Residential Income Property with Two Full
For Sale
$1,160,000
40 BROAD Street 18E, New York City, NY 10004
Flexible one- or two-bedroom layout with in-unit washer and dryer and oversized east-facing windows.
Property Size1,101 SF
Price / SF$1,053
Days on Market29
Property Features for 40 BROAD Street 18E
General Information
Standard status
Active
Size
1,101 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
two-story lobby
lounge
roof deck
fitness center
recreation room
playroom
quiet lounge
in-unit washer/dryer
Building Details
Building Size
1,101 SF
Year Built
1986
Listing Agency:
Corcoran Group
(787) 664-9592
Listed By:
Gabriel Andres Mercado
(787) 664-9592
Source:
Thethomas
Added: Jul 13
Changed: Aug 8
Last Checked: Aug 10 at 9:43AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
Residence 18E at 40 Broad Street is a flexible home with two full baths, configured as a spacious one-bedroom with a home office or as a comfortable two-bedroom residence. Soaring 10-foot ceilings and oversized east-facing windows bring natural light throughout the day. A gracious foyer leads to ample storage plus an in-unit washer and dryer.
The open-concept living and dining area is anchored by Brazilian Walnut floors, with Basalto granite borders that frame the space for everyday living and entertaining. The updated U-shaped kitchen features custom painted glass backsplash, black granite countertops, custom walnut cabinetry, and premium appliances including a Sub-Zero refrigerator and freezer, Miele oven and gas cooktop, and dishwasher. The oversized primary bedroom accommodates a king-size bed, and the spa-like en suite bath includes a dual-sink vanity, separate soaking tub, and a renovated limestone and alabaster rain shower.
Masterfully reimagined in 2006 within the full-service condominium community at 40 Broad Street, the building includes a two-story lobby, lounge space, a newly renovated roof deck, state-of-the-art fitness center, recreation room, playroom, and quiet lounge. Residents can access the 4/5 (Green Line) and 1/2/3 (Red Line) subway lines, and Lifetime and Equinox fitness clubs are about three minutes away. The building was built in 1986.
The open-concept living and dining area is anchored by Brazilian Walnut floors, with Basalto granite borders that frame the space for everyday living and entertaining. The updated U-shaped kitchen features custom painted glass backsplash, black granite countertops, custom walnut cabinetry, and premium appliances including a Sub-Zero refrigerator and freezer, Miele oven and gas cooktop, and dishwasher. The oversized primary bedroom accommodates a king-size bed, and the spa-like en suite bath includes a dual-sink vanity, separate soaking tub, and a renovated limestone and alabaster rain shower.
Masterfully reimagined in 2006 within the full-service condominium community at 40 Broad Street, the building includes a two-story lobby, lounge space, a newly renovated roof deck, state-of-the-art fitness center, recreation room, playroom, and quiet lounge. Residents can access the 4/5 (Green Line) and 1/2/3 (Red Line) subway lines, and Lifetime and Equinox fitness clubs are about three minutes away. The building was built in 1986.
Key Highlights
- Residence 18E with flexible one‑bedroom plus office or two‑bedroom layout
- Two full baths, including a renovated primary en suite with rain shower
- 10‑foot ceilings and oversized east‑facing windows for natural light
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
$34,447
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
2.97%
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%
$688,940
$688.9K
Cap Rate 7%
$492,100
$492.1K
Cap Rate 9%
$382,744
$382.7K
Market Conditions
NOI Build-Up for 1,101 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
$65.9K $59.88/SF
− Vacancy
−$3.3K −$2.99/SF
EGI
$62.6K $56.89/SF
− OpEx
−$28.2K −$25.60/SF
NOI
$34.4K $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%
$688,940
Cap Rate 7%
$492,100
Cap Rate 9%
$382,744
Alternative Uses
Best Use
Apartment 5plus
$492.1K
$430.6K – $574.1K
NOI $34,447 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.74M
$2.40M – $3.20M
NOI $191,838 @ 7.0% cap · market cap 16.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
27,450
Businesses Nearby
Explore this area
Business Placement
Demographics for 10004, NY
4,287
Population
2,146
Households
2
Avg Household Size
35
Median Age
91%
College-Educated
99%
High-School Grad
0.5 sq mi
ZIP Area
8,574
Density / Sq Mi
$220,592
Median Household Income
$136,348
Median Earnings
$3,501
Median Rent
$1,866,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Flexible one- or two-bedroom layout with in-unit washer and dryer and oversized east-facing windows.
Where is this residential income property located?
The property is located at 40 BROAD Street 18E New York City, NY.
What is the asking price?
The asking price for this property is $1,160,000.
What are key features of this property?
This property features: Residence 18E with flexible one‑bedroom plus office or two‑bedroom layout; Two full baths, including a renovated primary en suite with rain shower; 10‑foot ceilings and oversized east‑facing windows for natural light
