Residential Income Property with
353 W 56TH Street 5G, New York City, NY 10019
For Sale
$649,000
South-facing studio in a full-service prewar condominium with flexible rental terms and a separate sleeping area.
Property Size582 SF
Days on Market63
Property Features for 353 W 56TH Street 5G
General Information
Standard status
Size
Property subtype
Additional Details
HOA Fee
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
24-hour doorman
live-in superintendent
central laundry
bike storage
Building Details
Building Size
Year Built
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Erik C Ternon · License #30TE1053920
(917) 440-1374
Source:
Serhant
Added: Sep 8
Changed: Nov 3
Last Checked: Nov 8 at 12:39PM
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
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Investment Insights
Based on property information with market context.
Residence 5G is a 582 SF south-facing studio within the Parc Vendome Condominium, a prewar building completed in 1931. The apartment includes a separate sleeping alcove and dedicated dressing area, creating distinct zones for living, sleeping, and storage. Southern exposure brings natural light over the low-rise buildings along West 56th Street.
Building services include a 24-hour doorman, live-in superintendent, central laundry, bike storage, and maintained common areas. The condominium permits rental terms as short as one month, offering flexibility for owners and investors. Common charges include electricity. The property is in Midtown West, near Central Park, Columbus Circle, Lincoln Center, Carnegie Hall, restaurants, shopping, and transportation options.
Building services include a 24-hour doorman, live-in superintendent, central laundry, bike storage, and maintained common areas. The condominium permits rental terms as short as one month, offering flexibility for owners and investors. Common charges include electricity. The property is in Midtown West, near Central Park, Columbus Circle, Lincoln Center, Carnegie Hall, restaurants, shopping, and transportation options.
Key Highlights
- 582 SF south‑facing studio with a separate sleeping alcove
- Dedicated dressing area adds storage and functional separation
- Parc Vendome is a prewar condominium completed in 1931
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,209
Cap Rate
2.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$364,180
$364.2K
Cap Rate 7%
$260,129
$260.1K
Cap Rate 9%
$202,322
$202.3K
Market Conditions
NOI Build-Up for 582 SF
Gross rent
$34.9K $59.88/SF
− Vacancy
−$1.7K −$2.99/SF
EGI
$33.1K $56.89/SF
− OpEx
−$14.9K −$25.60/SF
NOI
$18.2K $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 Rate 5%
$364,180
Cap Rate 7%
$260,129
Cap Rate 9%
$202,322
Alternative Uses
Best Use
Apartment 5plus
$260.1K
$227.6K – $303.5K
NOI $18,209 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$406.9K
$356.0K – $474.7K
NOI $28,482 @ 7.0% cap · market cap 4.39%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,819
Businesses Nearby
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Business Placement
Demographics for 10019, NY
49,029
Population
33,279
Households
1.5
Avg Household Size
38
Median Age
78%
College-Educated
98%
High-School Grad
0.7 sq mi
ZIP Area
70,041
Density / Sq Mi
$121,835
Median Household Income
$108,231
Median Earnings
$2,619
Median Rent
$1,066,100
Median Home Value
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Market
Average Price Trend$/SF for Residential income properties in New York City, NY
Properties on Market for Residential income properties in New York City
Frequently Asked Questions
What type of property is this?
Residential income property - South-facing studio in a full-service prewar condominium with flexible rental terms and a separate sleeping area.
Where is this residential income property located?
The property is located at 353 W 56TH Street 5G New York City, NY.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 582 SF south‑facing studio with a separate sleeping alcove; Dedicated dressing area adds storage and functional separation; Parc Vendome is a prewar condominium completed in 1931
