
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%
$381,340
$381.3K
Cap Rate 7%
$272,386
$272.4K
Cap Rate 9%
$211,856
$211.9K
Market Conditions
NOI Build-Up for 500 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
$36.0K $72.00/SF
− Vacancy
−$1.3K −$2.66/SF
EGI
$34.7K $69.34/SF
− OpEx
−$15.6K −$31.20/SF
NOI
$19.1K $38.13/SF
Area
ZIP 10029
Vacancy
3.70%
Lease Rate
$72.00 /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%
$381,340
Cap Rate 7%
$272,386
Cap Rate 9%
$211,856
Alternative Uses
Best Use
Apartment 5plus
$272.4K
$238.3K – $317.8K
NOI $19,067 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.78M
$1.56M – $2.08M
NOI $124,875 @ 7.0% cap · market cap 21.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
6,535
Businesses Nearby
Explore this area
Business Placement
Demographics for 10029, NY
78,141
Population
36,955
Households
2.1
Avg Household Size
36
Median Age
36%
College-Educated
78%
High-School Grad
1.2 sq mi
ZIP Area
65,118
Density / Sq Mi
$38,308
Median Household Income
$41,951
Median Earnings
$1,183
Median Rent
$818,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom condominium residence with stainless steel kitchen appliances, bamboo flooring, and access to shared building amenities.
Where is this residential income property located?
The property is located at 353 E 104TH Street 2FF New York City, NY.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: One‑bedroom, one‑bath residence at Observatory Place; Open kitchen with stainless steel appliances and generous cabinet storage; Bamboo flooring throughout the residence
