Residential Income Property with
For Sale
$649,000
353 W 56TH Street 5G, New York City, NY 10019
South-facing studio in a full-service prewar condominium with flexible rental terms and a separate sleeping area.
Property Size582 SF
Price / SF$1,115
Days on Market11
Property Features for 353 W 56TH Street 5G
General Information
Standard status
Active
Size
582 SF
Property subtype
Apartment
Additional Details
HOA Fee
$98
Multifamily Units
1
Amenities
24-hour doorman
live-in superintendent
central laundry
bike storage
Building Details
Building Size
582 SF
Year Built
1931
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Erik C Ternon · License #30TE1053920
(917) 440-1374
Source:
Carytamura
Added: Sep 8
Changed: Sep 17
Last Checked: Sep 17 at 12:47AM
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.
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 = 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
$18,209
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
2.81%
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%
$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
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
$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 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%
$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
Specialty Retail
$1.45M
$1.27M – $1.69M
NOI $101,408 @ 7.0% cap · market cap 15.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,819
Businesses Nearby
Explore this area
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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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
