Residential Income Property with
For Sale
$599,000
549 W 123RD Street 21H, New York City, NY 10027
Renovated one-bedroom cooperative apartment with an open terrace, updated kitchen, custom storage, and expansive windows.
Property Size750 SF
Price / SF$798.67
Days on Market32
Property Features for 549 W 123RD Street 21H
General Information
Standard status
Active
Size
750 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR / 1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
open terrace
fitness center
children's indoor playrooms
outdoor playground
day care
tweens' activity room
ceramics workshop
woodworking workshop
photography workshop
computer workshop
theater room
meeting room
laundry
storage
garage parking
pet-friendly
24/7 security
Building Details
Building Size
750 SF
Year Built
1957
Listing Agency:
Douglas Elliman Real Estate
(917) 256-9921
Listed By:
Athena T Witt · License #REB.0791900
(917) 256-9921
Source:
Serhant
Added: Jul 15
Changed: Aug 12
Last Checked: Aug 14 at 1:11PM
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 renovated one-bedroom, one-bath cooperative apartment at Morningside Gardens offers approximately 750 square feet of interior space and a 17-by-7-foot open terrace. The residence includes a windowed kitchen with stainless steel appliances, a Viking stove and vented hood, granite counters, extensive cabinetry, and under-cabinet lighting. The bathroom has tiled walls, a rain shower, and a glass enclosure. Hardwood floors, wall-to-ceiling windows, track lighting, sound-system wiring, and six custom closets complete the interior. The apartment faces south and has views toward the Hudson River, Riverside Park, Riverside Church, Grant's Tomb, Hudson Yards, and the George Washington Bridge.
Morningside Gardens is a cooperative community established in 1957 across six buildings and eight acres of landscaped grounds. Amenities include a fitness center, indoor and outdoor play areas, daycare, activity rooms, theater and meeting spaces, laundry, storage, garage parking, and 24/7 security. Primary-residence use is required; pied-à-terres, guarantors, and co-purchasing are not permitted.
Morningside Gardens is a cooperative community established in 1957 across six buildings and eight acres of landscaped grounds. Amenities include a fitness center, indoor and outdoor play areas, daycare, activity rooms, theater and meeting spaces, laundry, storage, garage parking, and 24/7 security. Primary-residence use is required; pied-à-terres, guarantors, and co-purchasing are not permitted.
Key Highlights
- Approximately 750 SF one‑bedroom, one‑bath cooperative apartment
- 17‑by‑7‑foot open terrace with south‑facing exposure
- Renovated windowed kitchen with Viking stove, vented hood, stainless steel appliances, and granite counters
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
$23,465
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
3.92%
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%
$469,300
$469.3K
Cap Rate 7%
$335,214
$335.2K
Cap Rate 9%
$260,722
$260.7K
Market Conditions
NOI Build-Up for 750 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
$44.9K $59.88/SF
− Vacancy
−$2.2K −$2.99/SF
EGI
$42.7K $56.89/SF
− OpEx
−$19.2K −$25.60/SF
NOI
$23.5K $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%
$469,300
Cap Rate 7%
$335,214
Cap Rate 9%
$260,722
Alternative Uses
Best Use
Apartment 5plus
$335.2K
$293.3K – $391.1K
NOI $23,465 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.87M
$1.63M – $2.18M
NOI $130,680 @ 7.0% cap · market cap 21.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
5,749
Businesses Nearby
Explore this area
Business Placement
Demographics for 10027, NY
64,037
Population
28,038
Households
2.3
Avg Household Size
32
Median Age
52%
College-Educated
87%
High-School Grad
0.9 sq mi
ZIP Area
71,152
Density / Sq Mi
$64,220
Median Household Income
$44,231
Median Earnings
$1,609
Median Rent
$915,000
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated one-bedroom cooperative apartment with an open terrace, updated kitchen, custom storage, and expansive windows.
Where is this residential income property located?
The property is located at 549 W 123RD Street 21H New York City, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Approximately 750 SF one‑bedroom, one‑bath cooperative apartment; 17‑by‑7‑foot open terrace with south‑facing exposure; Renovated windowed kitchen with Viking stove, vented hood, stainless steel appliances, and granite counters
