Residential Income Property with
For Sale
$750,000
475 Park Avenue 15E, New York City, NY 10022
Renovated one-bedroom co-op with generous closets, decorative fireplace, and storage included.
Property Size897 SF
Price / SF$836.12
Days on Market169
Property Features for 475 Park Avenue 15E
General Information
Standard status
Active
Size
897 SF
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Amenities
24-hour doorman
storage unit
decorative fireplace
Building Details
Building Size
897 SF
Year Built
1908
Listing Agency:
Compass
(914) 715-6802
Listed By:
Emily Lewis Penn
(914) 715-6802
Source:
Cbwarburg
Added: Feb 23
Changed: Aug 8
Last Checked: Aug 10 at 9:14AM
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 Compass
Investment Insights
Based on property information with market context.
Apartment 15E is an approximately 897-square-foot, one-bedroom, one-bath residence in a full-service co-op at 475 Park Avenue. The home has an updated kitchen, refreshed flooring, a welcoming entry, substantial closet space, abundant natural light, and a decorative fireplace that can accommodate an electric insert. A storage unit conveys with the apartment.
Completed in 1908, the building provides a 24-hour doorman, live-in resident manager, porter, handyman, and elevator staff. The property is two blocks from Central Park and Bergdorf Goodman, with shopping, restaurants, cultural institutions, and private clubs in the surrounding area. The residence is presented as suitable for full-time occupancy or use as a pied-a-terre.
Completed in 1908, the building provides a 24-hour doorman, live-in resident manager, porter, handyman, and elevator staff. The property is two blocks from Central Park and Bergdorf Goodman, with shopping, restaurants, cultural institutions, and private clubs in the surrounding area. The residence is presented as suitable for full-time occupancy or use as a pied-a-terre.
Key Highlights
- Approximately 897 SF with 1 bedroom and 1 bathroom
- Updated kitchen and refreshed floors
- Full‑service co‑op completed in 1908
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
$28,065
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
3.74%
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%
$561,300
$561.3K
Cap Rate 7%
$400,929
$400.9K
Cap Rate 9%
$311,833
$311.8K
Market Conditions
NOI Build-Up for 897 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
$53.7K $59.88/SF
− Vacancy
−$2.7K −$2.99/SF
EGI
$51.0K $56.89/SF
− OpEx
−$23.0K −$25.60/SF
NOI
$28.1K $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%
$561,300
Cap Rate 7%
$400,929
Cap Rate 9%
$311,833
Alternative Uses
Best Use
Apartment 5plus
$400.9K
$350.8K – $467.8K
NOI $28,065 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.23M
$1.95M – $2.60M
NOI $156,293 @ 7.0% cap · market cap 20.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
49,964
Businesses Nearby
Explore this area
Business Placement
Demographics for 10022, NY
36,708
Population
25,686
Households
1.4
Avg Household Size
45
Median Age
84%
College-Educated
98%
High-School Grad
0.4 sq mi
ZIP Area
91,770
Density / Sq Mi
$171,038
Median Household Income
$119,657
Median Earnings
$2,928
Median Rent
$1,116,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated one-bedroom co-op with generous closets, decorative fireplace, and storage included.
Where is this residential income property located?
The property is located at 475 Park Avenue 15E New York City, NY.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Approximately 897 SF with 1 bedroom and 1 bathroom; Updated kitchen and refreshed floors; Full‑service co‑op completed in 1908
