Residential Income Property with Roof
New
For Sale
$499,000
520 E 81ST Street 9B, New York City, NY 10028
Unit features abundant daylight, three oversized closets, and recently installed wood flooring.
Property Size465 SF
Price / SF$1,073
Days on Market5
Property Features for 520 E 81ST Street 9B
General Information
Standard status
Active
Size
465 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$8,460
Amenities
24 hour doorman
landscaped roof deck
pet friendly
live-in superintendent
central laundry room
on-site garage
Building Details
Building Size
465 SF
Year Built
1960
Stories
12
Listing Agency:
Corcoran Group
Listed By:
Loren Arethas
(917) 575-1519
Source:
Lenasimpson
Added: Sep 21
Changed: Sep 23
Last Checked: Sep 24 at 6:46PM
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 Corcoran Group
Investment Insights
Based on property information with market context.
Unit 9B is a 465-square-foot residential income property in a 12-story condominium completed in 1960. The apartment receives natural light throughout the day and includes three large closets plus new wood floors. Its current layout can be reconfigured as a junior one-bedroom, offering an additional residential configuration for the space.
Building amenities include a 24-hour doorman, live-in superintendent, central laundry room, landscaped roof deck with city and river views, and an on-site garage. The pet-friendly condominium sits on a tree-lined block near the Q train entrance on 83rd Street, Carl Schurz Park, and the East River Promenade.
Building amenities include a 24-hour doorman, live-in superintendent, central laundry room, landscaped roof deck with city and river views, and an on-site garage. The pet-friendly condominium sits on a tree-lined block near the Q train entrance on 83rd Street, Carl Schurz Park, and the East River Promenade.
Key Highlights
- 465‑square‑foot Unit 9B in a 12‑story condominium
- Layout can be converted into a junior one‑bedroom
- Three large closets and new wood floors
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
$14,549
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
2.92%
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%
$290,980
$291.0K
Cap Rate 7%
$207,843
$207.8K
Cap Rate 9%
$161,656
$161.7K
Market Conditions
NOI Build-Up for 465 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
$27.8K $59.88/SF
− Vacancy
−$1.4K −$2.99/SF
EGI
$26.5K $56.89/SF
− OpEx
−$11.9K −$25.60/SF
NOI
$14.5K $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%
$290,980
Cap Rate 7%
$207,843
Cap Rate 9%
$161,656
Alternative Uses
Best Use
Apartment 5plus
$207.8K
$181.9K – $242.5K
NOI $14,549 @ 7.0% cap · market cap 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.16M
$1.01M – $1.35M
NOI $81,022 @ 7.0% cap · market cap 16.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
17,418
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Unit features abundant daylight, three oversized closets, and recently installed wood flooring.
Where is this residential income property located?
The property is located at 520 E 81ST Street 9B New York City, NY.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 465‑square‑foot Unit 9B in a 12‑story condominium; Layout can be converted into a junior one‑bedroom; Three large closets and new wood floors
