Fourth-Floor Residential Income
For Sale
$278,000
515 EDGECOMBE Avenue 41, New York City, NY 10032
One-bedroom residence in a 22-unit prewar cooperative with in-unit laundry and updated kitchen conveniences.
Property Size535 SF
Price / SF$519.63
Days on Market202
Property Features for 515 EDGECOMBE Avenue 41
General Information
Standard status
Active
Size
535 SF
Property subtype
Apartment
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Amenities
in-unit washer/dryer
dishwasher
microwave
gas range
deep soaking tub
Building Details
Building Size
535 SF
Year Built
1923
Listing Agency:
Brown Harris Stevens Residential Sales LLC
(212) 381-2509
Listed By:
Ivonne Velasquez · License #10401254262
(212) 381-2509
Source:
Miradorrealestate
Added: Feb 4
Changed: Aug 23
Last Checked: Aug 24 at 1:33PM
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.
This fourth-floor one-bedroom residence measures 535 square feet within a prewar cooperative building constructed in 1923 and converted to cooperative ownership in 1987. The layout includes a living room, pass-through kitchen, bedroom, bathroom, and two closets. Interior features include high ceilings, modern cabinetry, wine storage, a dishwasher, built-in microwave, gas range, and in-unit washer/dryer. The bathroom is equipped with a deep soaking tub.
The boutique building contains 22 residences and occupies the corner of Edgecombe Avenue and West 158th Street. Highbridge Park is directly across the street, with walking trails, tennis courts, playgrounds, and green space. Nearby destinations include the Morris-Jumel Mansion, neighborhood cafés and restaurants, Columbia Presbyterian Hospital, City College, and subway access.
The boutique building contains 22 residences and occupies the corner of Edgecombe Avenue and West 158th Street. Highbridge Park is directly across the street, with walking trails, tennis courts, playgrounds, and green space. Nearby destinations include the Morris-Jumel Mansion, neighborhood cafés and restaurants, Columbia Presbyterian Hospital, City College, and subway access.
Key Highlights
- 535‑square‑foot, fourth‑floor one‑bedroom residence
- 22‑unit cooperative building constructed in 1923
- Converted to cooperative ownership in 1987
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
$16,739
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
6.02%
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%
$334,780
$334.8K
Cap Rate 7%
$239,129
$239.1K
Cap Rate 9%
$185,989
$186.0K
Market Conditions
NOI Build-Up for 535 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
$32.0K $59.88/SF
− Vacancy
−$1.6K −$2.99/SF
EGI
$30.4K $56.89/SF
− OpEx
−$13.7K −$25.60/SF
NOI
$16.7K $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%
$334,780
Cap Rate 7%
$239,129
Cap Rate 9%
$185,989
Alternative Uses
Best Use
Apartment 5plus
$239.1K
$209.2K – $279.0K
NOI $16,739 @ 7.0% cap · market cap 6.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.33M
$1.17M – $1.55M
NOI $93,218 @ 7.0% cap · market cap 33.53%
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
6,440
Businesses Nearby
Explore this area
Business Placement
Demographics for 10032, NY
55,170
Population
23,178
Households
2.4
Avg Household Size
38
Median Age
40%
College-Educated
76%
High-School Grad
0.7 sq mi
ZIP Area
78,814
Density / Sq Mi
$56,588
Median Household Income
$40,755
Median Earnings
$1,546
Median Rent
$545,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom residence in a 22-unit prewar cooperative with in-unit laundry and updated kitchen conveniences.
Where is this residential income property located?
The property is located at 515 EDGECOMBE Avenue 41 New York City, NY.
What is the asking price?
The asking price for this property is $278,000.
What are key features of this property?
This property features: 535‑square‑foot, fourth‑floor one‑bedroom residence; 22‑unit cooperative building constructed in 1923; Converted to cooperative ownership in 1987
