Residential Income Property with Park
For Sale
$1,350,000
371 MORNINGSIDE Avenue 4A, New York City, NY 10027
Three-bedroom residence with a custom kitchen, two bathrooms, and separated sleeping quarters.
Property Size1,415 SF
Price / SF$954.06
Days on Market74
Property Features for 371 MORNINGSIDE Avenue 4A
General Information
Standard status
Active
Size
1,415 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
attended lobby
fitness center
bike storage
sun deck
Building Details
Building Size
1,415 SF
Year Built
2020
Listing Agency:
Douglas Elliman Real Estate
(646) 467-4694
Listed By:
Sahar Ziv · License #SL3599882
(646) 467-4694
Source:
Miradorrealestate
Added: May 29
Changed: Aug 5
Last Checked: Aug 10 at 9:25AM
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.
This 1,415-square-foot residential income property, completed in 2020, contains a three-bedroom condominium residence with an expansive great room, two south-facing windows, and a separate kitchen. The primary suite includes a walk-in closet, while two additional bedrooms are positioned apart from the main living area. Kitchen improvements include Italian oak cabinetry, quartzite and quartz surfaces, Bosch appliances, a gas range, and a microwave. The residence also has two bathrooms with marble, porcelain, and glass tile finishes.
The condominium building includes 23 residences and is positioned across from Morningside Park in Harlem. Building amenities include an attended lobby, fitness center, bike storage, and furnished sun deck. The property is described as being near express subway service and Frederick Douglass Boulevard, with a 15-year 421a tax abatement.
The condominium building includes 23 residences and is positioned across from Morningside Park in Harlem. Building amenities include an attended lobby, fitness center, bike storage, and furnished sun deck. The property is described as being near express subway service and Frederick Douglass Boulevard, with a 15-year 421a tax abatement.
Key Highlights
- 1,415 SF three‑bedroom condominium residence
- Park‑facing position with two oversized south‑facing windows
- Primary suite with walk‑in closet and two additional bedrooms
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
$44,272
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
3.28%
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%
$885,440
$885.4K
Cap Rate 7%
$632,457
$632.5K
Cap Rate 9%
$491,911
$491.9K
Market Conditions
NOI Build-Up for 1,415 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
$84.7K $59.88/SF
− Vacancy
−$4.2K −$2.99/SF
EGI
$80.5K $56.89/SF
− OpEx
−$36.2K −$25.60/SF
NOI
$44.3K $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%
$885,440
Cap Rate 7%
$632,457
Cap Rate 9%
$491,911
Alternative Uses
Best Use
Apartment 5plus
$632.5K
$553.4K – $737.9K
NOI $44,272 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.52M
$3.08M – $4.11M
NOI $246,550 @ 7.0% cap · market cap 18.26%
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
8,417
Businesses Nearby
Explore this area
Business Placement
Demographics for 10027, NY
64,037
Population
28,038
Households
2.3
Avg Household Size
32
Median Age
52%
College-Educated
87%
High-School Grad
0.9 sq mi
ZIP Area
71,152
Density / Sq Mi
$64,220
Median Household Income
$44,231
Median Earnings
$1,609
Median Rent
$915,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom residence with a custom kitchen, two bathrooms, and separated sleeping quarters.
Where is this residential income property located?
The property is located at 371 MORNINGSIDE Avenue 4A New York City, NY.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 1,415 SF three‑bedroom condominium residence; Park‑facing position with two oversized south‑facing windows; Primary suite with walk‑in closet and two additional bedrooms
