Turnkey Prewar Co-op Studio
For Sale
$565,000
5 TUDOR CITY Place 538, New York City, NY 10017
Mint-condition studio co-op with a recent gut renovation, new kitchen and bath, and prewar details like hardwood floors and casement windows.
Property Size600 SF
Price / SF$941.67
Days on Market304
Property Features for 5 TUDOR CITY Place 538
General Information
Standard status
Active
Size
600 SF
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x studio
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
Tudor City Greens
24-hour attended lobby
live-in Resident Manager
on-site laundry
fitness center
convenience store
bike storage
storage rooms
Building Details
Building Size
600 SF
Year Built
1929
Listing Agency:
Corcoran Group
Listed By:
Michael A Hamberger · License #40HA1083542 (NY)
(551) 206-8594
Source:
Carlinwright
Added: Nov 7, 2025
Changed: Sep 7
Last Checked: Sep 7 at 6:11AM
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.
This mint-condition studio co-op unit has been recently gut renovated and is positioned for move-in-ready living. The apartment includes new electric and new plumbing, flawless hardwood floors, a new kitchen, and a new bathroom. Preserved prewar character shows through with beamed 9' ceilings and casement windows, while the layout supports efficient, usable space.
Practical storage is built in with both a walk-in and a utility closet. The kitchen offers quartz countertops and a cafe-style dining area, and there is an alcove suitable for a Murphy bed and additional work-from-home space.
The building is Windsor Tower, built in 1929. It is a full-service, elevator co-op with a 24-hour attended lobby and a live-in Resident Manager. Residents also have access to a large on-site laundry facility with app-operated machines, a recently-updated 2,500 SF fitness center, and a convenience store in the lobby open until midnight. The building is smoke-free, pets are permitted with board approval, and sublets are allowed with board approval after three years as a primary residence. Pied-a-terre is also allowed.
Practical storage is built in with both a walk-in and a utility closet. The kitchen offers quartz countertops and a cafe-style dining area, and there is an alcove suitable for a Murphy bed and additional work-from-home space.
The building is Windsor Tower, built in 1929. It is a full-service, elevator co-op with a 24-hour attended lobby and a live-in Resident Manager. Residents also have access to a large on-site laundry facility with app-operated machines, a recently-updated 2,500 SF fitness center, and a convenience store in the lobby open until midnight. The building is smoke-free, pets are permitted with board approval, and sublets are allowed with board approval after three years as a primary residence. Pied-a-terre is also allowed.
Key Highlights
- Recently gut renovated studio co‑op with new electric and new plumbing
- Hardwood floors, beamed 9' ceilings, and casement windows
- New kitchen and new bathroom
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
$18,772
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
3.32%
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%
$375,440
$375.4K
Cap Rate 7%
$268,171
$268.2K
Cap Rate 9%
$208,578
$208.6K
Market Conditions
NOI Build-Up for 600 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
$35.9K $59.88/SF
− Vacancy
−$1.8K −$2.99/SF
EGI
$34.1K $56.89/SF
− OpEx
−$15.4K −$25.60/SF
NOI
$18.8K $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%
$375,440
Cap Rate 7%
$268,171
Cap Rate 9%
$208,578
Alternative Uses
Best Use
Apartment 5plus
$268.2K
$234.7K – $312.9K
NOI $18,772 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.49M
$1.31M – $1.74M
NOI $104,544 @ 7.0% cap · market cap 18.50%
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
38,346
Businesses Nearby
Explore this area
Business Placement
Demographics for 10017, NY
17,401
Population
12,866
Households
1.4
Avg Household Size
38
Median Age
85%
College-Educated
97%
High-School Grad
0.3 sq mi
ZIP Area
58,003
Density / Sq Mi
$132,518
Median Household Income
$94,214
Median Earnings
$2,980
Median Rent
$808,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Mint-condition studio co-op with a recent gut renovation, new kitchen and bath, and prewar details like hardwood floors and casement windows.
Where is this residential income property located?
The property is located at 5 TUDOR CITY Place 538 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: Recently gut renovated studio co‑op with new electric and new plumbing; Hardwood floors, beamed 9' ceilings, and casement windows; New kitchen and new bathroom
