Renovated Residential Income
For Sale
$431,940
575 Main Street 711, New York City, NY 10044
Updated studio residence with abundant daylight, full-service building amenities, and scenic transit connections across New York City.
Property Size596 SF
Price / SF$724.73
Days on Market33
Property Features for 575 Main Street 711
General Information
Standard status
Active
Size
596 SF
Property subtype
Apartment
Building Details
Building Size
596 SF
Year Built
1975
Listing Agency:
Compass
(646) 283-4973
Listed By:
Abu-Faraj Adib Mansour
(646) 283-4973
Source:
Lenasimpson
Added: Jul 9
Changed: Aug 2
Last Checked: Aug 10 at 9:35AM
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 Compass
Investment Insights
Based on property information with market context.
Studio 711 is a 596-square-foot residence at Island House with a comprehensive contemporary renovation and a layout designed for flexible daytime and evening use. Natural light contributes to an open, airy feel, while the refreshed interior provides a polished urban living environment. The property was built in 1975.
Island House offers a 24-hour doorman, gym, heated swimming pool, and sauna. Residents also have access to a renovated communal backyard with a BBQ area, dog run, and outdoor children's castle. The Roosevelt Island setting includes access to the Tram, F train, and NYC Ferry, with the Tram providing a one-stop connection to the Upper East Side. The property is located at 575 Main Street 711, New York City, NY 10044.
Island House offers a 24-hour doorman, gym, heated swimming pool, and sauna. Residents also have access to a renovated communal backyard with a BBQ area, dog run, and outdoor children's castle. The Roosevelt Island setting includes access to the Tram, F train, and NYC Ferry, with the Tram providing a one-stop connection to the Upper East Side. The property is located at 575 Main Street 711, New York City, NY 10044.
Key Highlights
- 596‑square‑foot studio residence at Island House
- Comprehensively renovated interior with abundant natural light
- 24‑hour doorman, gym, heated swimming pool, and sauna
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
$18,647
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
4.32%
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%
$372,940
$372.9K
Cap Rate 7%
$266,386
$266.4K
Cap Rate 9%
$207,189
$207.2K
Market Conditions
NOI Build-Up for 596 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
$35.7K $59.88/SF
− Vacancy
−$1.8K −$2.99/SF
EGI
$33.9K $56.89/SF
− OpEx
−$15.3K −$25.60/SF
NOI
$18.6K $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%
$372,940
Cap Rate 7%
$266,386
Cap Rate 9%
$207,189
Alternative Uses
Best Use
Apartment 5plus
$266.4K
$233.1K – $310.8K
NOI $18,647 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.48M
$1.30M – $1.73M
NOI $103,847 @ 7.0% cap · market cap 24.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
172
Businesses Nearby
Explore this area
Business Placement
Demographics for 10044, NY
11,722
Population
6,004
Households
2
Avg Household Size
36
Median Age
72%
College-Educated
94%
High-School Grad
0.2 sq mi
ZIP Area
58,610
Density / Sq Mi
$106,146
Median Household Income
$83,736
Median Earnings
$3,305
Median Rent
$1,041,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated studio residence with abundant daylight, full-service building amenities, and scenic transit connections across New York City.
Where is this residential income property located?
The property is located at 575 Main Street 711 New York City, NY.
What is the asking price?
The asking price for this property is $431,940.
What are key features of this property?
This property features: 596‑square‑foot studio residence at Island House; Comprehensively renovated interior with abundant natural light; 24‑hour doorman, gym, heated swimming pool, and sauna
