High-Rise Residential Income
For Sale
$999,000
40 BROAD Street 22F, New York City, NY 10004
High-floor residence with separate kitchen, in-unit laundry, private dressing area, and access to full-service building amenities.
Property Size934 SF
Price / SF$1,069
Days on Market15
Property Features for 40 BROAD Street 22F
General Information
Standard status
Active
Size
934 SF
Property subtype
Apartment
Building Details
Building Size
934 SF
Year Built
1986
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Jonathan R Stein · License #10401387129
(212) 588-5600
Source:
Carytamura
Added: Sep 10
Changed: Sep 22
Last Checked: Sep 22 at 9:48PM
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 934-square-foot residence occupies the 22nd floor of a full-service building completed in 1986. The layout includes an entry foyer, powder room, in-unit washer and dryer, a separate kitchen, and an open living and dining area sized for both formal dining and lounge furnishings. The primary bedroom includes sliding doors, while the adjoining dressing area provides built-in California Closet storage. Its en-suite bath features a dual vanity, soaking tub, separate shower, and Carrara marble finishes.
Building amenities include a fitness center, recreation room, indoor lounge, and roof deck. Full-time doorman service and pet-friendly policies add to the building’s residential convenience. The property is located at 40 Broad Street in New York City’s Financial District, with a 10004 ZIP code.
Building amenities include a fitness center, recreation room, indoor lounge, and roof deck. Full-time doorman service and pet-friendly policies add to the building’s residential convenience. The property is located at 40 Broad Street in New York City’s Financial District, with a 10004 ZIP code.
Key Highlights
- 934 SF residence on the 22nd floor
- Separate kitchen beside living and dining areas
- Primary suite with dressing area and California Closet storage
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
$29,222
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
2.93%
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%
$584,440
$584.4K
Cap Rate 7%
$417,457
$417.5K
Cap Rate 9%
$324,689
$324.7K
Market Conditions
NOI Build-Up for 934 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
$55.9K $59.88/SF
− Vacancy
−$2.8K −$2.99/SF
EGI
$53.1K $56.89/SF
− OpEx
−$23.9K −$25.60/SF
NOI
$29.2K $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%
$584,440
Cap Rate 7%
$417,457
Cap Rate 9%
$324,689
Alternative Uses
Best Use
Apartment 5plus
$417.5K
$365.3K – $487.0K
NOI $29,222 @ 7.0% cap · market cap 2.93%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.32M
$2.03M – $2.71M
NOI $162,740 @ 7.0% cap · market cap 16.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
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
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Frequently Asked Questions
What type of property is this?
Residential income property - High-floor residence with separate kitchen, in-unit laundry, private dressing area, and access to full-service building amenities.
Where is this residential income property located?
The property is located at 40 BROAD Street 22F New York City, NY.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: 934 SF residence on the 22nd floor; Separate kitchen beside living and dining areas; Primary suite with dressing area and California Closet storage
