One-Bedroom Residential Income
For Sale
$355,000
571 Academy Street 1G, New York City, NY 10034
Corner residence with a renovated kitchen, hardwood floors, high ceilings, and central A/C.
Property Size655 SF
Price / SF$541.98
Days on Market14
Property Features for 571 Academy Street 1G
General Information
Standard status
Active
Size
655 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,700
Amenities
gated entry
live-in super
laundry
bike room
Building Details
Building Size
655 SF
Year Built
1941
Buildings
1
Listing Agency:
Bizzarro Agency LLC
Listed By:
Matthew J Bizzarro
(917) 979-2259
Source:
Carlinwright
Added: Sep 12
Changed: Sep 18
Last Checked: Sep 24 at 5:38PM
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 Bizzarro Agency LLC
Investment Insights
Based on property information with market context.
This 655-square-foot, one-bedroom corner condominium residence at 571 Academy Street features a generously proportioned layout with an extended entry foyer, extensive closet storage, hardwood flooring, high ceilings, and central A/C. The living and dining area benefits from exposures on two sides, while the oversized bedroom includes room for additional furnishings, two closets, and large windows. A renovated galley kitchen offers granite counters, tiled backsplash, cabinetry, stainless steel appliances, and natural light. The tiled bathroom completes the interior.
The two-building property includes a landscaped courtyard, gated access, live-in superintendent, laundry facilities, and a bike room. The pet-friendly residence is near Inwood Hill Park, Fort Tryon Park, Sir William's Dog Run, the Cloisters, Broadway, Harlem River Drive, and the A and 1 trains.
The two-building property includes a landscaped courtyard, gated access, live-in superintendent, laundry facilities, and a bike room. The pet-friendly residence is near Inwood Hill Park, Fort Tryon Park, Sir William's Dog Run, the Cloisters, Broadway, Harlem River Drive, and the A and 1 trains.
Key Highlights
- 655 SF one‑bedroom corner condominium residence
- Renovated galley kitchen with granite counters and stainless steel appliances
- Hardwood floors, high ceilings, and central A/C
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
$20,493
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
5.77%
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%
$409,860
$409.9K
Cap Rate 7%
$292,757
$292.8K
Cap Rate 9%
$227,700
$227.7K
Market Conditions
NOI Build-Up for 655 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
$39.2K $59.88/SF
− Vacancy
−$2.0K −$2.99/SF
EGI
$37.3K $56.89/SF
− OpEx
−$16.8K −$25.60/SF
NOI
$20.5K $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%
$409,860
Cap Rate 7%
$292,757
Cap Rate 9%
$227,700
Alternative Uses
Best Use
Apartment 5plus
$292.8K
$256.2K – $341.6K
NOI $20,493 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.63M
$1.43M – $1.90M
NOI $114,127 @ 7.0% cap · market cap 32.15%
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
3,785
Businesses Nearby
Explore this area
Business Placement
Demographics for 10034, NY
36,778
Population
16,599
Households
2.2
Avg Household Size
39
Median Age
39%
College-Educated
80%
High-School Grad
1.0 sq mi
ZIP Area
36,778
Density / Sq Mi
$69,786
Median Household Income
$47,553
Median Earnings
$1,621
Median Rent
$518,000
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Corner residence with a renovated kitchen, hardwood floors, high ceilings, and central A/C.
Where is this residential income property located?
The property is located at 571 Academy Street 1G New York City, NY.
What is the asking price?
The asking price for this property is $355,000.
What are key features of this property?
This property features: 655 SF one‑bedroom corner condominium residence; Renovated galley kitchen with granite counters and stainless steel appliances; Hardwood floors, high ceilings, and central A/C
