Residential Income Property with
For Sale
$815,000
413 Grand Street F1603, New York City, NY 10002
Corner residence with two exposures, skyline views, updated kitchen finishes, and generous storage throughout.
Property Size800 SF
Price / SF$1,018
Days on Market55
Property Features for 413 Grand Street F1603
General Information
Standard status
Active
Size
800 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Amenities
private balcony
private parks
playgrounds
water play area
fitness center
indoor children's playroom
24/7 attended lobby
laundry room
on-site maintenance
community garden
composting
bike storage
shared workspaces
community room
Building Details
Building Size
800 SF
Year Built
1960
Listing Agency:
LoHo Realty Inc
(212) 388-1115
Listed By:
Jacob J Goldman
(212) 388-1115
Source:
Thethomas
Added: Jun 17
Changed: Aug 10
Last Checked: Aug 10 at 3:05AM
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 LoHo Realty Inc
Investment Insights
Based on property information with market context.
This residential income property is a corner co-op residence with an open layout spanning a foyer, dining area, living room, windowed kitchen, bedroom, and bathroom. The 800-square-foot home includes a private balcony, original parquet flooring, 8'2" ceilings, new moldings, and five oversized closets, including a walk-in. Kitchen improvements include added cabinetry, countertops, backsplash, a mounted microwave, and dishwasher. The updated electrical panel and windowed bathroom add to the practical improvements.
The co-op community at 413 Grand Street in New York City includes two private parks, playgrounds, a water play area, fitness center, children's playroom, 24/7 attended lobby, laundry room, on-site maintenance, community garden, bike storage, shared workspaces, and a community room with a kitchen. Trader Joe's, Target, Regal Cinemas, Essex Market, Chinatown, and Little Italy are within walking distance. Subletting is permitted after two years of ownership, subject to co-op requirements and fees; dogs require registration and approval.
The co-op community at 413 Grand Street in New York City includes two private parks, playgrounds, a water play area, fitness center, children's playroom, 24/7 attended lobby, laundry room, on-site maintenance, community garden, bike storage, shared workspaces, and a community room with a kitchen. Trader Joe's, Target, Regal Cinemas, Essex Market, Chinatown, and Little Italy are within walking distance. Subletting is permitted after two years of ownership, subject to co-op requirements and fees; dogs require registration and approval.
Key Highlights
- 800 SF corner co‑op residence with a private balcony
- Two exposures provide open city views and abundant natural light
- Windowed kitchen updated with cabinetry, countertops, backsplash, microwave, and dishwasher
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
$25,109
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
3.08%
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%
$502,180
$502.2K
Cap Rate 7%
$358,700
$358.7K
Cap Rate 9%
$278,989
$279.0K
Market Conditions
NOI Build-Up for 800 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
$47.9K $59.88/SF
− Vacancy
−$2.3K −$2.81/SF
EGI
$45.7K $57.07/SF
− OpEx
−$20.5K −$25.68/SF
NOI
$25.1K $31.39/SF
Area
ZIP 10002
Vacancy
4.70%
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%
$502,180
Cap Rate 7%
$358,700
Cap Rate 9%
$278,989
Alternative Uses
Best Use
Apartment 5plus
$358.7K
$313.9K – $418.5K
NOI $25,109 @ 7.0% cap · market cap 3.08%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.99M
$1.74M – $2.32M
NOI $139,392 @ 7.0% cap · market cap 17.10%
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
16,229
Businesses Nearby
Explore this area
Business Placement
Demographics for 10002, NY
82,155
Population
39,646
Households
2.1
Avg Household Size
41
Median Age
39%
College-Educated
71%
High-School Grad
0.8 sq mi
ZIP Area
102,694
Density / Sq Mi
$46,525
Median Household Income
$51,425
Median Earnings
$1,207
Median Rent
$808,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Corner residence with two exposures, skyline views, updated kitchen finishes, and generous storage throughout.
Where is this residential income property located?
The property is located at 413 Grand Street F1603 New York City, NY.
What is the asking price?
The asking price for this property is $815,000.
What are key features of this property?
This property features: 800 SF corner co‑op residence with a private balcony; Two exposures provide open city views and abundant natural light; Windowed kitchen updated with cabinetry, countertops, backsplash, microwave, and dishwasher
