Prewar Residential Income Property with
For Sale
$775,000
50 Park Avenue 15H, New York City, NY 10016
Renovated one-bedroom residence with eastern exposures, generous storage, and a flexible entry foyer.
Property Size875 SF
Price / SF$885.71
Days on Market131
Property Features for 50 Park Avenue 15H
General Information
Standard status
Active
Size
875 SF
Property subtype
Apartment
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Amenities
roof terrace
central laundry room
bike room
live-in superintendent
Building Details
Building Size
875 SF
Year Built
1940
Stories
17
Listing Agency:
Compass
(917) 376-1648
Listed By:
Charles C Summers
(917) 376-1648
Source:
Miradorrealestate
Added: Apr 16
Changed: Aug 23
Last Checked: Aug 24 at 12:47PM
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.
Located on the 15th floor of a 17-story cooperative completed in 1940, this 875-square-foot one-bedroom apartment combines prewar character with updated interior finishes. The layout includes a welcoming foyer, spacious living room, private bedroom with two closets, dressing or sitting area, and a renovated bathroom. Herringbone floors, 9-foot ceilings, numerous windows, and eastern outlooks toward Park Avenue and Murray Hill add distinctive detail. The renovated kitchen features white cabinetry, stone countertops, a dishwasher, and a glass-front display cabinet.
The full-service building offers a landscaped roof terrace, central laundry room, bike room, live-in superintendent, and pet-friendly policies. Its Park Avenue setting places the property near Grand Central Station, the Union League Club, Morgan Library, Midtown Manhattan, Metro-North and LIRR trains, the #4/5/6/7/S subway lines, and bus service. Financing up to 70% is permitted, along with pied-à-terre, co-purchasing, and gifting arrangements.
The full-service building offers a landscaped roof terrace, central laundry room, bike room, live-in superintendent, and pet-friendly policies. Its Park Avenue setting places the property near Grand Central Station, the Union League Club, Morgan Library, Midtown Manhattan, Metro-North and LIRR trains, the #4/5/6/7/S subway lines, and bus service. Financing up to 70% is permitted, along with pied-à-terre, co-purchasing, and gifting arrangements.
Key Highlights
- 875‑square‑foot one‑bedroom apartment on the 15th floor
- Renovated kitchen and bath with stone countertops and dishwasher
- Prewar cooperative built in 1940 with 17 stories
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
$27,376
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
3.53%
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%
$547,520
$547.5K
Cap Rate 7%
$391,086
$391.1K
Cap Rate 9%
$304,178
$304.2K
Market Conditions
NOI Build-Up for 875 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
$52.4K $59.88/SF
− Vacancy
−$2.6K −$2.99/SF
EGI
$49.8K $56.89/SF
− OpEx
−$22.4K −$25.60/SF
NOI
$27.4K $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%
$547,520
Cap Rate 7%
$391,086
Cap Rate 9%
$304,178
Alternative Uses
Best Use
Apartment 5plus
$391.1K
$342.2K – $456.3K
NOI $27,376 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.18M
$1.91M – $2.54M
NOI $152,460 @ 7.0% cap · market cap 19.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
46,936
Businesses Nearby
Explore this area
Business Placement
Demographics for 10016, NY
62,336
Population
36,985
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
97%
High-School Grad
0.5 sq mi
ZIP Area
124,672
Density / Sq Mi
$153,065
Median Household Income
$107,691
Median Earnings
$3,321
Median Rent
$928,400
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 residence with eastern exposures, generous storage, and a flexible entry foyer.
Where is this residential income property located?
The property is located at 50 Park Avenue 15H New York City, NY.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 875‑square‑foot one‑bedroom apartment on the 15th floor; Renovated kitchen and bath with stone countertops and dishwasher; Prewar cooperative built in 1940 with 17 stories
