8-Unit Apartment
For Sale
$1,499,000
363 Westervelt Avenue, Staten Island, NY 10301
Legal SRO property with a mix of studio and one-bedroom apartments in a fully occupied configuration.
Property Size2,376 SF
Price / SF$630.89
Days on Market733
Property Features for 363 Westervelt Avenue
General Information
Standard status
Active
Size
2,376 SF
Property subtype
MultiFamily
Zoning
R3A
Occupancy
100%
Units
Unit Mix
2 x one-bedroom, 6 x studio
Multifamily Units
8
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,328
Amenities
8
Gas
Hot Water
8.00
Finished
Full
Vinyl Siding
Building Details
Year Built
1899
Buildings
1
Listing Agency:
American Homes Group
(917) 531-1100
Listed By:
Ron Molcho · License #10311206568
(917) 531-1100
Source:
Compass
Added: Aug 28, 2024
Changed: Aug 30
Last Checked: Aug 30 at 7:39AM
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 American Homes Group
Investment Insights
Based on property information with market context.
This 2,376-square-foot apartment building at 363 Westervelt Avenue contains eight bedrooms arranged as two one-bedroom apartments and six studios. The property has legal SRO status, and six apartments were recently renovated. The building dates to 1899 and includes gas service and hot water.
The property is in the St. George neighborhood of Staten Island, a short distance from the Staten Island Ferry, Empire Outlets, downtown eateries, and pubs. It is zoned R3A and is currently fully occupied.
The property is in the St. George neighborhood of Staten Island, a short distance from the Staten Island Ferry, Empire Outlets, downtown eateries, and pubs. It is zoned R3A and is currently fully occupied.
Key Highlights
- 8‑unit legal SRO apartment building
- 2,376 SF property with 8 bedrooms
- Unit mix includes 2 one‑bedroom apartments and 6 studios
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
$52,690
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
3.52%
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%
$1,053,800
$1.1M
Cap Rate 7%
$752,714
$752.7K
Cap Rate 9%
$585,444
$585.4K
Market Conditions
NOI Build-Up for 2,376 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
$99.8K $42.00/SF
− Vacancy
−$4.0K −$1.68/SF
EGI
$95.8K $40.32/SF
− OpEx
−$43.1K −$18.14/SF
NOI
$52.7K $22.18/SF
Area
Staten Island, NY
Vacancy
4.00%
Lease Rate
$42.00 /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%
$1,053,800
Cap Rate 7%
$752,714
Cap Rate 9%
$585,444
Alternative Uses
Best Use
Apartment 5plus
$752.7K
$658.6K – $878.2K
NOI $52,690 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.13M
$992.0K – $1.32M
NOI $79,359 @ 7.0% cap · market cap 5.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,739
Businesses Nearby
Explore this area
Business Placement
Demographics for 10301, NY
41,474
Population
16,631
Households
2.5
Avg Household Size
40
Median Age
38%
College-Educated
88%
High-School Grad
3.8 sq mi
ZIP Area
10,914
Density / Sq Mi
$84,937
Median Household Income
$50,140
Median Earnings
$1,697
Median Rent
$657,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Legal SRO property with a mix of studio and one-bedroom apartments in a fully occupied configuration.
Where is this apartment building located?
The property is located at 363 Westervelt Avenue Staten Island, NY.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: 8‑unit legal SRO apartment building; 2,376 SF property with 8 bedrooms; Unit mix includes 2 one‑bedroom apartments and 6 studios
