Renovated Residential Income
For Sale
$2,895,000
53 W 119TH Street UNIT1, New York City, NY 10026
Triplex condominium residence in a converted brownstone with a private garden, custom kitchen, and contemporary building systems.
Property Size2,990 SF
Price / SF$968.23
Days on Market10
Property Features for 53 W 119TH Street UNIT1
General Information
Standard status
Active
Size
2,990 SF
Property subtype
Triplex
Building Details
Building Size
2,990 SF
Year Built
1909
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Bertrand Buchin · License #10301202558
(917) 653-3737
Source:
Bondnyre
Added: Sep 9
Changed: Sep 15
Last Checked: Sep 17 at 12:34AM
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.
The Quincey is a renovated brownstone conversion comprising two condominium units. Garden Unit 1 is a 3-bedroom, 3.5-bath triplex with approximately 2,990 SF of interior space and a private two-level rear garden measuring 489 SF. The residence includes a custom kitchen with Taj Mahal Quartz countertops, Bosch appliances, a 48-inch Sub-Zero refrigerator, wine cooler, garbage disposal, and Hansgrohe fixtures. A 40 SF pantry is positioned next to the kitchen.
The upper level contains a primary suite and guest bedroom with 11-foot ceilings. The primary bathroom features marble tile, Hansgrohe fixtures, Schluter electric radiant floor heating, and a 4-foot-by-8-foot shower with dual shower heads. Additional improvements include Daikin HVAC, LED lighting, 400 AMP electric service, and 8.5-inch engineered white-oak flooring. The property was built in 1909 and is located one block from Marcus Garvey Park, with nearby transportation and access to Central Park and Restaurant Row along Frederick Douglass Boulevard.
The upper level contains a primary suite and guest bedroom with 11-foot ceilings. The primary bathroom features marble tile, Hansgrohe fixtures, Schluter electric radiant floor heating, and a 4-foot-by-8-foot shower with dual shower heads. Additional improvements include Daikin HVAC, LED lighting, 400 AMP electric service, and 8.5-inch engineered white-oak flooring. The property was built in 1909 and is located one block from Marcus Garvey Park, with nearby transportation and access to Central Park and Restaurant Row along Frederick Douglass Boulevard.
Key Highlights
- 3‑bedroom, 3.5‑bath triplex with approximately 2,990 SF
- Private two‑tiered rear garden measuring 489 SF
- Custom kitchen with Bosch appliances and a 48" Sub‑Zero refrigerator
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
$93,549
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
3.23%
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%
$1,870,980
$1.9M
Cap Rate 7%
$1,336,414
$1.3M
Cap Rate 9%
$1,039,433
$1.0M
Market Conditions
NOI Build-Up for 2,990 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
$179.0K $59.88/SF
− Vacancy
−$9.0K −$2.99/SF
EGI
$170.1K $56.89/SF
− OpEx
−$76.5K −$25.60/SF
NOI
$93.5K $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%
$1,870,980
Cap Rate 7%
$1,336,414
Cap Rate 9%
$1,039,433
Alternative Uses
Best Use
Apartment 5plus
$1.34M
$1.17M – $1.56M
NOI $93,549 @ 7.0% cap · market cap 3.23%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.44M
$6.51M – $8.68M
NOI $520,978 @ 7.0% cap · market cap 18.00%
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
8,671
Businesses Nearby
Explore this area
Business Placement
Demographics for 10026, NY
35,644
Population
17,648
Households
2
Avg Household Size
37
Median Age
54%
College-Educated
90%
High-School Grad
0.4 sq mi
ZIP Area
89,110
Density / Sq Mi
$74,140
Median Household Income
$56,919
Median Earnings
$1,546
Median Rent
$1,014,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Triplex condominium residence in a converted brownstone with a private garden, custom kitchen, and contemporary building systems.
Where is this residential income property located?
The property is located at 53 W 119TH Street UNIT1 New York City, NY.
What is the asking price?
The asking price for this property is $2,895,000.
What are key features of this property?
This property features: 3‑bedroom, 3.5‑bath triplex with approximately 2,990 SF; Private two‑tiered rear garden measuring 489 SF; Custom kitchen with Bosch appliances and a 48" Sub‑Zero refrigerator
