20-Unit Multifamily
For Sale
Contact for pricing
518 East 83rd Street, New York, NY 10028
Predominantly free-market apartments near the Q train and Carl Schurz Park.
Property Size8,120 SF
Price / SF$1,046
Days on Market144
Property Features for 518 East 83rd Street
General Information
Standard status
Active
Size
8,120 SF
Property subtype
Multifamily
Investment Type
Value Add
Building Details
Units
20
Tenancy
Multi
Listing Agency:
Alpha Realty NY
Listed By:
Lev Mavashev · License #NY 10351208812
Source:
Crexi
Added: Apr 13
Changed: Aug 30
Last Checked: Aug 31 at 6:09PM
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 Alpha Realty NY
Investment Insights
Based on property information with market context.
This 20-unit multifamily property is located at 518 E 83rd St in Manhattan’s Upper East Side. The building includes a predominantly free-market apartment mix, providing an established residential income configuration in a well-known Manhattan neighborhood.
The property is positioned near the Q train and Carl Schurz Park. Weill Cornell, NY Presbyterian, and the Hospital for Special Surgery are also identified among the nearby major institutions. The surrounding setting includes a tree-lined residential block on the Upper East Side.
The property is positioned near the Q train and Carl Schurz Park. Weill Cornell, NY Presbyterian, and the Hospital for Special Surgery are also identified among the nearby major institutions. The surrounding setting includes a tree-lined residential block on the Upper East Side.
Key Highlights
- 20‑unit multifamily building
- Predominantly free‑market apartment mix
- Located at 518 E 83rd St, New York, NY 10028
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
$254,053
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
2.99%
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%
$5,081,060
$5.1M
Cap Rate 7%
$3,629,329
$3.6M
Cap Rate 9%
$2,822,811
$2.8M
Market Conditions
NOI Build-Up for 8,120 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
$486.2K $59.88/SF
− Vacancy
−$24.3K −$2.99/SF
EGI
$461.9K $56.89/SF
− OpEx
−$207.9K −$25.60/SF
NOI
$254.1K $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%
$5,081,060
Cap Rate 7%
$3,629,329
Cap Rate 9%
$2,822,811
Alternative Uses
Best Use
Apartment 5plus
$3.63M
$3.18M – $4.23M
NOI $254,053 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$20.21M
$17.69M – $23.58M
NOI $1,414,829 @ 7.0% cap · market cap 16.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
17,418
Businesses Nearby
Explore this area
Business Placement
Demographics for 10028, NY
48,116
Population
29,535
Households
1.6
Avg Household Size
39
Median Age
83%
College-Educated
98%
High-School Grad
0.3 sq mi
ZIP Area
160,387
Density / Sq Mi
$168,125
Median Household Income
$116,860
Median Earnings
$2,702
Median Rent
$1,600,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Predominantly free-market apartments near the Q train and Carl Schurz Park.
Where is this apartment building located?
The property is located at 518 East 83rd Street New York, NY.
What is the asking price?
The asking price for this property is $8,500,000.
What are key features of this property?
This property features: 20‑unit multifamily building; Predominantly free‑market apartment mix; Located at 518 E 83rd St, New York, NY 10028
