Residential Income Property with
For Sale
$1,295,000
515 E 79TH Street 4E, New York City, NY 10075
Two-bedroom apartment with a private balcony, en-suite bedrooms, full-service amenities, and no subletting permitted.
Property Size1,250 SF
Price / SF$1,036
Days on Market19
Property Features for 515 E 79TH Street 4E
General Information
Standard status
Active
Size
1,250 SF
Property subtype
Apartment
Building Details
Building Size
1,250 SF
Year Built
1981
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Christine Mulligan · License #10301223721
(917) 975-4241
Source:
Nobleblackandpartners
Added: Sep 7
Changed: Sep 25
Last Checked: Sep 24 at 3:48PM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This 1,250-square-foot residential income property is a corner apartment with two bedrooms, two and a half bathrooms, a private balcony, hardwood floors, and extensive closet storage. The layout includes an entry foyer, separate windowed dining area, living room, custom kitchen with granite countertops and stainless steel appliances, two en-suite bedrooms, and an additional powder room. The primary suite includes floor-to-ceiling closets and a walk-in closet, while the second bedroom has two additional closets. A brand-new dishwasher, second-bedroom vanity, and bathroom floors are among the updated features.
The Asten House is a full-service building at 515 E 79TH Street in New York City. Building services and amenities include a 24-hour doorman and concierge, live-in resident manager, gym, bike room, storage room, first-floor laundry facility, landscaped park, attached parking garage, and four elevators across two wings. The property is near the 2nd Ave subway, M31, M79, Lexington Avenue subway, Carl Schurz Park, John Jay Park, the East River Promenade, restaurants, shops, and schools. One dog under 35 lbs. is permitted with board approval. Washer/dryers may not be installed, and subletting is not permitted.
The Asten House is a full-service building at 515 E 79TH Street in New York City. Building services and amenities include a 24-hour doorman and concierge, live-in resident manager, gym, bike room, storage room, first-floor laundry facility, landscaped park, attached parking garage, and four elevators across two wings. The property is near the 2nd Ave subway, M31, M79, Lexington Avenue subway, Carl Schurz Park, John Jay Park, the East River Promenade, restaurants, shops, and schools. One dog under 35 lbs. is permitted with board approval. Washer/dryers may not be installed, and subletting is not permitted.
Key Highlights
- 1250 SF corner apartment with private balcony
- Two bedrooms, two and a half bathrooms, and an additional powder room
- Two en‑suite bedrooms with extensive closet storage
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
$39,109
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
3.02%
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%
$782,180
$782.2K
Cap Rate 7%
$558,700
$558.7K
Cap Rate 9%
$434,544
$434.5K
Market Conditions
NOI Build-Up for 1,250 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
$74.9K $59.88/SF
− Vacancy
−$3.7K −$2.99/SF
EGI
$71.1K $56.89/SF
− OpEx
−$32.0K −$25.60/SF
NOI
$39.1K $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%
$782,180
Cap Rate 7%
$558,700
Cap Rate 9%
$434,544
Alternative Uses
Best Use
Apartment 5plus
$558.7K
$488.9K – $651.8K
NOI $39,109 @ 7.0% cap · market cap 3.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.11M
$2.72M – $3.63M
NOI $217,800 @ 7.0% cap · market cap 16.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
5,240
Businesses Nearby
Explore this area
Business Placement
Demographics for 10075, NY
27,796
Population
16,415
Households
1.7
Avg Household Size
41
Median Age
85%
College-Educated
98%
High-School Grad
0.2 sq mi
ZIP Area
138,980
Density / Sq Mi
$146,556
Median Household Income
$112,549
Median Earnings
$2,390
Median Rent
$1,097,800
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom apartment with a private balcony, en-suite bedrooms, full-service amenities, and no subletting permitted.
Where is this residential income property located?
The property is located at 515 E 79TH Street 4E New York City, NY.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 1250 SF corner apartment with private balcony; Two bedrooms, two and a half bathrooms, and an additional powder room; Two en‑suite bedrooms with extensive closet storage
