High-Floor One-Bedroom Income
For Sale
$608,000
473 Fdr Drive K1501, New York City, NY 10002
Co-op residence with flexible living space, abundant natural light, and East River and Williamsburg Bridge views.
Property Size800 SF
Price / SF$760
Days on Market123
Property Features for 473 Fdr Drive K1501
General Information
Standard status
Active
Size
800 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
24-hour attended lobbies
2 large private parks
children's playroom
community room
fully equipped fitness center
Building Details
Building Size
800 SF
Year Built
1955
Listing Agency:
LoHo Realty Inc
(212) 388-1115
Listed By:
Jacob J Goldman
(212) 388-1115
Source:
Thethomas
Added: Apr 24
Changed: Aug 24
Last Checked: Aug 24 at 2:33PM
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 LoHo Realty Inc
Investment Insights
Based on property information with market context.
This high-floor, one-bedroom co-op residence offers approximately 800 sq. ft. with an oversized living room, separate dining area, windowed kitchen, windowed bathroom, and a king-sized bedroom with southern and eastern exposures. Four corner windows bring natural light into the main living area, while 8-foot ceilings, hardwood parquet floors, and four large closets add to the practical layout. The kitchen includes original solid wood cabinetry, a deep cast-iron sink, and space for a small dining table and additional storage. The dividing wall between the kitchen and living room may be partially or completely removed, subject to applicable requirements, to create a more open arrangement.
The residence overlooks the East River and Williamsburg Bridge and is located at 473 Fdr Drive in New York City. Building amenities include 24-hour attended lobbies, two private parks, a children's playroom, community room, and fitness center. The property is near supermarkets, neighborhood retailers, restaurants, Target, and Regal Cinemas, with access to M14A, M14D, M21, and M22 bus routes and the J, M, F, and Z trains. Citibike stations are also nearby.
The residence overlooks the East River and Williamsburg Bridge and is located at 473 Fdr Drive in New York City. Building amenities include 24-hour attended lobbies, two private parks, a children's playroom, community room, and fitness center. The property is near supermarkets, neighborhood retailers, restaurants, Target, and Regal Cinemas, with access to M14A, M14D, M21, and M22 bus routes and the J, M, F, and Z trains. Citibike stations are also nearby.
Key Highlights
- Approximately 800 sq. ft. high‑floor one‑bedroom co‑op residence
- East River and Williamsburg Bridge views from every room
- Oversized living room with separate dining area and four corner windows
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
4.13%
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 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.99M
$1.74M – $2.32M
NOI $139,392 @ 7.0% cap · market cap 22.93%
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 flexible living space, abundant natural light, and East River and Williamsburg Bridge views.
Where is this residential income property located?
The property is located at 473 Fdr Drive K1501 New York City, NY.
What is the asking price?
The asking price for this property is $608,000.
What are key features of this property?
This property features: Approximately 800 sq. ft. high‑floor one‑bedroom co‑op residence; East River and Williamsburg Bridge views from every room; Oversized living room with separate dining area and four corner windows
