Two-Bedroom Residential Income
For Sale
$1,200,000
380 Lenox Avenue 3J, New York City, NY 10027
Full-service condominium residence with a private bedroom layout, two marble bathrooms, and a flexible dining or office area.
Property Size1,444 SF
Price / SF$831.02
Days on Market118
Property Features for 380 Lenox Avenue 3J
General Information
Standard status
Active
Size
1,444 SF
Property subtype
Apartment
Additional Details
HOA Fee
$255
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$1,256
Amenities
24-hour doorman
laundry on every floor
fitness center
on-site parking
Building Details
Building Size
1,444 SF
Year Built
2005
Stories
12
Listing Agency:
Compass
(917) 549-3239
Listed By:
Dianne L Howard
(917) 549-3239
Source:
Miradorrealestate
Added: Apr 28
Changed: Aug 20
Last Checked: Aug 22 at 12:03PM
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 Compass
Investment Insights
Based on property information with market context.
This two-bedroom condominium residence features a separated bedroom arrangement, allowing each bedroom to occupy its own side of the home. The living room provides generous space for seating and dining, while the primary bedroom includes a large walk-in closet. A pass-through kitchen is fitted with granite countertops and stainless steel appliances, and two marble bathrooms serve the residence. The home also includes a flexible area that can function as a dining space or office.
The 12-story, red-brick condominium was built in 2005 and contains 77 residences. Building services and amenities include a 24-hour doorman, laundry facilities on every floor, a fitness center, and on-site parking availability. The property is near transportation serving 125th and 135th Street, with dining and cultural destinations including Sylvia’s, Red Rooster, the Apollo Theater, and the Schomburg Center for Research in Black Culture.
The 12-story, red-brick condominium was built in 2005 and contains 77 residences. Building services and amenities include a 24-hour doorman, laundry facilities on every floor, a fitness center, and on-site parking availability. The property is near transportation serving 125th and 135th Street, with dining and cultural destinations including Sylvia’s, Red Rooster, the Apollo Theater, and the Schomburg Center for Research in Black Culture.
Key Highlights
- Two‑bedroom residence with bedrooms positioned on opposite sides of the home
- 1,444‑square‑foot condominium residence
- Pass‑through kitchen with granite countertops and stainless steel appliances
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
$45,179
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
3.76%
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%
$903,580
$903.6K
Cap Rate 7%
$645,414
$645.4K
Cap Rate 9%
$501,989
$502.0K
Market Conditions
NOI Build-Up for 1,444 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
$86.5K $59.88/SF
− Vacancy
−$4.3K −$2.99/SF
EGI
$82.1K $56.89/SF
− OpEx
−$37.0K −$25.60/SF
NOI
$45.2K $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%
$903,580
Cap Rate 7%
$645,414
Cap Rate 9%
$501,989
Alternative Uses
Best Use
Apartment 5plus
$645.4K
$564.7K – $753.0K
NOI $45,179 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.59M
$3.15M – $4.19M
NOI $251,603 @ 7.0% cap · market cap 20.97%
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
8,243
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 - Full-service condominium residence with a private bedroom layout, two marble bathrooms, and a flexible dining or office area.
Where is this residential income property located?
The property is located at 380 Lenox Avenue 3J New York City, NY.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Two‑bedroom residence with bedrooms positioned on opposite sides of the home; 1,444‑square‑foot condominium residence; Pass‑through kitchen with granite countertops and stainless steel appliances
