Renovated Co-op
For Sale
$995,000
400 E 56TH Street 29O, New York City, NY 10022
A flexible bonus area, built-in Murphy-bed space, and generous closet storage complement the updated interior.
Property Size917 SF
Price / SF$1,085
Days on Market10
Property Features for 400 E 56TH Street 29O
General Information
Standard status
Active
Size
917 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
beautifully renovated lobby
24-hour doorman
concierge
security desk
staffed package room with immediate electronic notification
large fitness center
yoga/stretching studio
laundry room
bicycle storage
live-in super and assistant super
heated outdoor pool
360-degree city views
party or game room
playroom
tables and lounge seating
Building Details
Building Size
917 SF
Year Built
1969
Listing Agency:
Next Stop NY
Listed By:
Jeffrey Cohen
(914) 489-1450
Source:
Miradorrealestate
Added: Sep 22
Changed: Sep 26
Last Checked: Sep 30 at 6:47PM
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 Next Stop NY
Investment Insights
Based on property information with market context.
This 917-square-foot residence in Plaza 400 is a renovated one-bedroom with potential to configure as a two-bedroom. A built-in sleeping or office area with a Murphy bed and an adjoining bonus space expand the layout options. The opened kitchen connects to that bonus area, while four closets—including three walk-ins—provide substantial storage. The building dates to 1969.
Plaza 400 is a full-service co-op with a 24-hour doorman, concierge, security desk, staffed package room, fitness center, yoga and stretching studio, laundry room, and bicycle storage. Rooftop amenities include a heated outdoor pool, city views, party or game room, playroom, and lounge seating. Utilities are included in maintenance.
Sutton Place Park is approximately 0.1–0.2 mi away, and the East Midtown Greenway is approximately 0.2 mi away. Subway service at Lexington Avenue–53rd Street is approximately 0.3 mi away, with additional subway service at Lexington Avenue–59th Street approximately 0.4 mi away. First and Second Avenue express buses and the M57 crosstown bus are approximately 0.1 mi away.
Plaza 400 is a full-service co-op with a 24-hour doorman, concierge, security desk, staffed package room, fitness center, yoga and stretching studio, laundry room, and bicycle storage. Rooftop amenities include a heated outdoor pool, city views, party or game room, playroom, and lounge seating. Utilities are included in maintenance.
Sutton Place Park is approximately 0.1–0.2 mi away, and the East Midtown Greenway is approximately 0.2 mi away. Subway service at Lexington Avenue–53rd Street is approximately 0.3 mi away, with additional subway service at Lexington Avenue–59th Street approximately 0.4 mi away. First and Second Avenue express buses and the M57 crosstown bus are approximately 0.1 mi away.
Key Highlights
- 917‑square‑foot renovated co‑op residence with a one‑bedroom layout convertible to two bedrooms
- Four closets, including three walk‑ins, plus a built‑in Murphy‑bed sleeping or office area
- Plaza 400 offers a heated rooftop pool, fitness center, yoga studio, laundry, bicycle storage, and staffed package room
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
$28,690
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
2.88%
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%
$573,800
$573.8K
Cap Rate 7%
$409,857
$409.9K
Cap Rate 9%
$318,778
$318.8K
Market Conditions
NOI Build-Up for 917 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
$54.9K $59.88/SF
− Vacancy
−$2.7K −$2.99/SF
EGI
$52.2K $56.89/SF
− OpEx
−$23.5K −$25.60/SF
NOI
$28.7K $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%
$573,800
Cap Rate 7%
$409,857
Cap Rate 9%
$318,778
Alternative Uses
Best Use
Apartment 5plus
$409.9K
$358.6K – $478.2K
NOI $28,690 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.28M
$2.00M – $2.66M
NOI $159,778 @ 7.0% cap · market cap 16.06%
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 - A flexible bonus area, built-in Murphy-bed space, and generous closet storage complement the updated interior.
Where is this residential income property located?
The property is located at 400 E 56TH Street 29O New York City, NY.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 917‑square‑foot renovated co‑op residence with a one‑bedroom layout convertible to two bedrooms; Four closets, including three walk‑ins, plus a built‑in Murphy‑bed sleeping or office area; Plaza 400 offers a heated rooftop pool, fitness center, yoga studio, laundry, bicycle storage, and staffed package room
