Residential Income Property with Loft
For Sale
$1,495,000
504 Grand Street E44/E45, New York City, NY 10002
A prewar combined apartment retains Art Deco features, with building amenities and flexible configuration options.
Property Size1,700 SF
Price / SF$879.41
Days on Market9
Property Features for 504 Grand Street E44/E45
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
Gym
laundry room
community room
bike storage
package room
live-in super
24/7 security
community garden
Building Details
Year Built
1929
Listing Agency:
Compass
Listed By:
Orren M Azani
(917) 593-2999
Source:
Nilelundgren
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 30 at 6:39PM
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.
At 504 Grand Street, the combined E44/E45 apartment spans approximately 1,700 square feet and is arranged as two apartments with separate stock certificates. The prewar loft has 15 windows facing south, west, and north, an open kitchen, and two windowed bathrooms. Original steel casement windows and doors, restored hardwood floors, and ceilings approximately nine feet high preserve its Art Deco character. Architect’s plans illustrate a possible layout with four legal bedrooms and either a third windowed bathroom or an in-unit laundry room; this is a potential configuration, not the current layout.
The building’s shared facilities include a gym, laundry room, community room, bike storage, and package room. Residents also have access to a community garden, with a live-in superintendent and 24/7 security. Dogs, pied-à-terre use, and gifting are permitted. Nearby destinations and transportation include the F, M, J, and Z trains, the M14A, ferry service, Trader Joe’s, Target, Essex Crossing, East River Park, and local restaurants and cafes. The building dates to 1929.
The building’s shared facilities include a gym, laundry room, community room, bike storage, and package room. Residents also have access to a community garden, with a live-in superintendent and 24/7 security. Dogs, pied-à-terre use, and gifting are permitted. Nearby destinations and transportation include the F, M, J, and Z trains, the M14A, ferry service, Trader Joe’s, Target, Essex Crossing, East River Park, and local restaurants and cafes. The building dates to 1929.
Key Highlights
- Approximately 1,700‑square‑foot combined apartment with 15 windows
- Two apartments combined, with two stock certificates
- Prewar Art Deco details include original steel casement windows and doors, restored hardwood floors, and approximately nine‑foot ceilings
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
$53,356
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
3.57%
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%
$1,067,120
$1.1M
Cap Rate 7%
$762,229
$762.2K
Cap Rate 9%
$592,844
$592.8K
Market Conditions
NOI Build-Up for 1,700 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
$101.8K $59.88/SF
− Vacancy
−$4.8K −$2.81/SF
EGI
$97.0K $57.07/SF
− OpEx
−$43.7K −$25.68/SF
NOI
$53.4K $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%
$1,067,120
Cap Rate 7%
$762,229
Cap Rate 9%
$592,844
Alternative Uses
Best Use
Apartment 5plus
$762.2K
$667.0K – $889.3K
NOI $53,356 @ 7.0% cap · market cap 3.57%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.23M
$3.70M – $4.94M
NOI $296,208 @ 7.0% cap · market cap 19.81%
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
8,545
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 - A prewar combined apartment retains Art Deco features, with building amenities and flexible configuration options.
Where is this residential income property located?
The property is located at 504 Grand Street E44/E45 New York City, NY.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Approximately 1,700‑square‑foot combined apartment with 15 windows; Two apartments combined, with two stock certificates; Prewar Art Deco details include original steel casement windows and doors, restored hardwood floors, and approximately nine‑foot ceilings
