Prewar Residential Income
For Sale
$549,000
410 W 24th Street 6B, New York City, NY 10011
Corner studio residence with seven oversized windows, a renovated kitchen, hardwood floors, and flexible living arrangements.
Property Size523 SF
Price / SF$1,049
Days on Market102
Property Features for 410 W 24th Street 6B
General Information
Standard status
Active
Size
523 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Amenities
full time doorman
live-in super
management office in complex
large heated indoor pool
gym
steam room
sauna
common roof deck
garage
bike room
Building Details
Building Size
523 SF
Year Built
1932
Construction
prewar
Listing Agency:
Compass
(646) 644-4642
Listed By:
Gioia Zwack
(646) 644-4642
Source:
Philipscheinfeld
Added: May 15
Changed: Aug 23
Last Checked: Aug 23 at 9:09AM
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 Compass
Investment Insights
Based on property information with market context.
Residence 6B is a 523 SF corner studio in London Terrace Towers, a 1932 prewar building at 410 W 24th Street. The home receives southern and eastern light through seven oversized windows and features approximately 9-foot beamed ceilings, hardwood flooring, a renovated windowed kitchen, and a windowed bath with original subway tile, black-and-white mosaic flooring, and a deep cast iron tub. A Circe wall-bed system incorporates a full-sized bed and a seven-foot bench seat that functions as a sofa. The existing layout may support conversion to a junior one-bedroom or possibly a one-bedroom configuration, subject to applicable requirements.
Building amenities include a full-time doorman, live-in superintendent, on-site management office, heated indoor pool, gym, steam room, sauna, common roof deck, garage, and bike room. Pied-à-terres, co-purchasing, trust purchases, gifts, and financing up to 80% are permitted. Subletting is allowed after two years of ownership. Certain amenities and storage may involve additional fees, and storage lockers are subject to a waitlist.
Building amenities include a full-time doorman, live-in superintendent, on-site management office, heated indoor pool, gym, steam room, sauna, common roof deck, garage, and bike room. Pied-à-terres, co-purchasing, trust purchases, gifts, and financing up to 80% are permitted. Subletting is allowed after two years of ownership. Certain amenities and storage may involve additional fees, and storage lockers are subject to a waitlist.
Key Highlights
- 523 SF corner studio in London Terrace Towers
- South and east exposures with seven oversized windows
- Approximately 9‑foot beamed ceilings and hardwood floors
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
$16,363
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
2.98%
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%
$327,260
$327.3K
Cap Rate 7%
$233,757
$233.8K
Cap Rate 9%
$181,811
$181.8K
Market Conditions
NOI Build-Up for 523 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
$31.3K $59.88/SF
− Vacancy
−$1.6K −$2.99/SF
EGI
$29.8K $56.89/SF
− OpEx
−$13.4K −$25.60/SF
NOI
$16.4K $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%
$327,260
Cap Rate 7%
$233,757
Cap Rate 9%
$181,811
Alternative Uses
Best Use
Apartment 5plus
$233.8K
$204.5K – $272.7K
NOI $16,363 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.30M
$1.14M – $1.52M
NOI $91,128 @ 7.0% cap · market cap 16.60%
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
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 - Corner studio residence with seven oversized windows, a renovated kitchen, hardwood floors, and flexible living arrangements.
Where is this residential income property located?
The property is located at 410 W 24th Street 6B New York City, NY.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: 523 SF corner studio in London Terrace Towers; South and east exposures with seven oversized windows; Approximately 9‑foot beamed ceilings and hardwood floors
