Three-Bedroom Duplex Income
New
For Sale
$1,545,000
575 Main Street 1109, New York City, NY 10044
Renovation is underway, with buyer input available for colors and finishes.
Property Size1,656 SF
Price / SF$932.97
Days on Market6
Property Features for 575 Main Street 1109
General Information
Standard status
Active
Size
1,656 SF
Property subtype
Apartment
Property Condition
Severity
Repairs Needed
Evidence
currently under renovation
Units
Unit Mix
1 x 3BR/2.5BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,896
Amenities
24-hour doorman
fitness center
indoor pool
bike storage
package room
in-building laundry
landscaped courtyard
playground
dog run
storage locker
Building Details
Building Size
1,656 SF
Year Built
1975
Listing Agency:
POWERED BY DMT LLC
(347) 749-2817
Listed By:
Katelyn Kristine Cuadro
(347) 749-2817
Source:
Carlinwright
Added: Aug 19
Changed: Aug 24
Last Checked: Aug 23 at 8:46AM
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 POWERED BY DMT LLC
Investment Insights
Based on property information with market context.
Residence 1109 is a 1656-square-foot, three-bedroom, two-and-a-half-bath duplex corner apartment at Island House. The layout includes separate living and dining areas, an open kitchen with breakfast bar, a walk-in closet, and a dedicated storage locker. Renovation is in progress, allowing the purchaser to select colors and finishes. Planned features include American white oak engineered hardwood flooring, Viking stainless steel appliances, and custom cabinetry.
Island House provides a 24-hour doorman, fitness center, indoor pool access, bike storage, package room, in-building laundry, landscaped courtyard, playground, and dog run. The property is near the Roosevelt Island subway station, served by the M and F trains, with additional transportation via the Roosevelt Island Tram, NYC Ferry, and Q102 bus to Queens. Built in 1975, the residence is offered as a sponsor co-op unit without a board package or board approval requirement.
Island House provides a 24-hour doorman, fitness center, indoor pool access, bike storage, package room, in-building laundry, landscaped courtyard, playground, and dog run. The property is near the Roosevelt Island subway station, served by the M and F trains, with additional transportation via the Roosevelt Island Tram, NYC Ferry, and Q102 bus to Queens. Built in 1975, the residence is offered as a sponsor co-op unit without a board package or board approval requirement.
Key Highlights
- 1656 square feet with three bedrooms and two‑and‑a‑half baths
- Duplex corner layout with living and dining areas
- Renovation underway with purchaser input on colors and finishes
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
$51,812
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
3.35%
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%
$1,036,240
$1.0M
Cap Rate 7%
$740,171
$740.2K
Cap Rate 9%
$575,689
$575.7K
Market Conditions
NOI Build-Up for 1,656 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
$99.2K $59.88/SF
− Vacancy
−$5.0K −$2.99/SF
EGI
$94.2K $56.89/SF
− OpEx
−$42.4K −$25.60/SF
NOI
$51.8K $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%
$1,036,240
Cap Rate 7%
$740,171
Cap Rate 9%
$575,689
Alternative Uses
Best Use
Apartment 5plus
$740.2K
$647.7K – $863.5K
NOI $51,812 @ 7.0% cap · market cap 3.35%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.12M
$3.61M – $4.81M
NOI $288,541 @ 7.0% cap · market cap 18.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
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 - Renovation is underway, with buyer input available for colors and finishes.
Where is this residential income property located?
The property is located at 575 Main Street 1109 New York City, NY.
What is the asking price?
The asking price for this property is $1,545,000.
What are key features of this property?
This property features: 1656 square feet with three bedrooms and two‑and‑a‑half baths; Duplex corner layout with living and dining areas; Renovation underway with purchaser input on colors and finishes
