Top-Floor Corner Residential Income
For Sale
$565,000
448 E 88TH Street 5A, New York City, NY 10128
Renovated one-bedroom co-op with in-unit laundry, pre-war character, and subletting permitted after two years of occupancy.
Property Size550 SF
Price / SF$1,027
Days on Market17
Property Features for 448 E 88TH Street 5A
General Information
Standard status
Active
Size
550 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
hardwood floors
decorative fireplace
stainless-steel appliances
microwave
in-unit washer/dryer
laminated closets
remodeled bathroom
high ceilings
windows in every room
Building Details
Building Size
550 SF
Year Built
1920
Listing Agency:
Corcoran Group
Listed By:
Santiago J Steele · License #30ST1047700 (NY)
(917) 686-2023
Source:
Carytamura
Added: Sep 8
Changed: Sep 23
Last Checked: Sep 22 at 10:13PM
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 Corcoran Group
Investment Insights
Based on property information with market context.
Apartment 5A is a 550-square-foot, top-floor corner residence in a 15-unit co-op completed in 1920. The one-bedroom layout includes north- and east-facing exposures, windows in each room, hardwood flooring, and a living room with a decorative fireplace. A separate updated kitchen contains stainless-steel appliances and a microwave, while the apartment also offers an in-unit washer/dryer, two bedroom closets, and a remodeled full bathroom. High ceilings and pre-war details complement the renovations.
The property is located on a quiet Yorkville block between First and York Avenues, near neighborhood restaurants and cafés, Carl Schurz Park, the East River Esplanade, Whole Foods, and the Q, 4, 5, and 6 trains. A tenant is in place through December 31, 2026. Co-op rules allow unlimited subletting after two years of occupancy.
The property is located on a quiet Yorkville block between First and York Avenues, near neighborhood restaurants and cafés, Carl Schurz Park, the East River Esplanade, Whole Foods, and the Q, 4, 5, and 6 trains. A tenant is in place through December 31, 2026. Co-op rules allow unlimited subletting after two years of occupancy.
Key Highlights
- 550 SF top‑floor corner one‑bedroom co‑op
- North and east exposures with windows in every room
- Renovated separate kitchen with stainless‑steel appliances and microwave
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
$17,172
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
3.04%
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%
$343,440
$343.4K
Cap Rate 7%
$245,314
$245.3K
Cap Rate 9%
$190,800
$190.8K
Market Conditions
NOI Build-Up for 550 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
$32.9K $59.88/SF
− Vacancy
−$1.7K −$3.11/SF
EGI
$31.2K $56.77/SF
− OpEx
−$14.0K −$25.54/SF
NOI
$17.2K $31.22/SF
Area
ZIP 10128
Vacancy
5.20%
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%
$343,440
Cap Rate 7%
$245,314
Cap Rate 9%
$190,800
Alternative Uses
Best Use
Apartment 5plus
$245.3K
$214.7K – $286.2K
NOI $17,172 @ 7.0% cap · market cap 3.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$391.1K
$342.2K – $456.2K
NOI $27,374 @ 7.0% cap · market cap 4.84%
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
13,422
Businesses Nearby
Explore this area
Business Placement
Demographics for 10128, NY
64,249
Population
35,940
Households
1.8
Avg Household Size
38
Median Age
77%
College-Educated
96%
High-School Grad
0.5 sq mi
ZIP Area
128,498
Density / Sq Mi
$148,705
Median Household Income
$103,078
Median Earnings
$2,648
Median Rent
$1,295,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated one-bedroom co-op with in-unit laundry, pre-war character, and subletting permitted after two years of occupancy.
Where is this residential income property located?
The property is located at 448 E 88TH Street 5A New York City, NY.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: 550 SF top‑floor corner one‑bedroom co‑op; North and east exposures with windows in every room; Renovated separate kitchen with stainless‑steel appliances and microwave
