Studio Residential Income
For Sale
$600,000
404 E 66th Street 4-C, New York City, NY 10065
South-facing condominium studio with flexible living space, renovated finishes, substantial storage, and access to full-service building amenities.
Property Size537 SF
Price / SF$1,117
Days on Market10
Property Features for 404 E 66th Street 4-C
General Information
Standard status
Active
Size
537 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,737
Amenities
24-hour doorman
landscaped courtyard
central laundry room
renovated common areas
Building Details
Building Size
537 SF
Year Built
1960
Listing Agency:
William Raveis New York City LLC
Listed By:
Denae B Montesi
(347) 371-0573
Source:
Carytamura
Added: Sep 15
Changed: Sep 21
Last Checked: Sep 22 at 8:39PM
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 William Raveis New York City LLC
Investment Insights
Based on property information with market context.
This 537-square-foot alcove studio is configured with a foyer, galley kitchen, main living area, sleeping alcove, full bathroom, and walk-in closet. Refinished hardwood flooring, stone kitchen counters, stainless-steel appliances, a drawer dishwasher, and a garbage disposal support the updated interior. The sleeping area includes a concealed queen-size Murphy bed, while the flexible layout offers the possibility of conversion to a one-bedroom with an en-suite bathroom. South-facing windows overlook the building’s common garden and bring natural light into the residence.
The Hardenbrook House is a condominium completed in 1960 with full-service operations and renovated common areas. Building amenities include a 24-hour doorman, landscaped courtyard, central laundry room, and shared garden. The property is located in Lenox Hill near restaurants, shopping, and subway transportation.
The Hardenbrook House is a condominium completed in 1960 with full-service operations and renovated common areas. Building amenities include a 24-hour doorman, landscaped courtyard, central laundry room, and shared garden. The property is located in Lenox Hill near restaurants, shopping, and subway transportation.
Key Highlights
- 537‑square‑foot alcove studio with flexible floor plan
- South‑facing windows overlooking the building’s common garden
- Galley kitchen with stone counters and stainless‑steel appliances
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
$16,801
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
2.80%
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%
$336,020
$336.0K
Cap Rate 7%
$240,014
$240.0K
Cap Rate 9%
$186,678
$186.7K
Market Conditions
NOI Build-Up for 537 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
$32.2K $59.88/SF
− Vacancy
−$1.6K −$2.99/SF
EGI
$30.5K $56.89/SF
− OpEx
−$13.7K −$25.60/SF
NOI
$16.8K $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%
$336,020
Cap Rate 7%
$240,014
Cap Rate 9%
$186,678
Alternative Uses
Best Use
Apartment 5plus
$240.0K
$210.0K – $280.0K
NOI $16,801 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.34M
$1.17M – $1.56M
NOI $93,567 @ 7.0% cap · market cap 15.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
21,727
Businesses Nearby
Explore this area
Business Placement
Demographics for 10065, NY
32,891
Population
22,734
Households
1.4
Avg Household Size
40
Median Age
86%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
82,228
Density / Sq Mi
$160,938
Median Household Income
$121,212
Median Earnings
$2,828
Median Rent
$1,368,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - South-facing condominium studio with flexible living space, renovated finishes, substantial storage, and access to full-service building amenities.
Where is this residential income property located?
The property is located at 404 E 66th Street 4-C New York City, NY.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 537‑square‑foot alcove studio with flexible floor plan; South‑facing windows overlooking the building’s common garden; Galley kitchen with stone counters and stainless‑steel appliances
