Two-Bedroom Residential Income
For Sale
$799,000
473 Fdr Drive K1304, New York City, NY 10002
Co-op residence with a private balcony, western and northern exposures, generous storage, and a windowed eat-in kitchen.
Property Size1,000 SF
Price / SF$799
Days on Market69
Property Features for 473 Fdr Drive K1304
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
24-hour attended lobbies
private parks
children's playroom
community room
fitness center
private balcony
Building Details
Building Size
1,000 SF
Year Built
1955
Listing Agency:
LoHo Realty Inc
(212) 388-1115
Listed By:
Jacob J Goldman
(212) 388-1115
Source:
Thethomas
Added: Jun 3
Changed: Aug 10
Last Checked: Aug 10 at 9:32AM
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 well-maintained 1,000-square-foot, two-bedroom co-op residence at 473 Fdr Drive offers a functional layout with abundant natural light and storage. Fresh paint and refinished original parquet hardwood floors complement the oversized living room, which features a wall of windows and a large picture window. Western and northern exposures provide views toward Grand Street, the Freedom Tower, and the co-op’s manicured private parks. A private balcony extends the living space, while the pass-through kitchen opening supports flow between the living and dining areas.
The windowed eat-in kitchen offers generous space for customization, including the potential to partially or fully open it to the living room. An extended entry foyer separates entertaining and private areas and includes substantial storage, with three of the residence’s six closets located nearby. The primary bedroom includes two oversized walk-in closets and room for a king-size bed, dressers, and additional seating.
Co-op amenities include 24-hour attended lobbies, two large private parks, a children’s playroom, community room, and fully equipped fitness center. The property is near supermarkets, neighborhood retailers, restaurants, Target, Regal Cinemas, M14A, M14D, M21, and M22 bus routes, and J, M, F, and Z trains. Dogs are not permitted; gifting, guarantors, pied-a-terre, and subleasing after two years of ownership are permitted.
The windowed eat-in kitchen offers generous space for customization, including the potential to partially or fully open it to the living room. An extended entry foyer separates entertaining and private areas and includes substantial storage, with three of the residence’s six closets located nearby. The primary bedroom includes two oversized walk-in closets and room for a king-size bed, dressers, and additional seating.
Co-op amenities include 24-hour attended lobbies, two large private parks, a children’s playroom, community room, and fully equipped fitness center. The property is near supermarkets, neighborhood retailers, restaurants, Target, Regal Cinemas, M14A, M14D, M21, and M22 bus routes, and J, M, F, and Z trains. Dogs are not permitted; gifting, guarantors, pied-a-terre, and subleasing after two years of ownership are permitted.
Key Highlights
- 1,000‑square‑foot, two‑bedroom co‑op residence built in 1955
- Private balcony with western and northern exposures
- Oversized living room with a wall of windows and large picture window
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
$31,386
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
3.93%
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%
$627,720
$627.7K
Cap Rate 7%
$448,371
$448.4K
Cap Rate 9%
$348,733
$348.7K
Market Conditions
NOI Build-Up for 1,000 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
$59.9K $59.88/SF
− Vacancy
−$2.8K −$2.81/SF
EGI
$57.1K $57.07/SF
− OpEx
−$25.7K −$25.68/SF
NOI
$31.4K $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%
$627,720
Cap Rate 7%
$448,371
Cap Rate 9%
$348,733
Alternative Uses
Best Use
Apartment 5plus
$448.4K
$392.3K – $523.1K
NOI $31,386 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.49M
$2.18M – $2.90M
NOI $174,240 @ 7.0% cap · market cap 21.81%
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
4,771
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 - Co-op residence with a private balcony, western and northern exposures, generous storage, and a windowed eat-in kitchen.
Where is this residential income property located?
The property is located at 473 Fdr Drive K1304 New York City, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 1,000‑square‑foot, two‑bedroom co‑op residence built in 1955; Private balcony with western and northern exposures; Oversized living room with a wall of windows and large picture window
