High-Floor Residential Income
For Sale
$635,000
40 BROAD Street 27C, New York City, NY 10004
Bright studio residence with high ceilings, custom finishes, and full-service building amenities in the Financial District.
Property Size590 SF
Price / SF$1,076
Days on Market17
Property Features for 40 BROAD Street 27C
General Information
Standard status
Active
Size
590 SF
Property subtype
Apartment
Financials
Asking Price
$635,000
HOA Fee
$729
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x studio
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$12,288
Amenities
24/7 doorman
concierge
live-in super
fitness center
residents' lounge
media room
multiple terraces
rooftop deck
on-site dining
in-unit washer/dryer
chef's kitchen
spa bathroom
Building Details
Building Size
590 SF
Year Built
1986
Listing Agency:
PROMEST
Listed By:
Christophe Bourreau
(305) 613-8570
Source:
Carytamura
Added: Sep 8
Changed: Sep 23
Last Checked: Sep 22 at 9:38PM
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 PROMEST
Investment Insights
Based on property information with market context.
Unit 27C is a high-floor studio residence with South-West exposure, two oversized windows, 10ft ceilings, Brazilian Walnut floors, and substantial storage. The interior includes an in-unit Bosch washer/dryer and a kitchen equipped with black granite counters, custom walnut cabinetry, a Sub-Zero refrigerator, Miele gas range, oven, dishwasher, and wine cooler. The bathroom features a deep soaking tub and separate rain shower, while the flexible layout accommodates living, dining, and work areas.
The building at 40 Broad Street provides 24/7 doorman service, concierge coverage, and a live-in superintendent. Amenities span 44,000+ sq ft and include a fitness center, residents' lounge, media room, multiple terraces, and a rooftop deck with panoramic views of the Statue of Liberty, Hudson River, and city skyline. On-site dining is available at Reserve Cut. Subway, PATH, ferry, commuter, bicycle, and major roadway connections are nearby.
The building at 40 Broad Street provides 24/7 doorman service, concierge coverage, and a live-in superintendent. Amenities span 44,000+ sq ft and include a fitness center, residents' lounge, media room, multiple terraces, and a rooftop deck with panoramic views of the Statue of Liberty, Hudson River, and city skyline. On-site dining is available at Reserve Cut. Subway, PATH, ferry, commuter, bicycle, and major roadway connections are nearby.
Key Highlights
- High‑floor studio at 40 Broad Street, Unit 27C
- 590 property size with 10ft ceilings and two oversized windows
- South‑West exposure with views from the rooftop deck toward the Statue of Liberty and Hudson River
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
$18,460
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
2.91%
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%
$369,200
$369.2K
Cap Rate 7%
$263,714
$263.7K
Cap Rate 9%
$205,111
$205.1K
Market Conditions
NOI Build-Up for 590 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
$35.3K $59.88/SF
− Vacancy
−$1.8K −$2.99/SF
EGI
$33.6K $56.89/SF
− OpEx
−$15.1K −$25.60/SF
NOI
$18.5K $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%
$369,200
Cap Rate 7%
$263,714
Cap Rate 9%
$205,111
Alternative Uses
Best Use
Apartment 5plus
$263.7K
$230.8K – $307.7K
NOI $18,460 @ 7.0% cap · market cap 2.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.47M
$1.29M – $1.71M
NOI $102,802 @ 7.0% cap · market cap 16.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
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 - Bright studio residence with high ceilings, custom finishes, and full-service building amenities in the Financial District.
Where is this residential income property located?
The property is located at 40 BROAD Street 27C New York City, NY.
What is the asking price?
The asking price for this property is $635,000.
What are key features of this property?
This property features: High‑floor studio at 40 Broad Street, Unit 27C; 590 property size with 10ft ceilings and two oversized windows; South‑West exposure with views from the rooftop deck toward the Statue of Liberty and Hudson River
