Loft-Style Residential Income
For Sale
$1,095,000
421 W 54TH Street 5F, New York City, NY 10019
Flexible home with abundant natural light, two full bathrooms, premium appliances, and access to full-service building amenities.
Property Size1,021 SF
Price / SF$1,072
Days on Market121
Property Features for 421 W 54TH Street 5F
General Information
Standard status
Active
Size
1,021 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$19,716
Amenities
part-time daily doorman
windowed gym
furnished rooftop deck
Building Details
Building Size
1,021 SF
Year Built
1890
Listing Agency:
Coldwell Banker Warburg
Listed By:
Nancy Lorraine Baker
(917) 689-3737
Source:
Carlinwright
Added: May 28
Changed: Sep 23
Last Checked: Sep 24 at 3:33PM
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 Coldwell Banker Warburg
Investment Insights
Based on property information with market context.
Apartment 5F is a loft-like residence offering 1,021 SF with one formal bedroom, a separate flex room, and two full bathrooms. Ceilings exceeding 10 feet and large windows create an airy interior with partial views toward Midtown and Columbus Circle. The open kitchen includes a Sub-Zero refrigerator, Bosch and Miele stainless steel appliances, gray stone counters, and a breakfast bar. The primary suite features two closets and an ensuite bath with marble counters, double sinks, a soaking tub, and separate shower. An in-unit washer and dryer, additional storage, and a private storage unit add practical utility.
The Hit Factory Condominiums is a converted 1890 building with 27 residences. Building amenities include a part-time daily doorman, windowed gym, and furnished rooftop deck with northern and southern views. Nearby parking garages, retail, services, restaurants along Ninth Avenue, Columbus Circle, Central Park, Lincoln Center, and the Theater District complement the property’s Manhattan setting.
The Hit Factory Condominiums is a converted 1890 building with 27 residences. Building amenities include a part-time daily doorman, windowed gym, and furnished rooftop deck with northern and southern views. Nearby parking garages, retail, services, restaurants along Ninth Avenue, Columbus Circle, Central Park, Lincoln Center, and the Theater District complement the property’s Manhattan setting.
Key Highlights
- 1,021 SF loft‑like residence with one bedroom, separate flex room, and two full bathrooms
- Ceilings over 10 feet and large windows with partial Midtown and Columbus Circle views
- Open kitchen with Sub‑Zero, Bosch, and Miele 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
$31,944
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
2.92%
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%
$638,880
$638.9K
Cap Rate 7%
$456,343
$456.3K
Cap Rate 9%
$354,933
$354.9K
Market Conditions
NOI Build-Up for 1,021 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
$61.1K $59.88/SF
− Vacancy
−$3.1K −$2.99/SF
EGI
$58.1K $56.89/SF
− OpEx
−$26.1K −$25.60/SF
NOI
$31.9K $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%
$638,880
Cap Rate 7%
$456,343
Cap Rate 9%
$354,933
Alternative Uses
Best Use
Apartment 5plus
$456.3K
$399.3K – $532.4K
NOI $31,944 @ 7.0% cap · market cap 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.54M
$2.22M – $2.96M
NOI $177,899 @ 7.0% cap · market cap 16.25%
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
23,121
Businesses Nearby
Explore this area
Business Placement
Demographics for 10019, NY
49,029
Population
33,279
Households
1.5
Avg Household Size
38
Median Age
78%
College-Educated
98%
High-School Grad
0.7 sq mi
ZIP Area
70,041
Density / Sq Mi
$121,835
Median Household Income
$108,231
Median Earnings
$2,619
Median Rent
$1,066,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Flexible home with abundant natural light, two full bathrooms, premium appliances, and access to full-service building amenities.
Where is this residential income property located?
The property is located at 421 W 54TH Street 5F New York City, NY.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: 1,021 SF loft‑like residence with one bedroom, separate flex room, and two full bathrooms; Ceilings over 10 feet and large windows with partial Midtown and Columbus Circle views; Open kitchen with Sub‑Zero, Bosch, and Miele appliances
