Pre-War Residential Income
New
For Sale
$425,000
410 W 24TH Street 4E, New York City, NY 10011
South-facing cooperative residence with flexible living space, abundant storage, and access to extensive building amenities.
Property Size450 SF
Price / SF$944.44
Days on Market7
Property Features for 410 W 24TH Street 4E
General Information
Standard status
Active
Size
450 SF
Property subtype
Apartment
Building Details
Building Size
450 SF
Year Built
1929
Listing Agency:
Douglas Elliman Real Estate
(212) 891-7611
Listed By:
Daniela Kunen · License #30KU0994635
(212) 891-7611
Source:
Nilelundgren
Added: Aug 18
Changed: Aug 23
Last Checked: Aug 23 at 7:36AM
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.
Residence 4E is a 450-square-foot, south-facing cooperative home in a 1929 pre-war building. The layout includes an entry foyer, an oversized living area with large east-facing windows, a kitchen with substantial storage, a full bathroom, high ceilings, and generous closet space. The living area can accommodate distinct sleeping, dining, and lounging zones.
The cooperative provides full-time doorman service and an on-site resident manager. Resident amenities include a fitness center, heated pool, sauna, steam room, private garden, landscaped roof deck, laundry room, bicycle storage, and access to a parking garage. The unit is identified as a sponsor unit, does not require board approval, and permits financing up to 80%.
The cooperative provides full-time doorman service and an on-site resident manager. Resident amenities include a fitness center, heated pool, sauna, steam room, private garden, landscaped roof deck, laundry room, bicycle storage, and access to a parking garage. The unit is identified as a sponsor unit, does not require board approval, and permits financing up to 80%.
Key Highlights
- 450‑square‑foot sponsor unit with no board approval required
- South‑facing residence with large east‑facing windows
- Flexible living area for sleeping, dining, and lounging zones
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
$14,079
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
3.31%
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%
$281,580
$281.6K
Cap Rate 7%
$201,129
$201.1K
Cap Rate 9%
$156,433
$156.4K
Market Conditions
NOI Build-Up for 450 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
$26.9K $59.88/SF
− Vacancy
−$1.3K −$2.99/SF
EGI
$25.6K $56.89/SF
− OpEx
−$11.5K −$25.60/SF
NOI
$14.1K $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%
$281,580
Cap Rate 7%
$201,129
Cap Rate 9%
$156,433
Alternative Uses
Best Use
Apartment 5plus
$201.1K
$176.0K – $234.7K
NOI $14,079 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.12M
$980.1K – $1.31M
NOI $78,408 @ 7.0% cap · market cap 18.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
28,863
Businesses Nearby
Explore this area
Business Placement
Demographics for 10011, NY
53,318
Population
35,049
Households
1.5
Avg Household Size
39
Median Age
79%
College-Educated
96%
High-School Grad
0.6 sq mi
ZIP Area
88,863
Density / Sq Mi
$146,571
Median Household Income
$113,503
Median Earnings
$2,868
Median Rent
$1,165,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - South-facing cooperative residence with flexible living space, abundant storage, and access to extensive building amenities.
Where is this residential income property located?
The property is located at 410 W 24TH Street 4E New York City, NY.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 450‑square‑foot sponsor unit with no board approval required; South‑facing residence with large east‑facing windows; Flexible living area for sleeping, dining, and lounging zones
