Residential Income Property with
For Sale
$1,295,000
400 E 56TH Street 30P, New York City, NY 10022
South-facing two-bedroom residence offers flexible living space, skyline and river views, generous storage, and full-service cooperative amenities.
Property Size1,400 SF
Price / SF$925
Days on Market10
Property Features for 400 E 56TH Street 30P
General Information
Standard status
Active
Size
1,400 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
seasonal rooftop pool
outdoor decks
lounge & events room
childrens playroom
fitness center
yoga/stretching studio
central laundry room
bike storage
landscaped garden
porte cochere
Building Details
Building Size
1,400 SF
Year Built
1969
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Mary Anne Greene
(917) 843-4575
Source:
Howardhannanyc
Added: Sep 15
Changed: Sep 21
Last Checked: Sep 24 at 5:58PM
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 1,400-square-foot south-facing apartment is configured with two bedrooms, two full bathrooms, a living room, dining room, windowed kitchen, private balcony, and seven closets. The dining room can be adapted as a third bedroom or den. Oversize windows bring in Manhattan skyline and East River views, while central air conditioning and heat serve the residence. The primary bedroom includes an en-suite bathroom and walk-in closet, and the second bedroom is positioned near the hall bathroom.
Plaza 400 is a 1969 cooperative with on-site management, 24-hour lobby, concierge, and security staff. Amenities include a seasonal rooftop heated pool, three outdoor decks, fitness center, yoga studio, children's playroom, central laundry room, bike storage, package room, and valet garage. The building also offers landscaped grounds, a circular driveway with porte cochere, and resident storage rooms subject to a wait list. Pets, subletting, guarantors, and other arrangements are permitted with Board Approval.
Plaza 400 is a 1969 cooperative with on-site management, 24-hour lobby, concierge, and security staff. Amenities include a seasonal rooftop heated pool, three outdoor decks, fitness center, yoga studio, children's playroom, central laundry room, bike storage, package room, and valet garage. The building also offers landscaped grounds, a circular driveway with porte cochere, and resident storage rooms subject to a wait list. Pets, subletting, guarantors, and other arrangements are permitted with Board Approval.
Key Highlights
- 1,400‑square‑foot south‑facing apartment with skyline and East River views
- Two bedrooms and two full bathrooms, with dining room convertible to a third bedroom or den
- Private balcony and seven closets, including walk‑in closets
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
$43,802
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
3.38%
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%
$876,040
$876.0K
Cap Rate 7%
$625,743
$625.7K
Cap Rate 9%
$486,689
$486.7K
Market Conditions
NOI Build-Up for 1,400 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
$83.8K $59.88/SF
− Vacancy
−$4.2K −$2.99/SF
EGI
$79.6K $56.89/SF
− OpEx
−$35.8K −$25.60/SF
NOI
$43.8K $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%
$876,040
Cap Rate 7%
$625,743
Cap Rate 9%
$486,689
Alternative Uses
Best Use
Apartment 5plus
$625.7K
$547.5K – $730.0K
NOI $43,802 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.48M
$3.05M – $4.07M
NOI $243,936 @ 7.0% cap · market cap 18.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
27,619
Businesses Nearby
Explore this area
Business Placement
Demographics for 10022, NY
36,708
Population
25,686
Households
1.4
Avg Household Size
45
Median Age
84%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
91,770
Density / Sq Mi
$171,038
Median Household Income
$119,657
Median Earnings
$2,928
Median Rent
$1,116,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - South-facing two-bedroom residence offers flexible living space, skyline and river views, generous storage, and full-service cooperative amenities.
Where is this residential income property located?
The property is located at 400 E 56TH Street 30P New York City, NY.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 1,400‑square‑foot south‑facing apartment with skyline and East River views; Two bedrooms and two full bathrooms, with dining room convertible to a third bedroom or den; Private balcony and seven closets, including walk‑in closets
