Residential Income Property with
For Sale
$499,000
581 ACADEMY Street 5B, New York City, NY 10034
Top-floor condominium with custom maple storage, abundant natural light, and immediate subletting permission.
Property Size756 SF
Price / SF$660.05
Days on Market8
Property Features for 581 ACADEMY Street 5B
General Information
Standard status
Active
Size
756 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$3,792
Amenities
elevator
live-in superintendent
central laundry
Building Details
Building Size
756 SF
Year Built
1925
Listing Agency:
Brown Harris Stevens Residential Sales LLC
Listed By:
Edward H Liao
(212) 381-2246
Source:
Carlinwright
Added: Sep 18
Changed: Sep 23
Last Checked: Sep 24 at 6:14PM
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 Brown Harris Stevens Residential Sales LLC
Investment Insights
Based on property information with market context.
This top-floor, two-bedroom, one-bath condominium offers 756 square feet within a 1925 postwar elevator building. The home includes south- and west-facing windows, kitchen skylights, interior bedroom ceiling windows, warm wood flooring, and extensive maple built-ins with shelving, storage, a workspace, dining area, dressers, and laundry features. A Nest-controlled central A/C and heating system, recessed dimmable LED lighting, ceiling speakers, soundproofing, and double-pane windows add to the interior specification.
The residence is at 581 Academy Street in New York City, near Fort Tryon Park, Inwood Hill Park, Highbridge Park, and the Met Cloisters. The A express train and local 1 train are each a 7-minute walk away. The building has a live-in superintendent and central laundry facilities. Pets are permitted, and immediate subletting is allowed.
The residence is at 581 Academy Street in New York City, near Fort Tryon Park, Inwood Hill Park, Highbridge Park, and the Met Cloisters. The A express train and local 1 train are each a 7-minute walk away. The building has a live-in superintendent and central laundry facilities. Pets are permitted, and immediate subletting is allowed.
Key Highlights
- 756 SF top‑floor, two‑bedroom, one‑bath condominium
- Custom maple built‑ins include shelving, storage, workspace, dressers, and laundry features
- South- and west‑facing windows plus kitchen skylights and interior bedroom ceiling windows
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
$23,653
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
4.74%
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%
$473,060
$473.1K
Cap Rate 7%
$337,900
$337.9K
Cap Rate 9%
$262,811
$262.8K
Market Conditions
NOI Build-Up for 756 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
$45.3K $59.88/SF
− Vacancy
−$2.3K −$2.99/SF
EGI
$43.0K $56.89/SF
− OpEx
−$19.4K −$25.60/SF
NOI
$23.7K $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%
$473,060
Cap Rate 7%
$337,900
Cap Rate 9%
$262,811
Alternative Uses
Best Use
Apartment 5plus
$337.9K
$295.7K – $394.2K
NOI $23,653 @ 7.0% cap · market cap 4.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.88M
$1.65M – $2.20M
NOI $131,725 @ 7.0% cap · market cap 26.40%
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
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 - Top-floor condominium with custom maple storage, abundant natural light, and immediate subletting permission.
Where is this residential income property located?
The property is located at 581 ACADEMY Street 5B New York City, NY.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 756 SF top‑floor, two‑bedroom, one‑bath condominium; Custom maple built‑ins include shelving, storage, workspace, dressers, and laundry features; South- and west‑facing windows plus kitchen skylights and interior bedroom ceiling windows
