Updated One-Bedroom Income
For Sale
$775,000
500 W 43RD Street 15J, New York City, NY 10036
Southwest-facing condominium residence with a private balcony, updated finishes, and access to extensive full-service building amenities.
Property Size695 SF
Price / SF$1,115
Days on Market46
Property Features for 500 W 43RD Street 15J
General Information
Standard status
Active
Size
695 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
private balcony
concierge
24-hour doorman
live-in super
pool
roof deck
laundry rooms
bike room
fitness center
sauna
steam room
resident lounge
ample storage
Building Details
Building Size
695 SF
Year Built
1988
Stories
42
Listing Agency:
Brown Harris Stevens Residential Sales LLC
Listed By:
Candice L Milano
(212) 381-2639
Source:
Serhant
Added: Jul 20
Changed: Aug 31
Last Checked: Sep 1 at 11:40PM
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 Brown Harris Stevens Residential Sales LLC
Investment Insights
Based on property information with market context.
Residence 15J is a 695-square-foot, one-bedroom, one-bath condominium residence in The Strand, a 42-story tower completed in 1988. The southwest-facing home features expansive windows, a private balcony, dark hardwood floors, custom shades, and an open living area with sunset views. The updated kitchen includes stainless-steel appliances, white cabinetry and countertops, a breakfast bar, and a brand-new dishwasher. Additional improvements include a windowed bathroom with a modern vanity and a primary bedroom with built-in storage.
Building services and amenities include a dedicated concierge, 24-hour doorman, live-in superintendent, pool, roof deck, fitness center, sauna, steam room, resident lounge, bike room, storage, and laundry rooms throughout the property. The condominium is located in Hell's Kitchen near dining, Broadway theaters, Central Park, the Hudson River, and subway service on the 1, 2, 3, 7, A, C, E, N, Q, R, and W lines.
Building services and amenities include a dedicated concierge, 24-hour doorman, live-in superintendent, pool, roof deck, fitness center, sauna, steam room, resident lounge, bike room, storage, and laundry rooms throughout the property. The condominium is located in Hell's Kitchen near dining, Broadway theaters, Central Park, the Hudson River, and subway service on the 1, 2, 3, 7, A, C, E, N, Q, R, and W lines.
Key Highlights
- 695 SF one‑bedroom, one‑bath condominium residence
- Southwest exposure with expansive windows, sunset views, and a private balcony
- Updated kitchen with stainless‑steel appliances and brand‑new dishwasher
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
$21,745
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
2.81%
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%
$434,900
$434.9K
Cap Rate 7%
$310,643
$310.6K
Cap Rate 9%
$241,611
$241.6K
Market Conditions
NOI Build-Up for 695 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
$41.6K $59.88/SF
− Vacancy
−$2.1K −$2.99/SF
EGI
$39.5K $56.89/SF
− OpEx
−$17.8K −$25.60/SF
NOI
$21.7K $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%
$434,900
Cap Rate 7%
$310,643
Cap Rate 9%
$241,611
Alternative Uses
Best Use
Apartment 5plus
$310.6K
$271.8K – $362.4K
NOI $21,745 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.73M
$1.51M – $2.02M
NOI $121,097 @ 7.0% cap · market cap 15.63%
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
2,460
Businesses Nearby
Explore this area
Business Placement
Demographics for 10036, NY
33,868
Population
22,473
Households
1.5
Avg Household Size
37
Median Age
69%
College-Educated
93%
High-School Grad
0.4 sq mi
ZIP Area
84,670
Density / Sq Mi
$100,225
Median Household Income
$86,122
Median Earnings
$2,301
Median Rent
$988,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Southwest-facing condominium residence with a private balcony, updated finishes, and access to extensive full-service building amenities.
Where is this residential income property located?
The property is located at 500 W 43RD Street 15J 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: 695 SF one‑bedroom, one‑bath condominium residence; Southwest exposure with expansive windows, sunset views, and a private balcony; Updated kitchen with stainless‑steel appliances and brand‑new dishwasher
