Residential Income Property with Roof
For Sale
$885,000
603 W 148th Street 4A, New York City, NY 10031
Two-bedroom condominium residence with Hudson River views, full-service amenities, and convenient access to multiple subway lines.
Property Size1,141 SF
Price / SF$775.64
Days on Market98
Property Features for 603 W 148th Street 4A
General Information
Standard status
Active
Size
1,141 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$240
Amenities
roof deck
doorman
fitness room
bike storage
laundry room
in-unit washer/dryer
Building Details
Building Size
1,141 SF
Year Built
2006
Listing Agency:
Compass
(646) 251-7102
Listed By:
Christine C Chiu · License #10401289670
(646) 251-7102
Source:
Miradorrealestate
Added: May 19
Changed: Aug 23
Last Checked: Aug 24 at 12:48PM
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.
Residence 4A is a 1,141-square-foot condominium completed in 2006, configured with 2 bedrooms and 2 bathrooms. The home includes an open living and dining area, kitchen with premium fixtures, large windows, climate-controlled air conditioning, in-unit washer/dryer, entry gallery, and generous closet storage. The primary bedroom has a private bath and walk-in closet, while the second bedroom provides additional closet space.
Building amenities include a roof deck with Hudson River views, 24-hour doorman service, resident superintendent, full-time porter, fitness room, bike storage, and laundry room. A first-floor bridge connects the building’s two structures. The property is on a tree-lined block in Hamilton Heights near parks and the 1, A, C, B, and D subway lines. A 421-a tax abatement is in place through 2033.
Building amenities include a roof deck with Hudson River views, 24-hour doorman service, resident superintendent, full-time porter, fitness room, bike storage, and laundry room. A first-floor bridge connects the building’s two structures. The property is on a tree-lined block in Hamilton Heights near parks and the 1, A, C, B, and D subway lines. A 421-a tax abatement is in place through 2033.
Key Highlights
- 2‑bedroom, 2‑bathroom condominium residence
- 1,141 SF residence completed in 2006
- Roof deck with Hudson River views
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
$35,699
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
4.03%
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%
$713,980
$714.0K
Cap Rate 7%
$509,986
$510.0K
Cap Rate 9%
$396,656
$396.7K
Market Conditions
NOI Build-Up for 1,141 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
$68.3K $59.88/SF
− Vacancy
−$3.4K −$2.99/SF
EGI
$64.9K $56.89/SF
− OpEx
−$29.2K −$25.60/SF
NOI
$35.7K $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%
$713,980
Cap Rate 7%
$509,986
Cap Rate 9%
$396,656
Alternative Uses
Best Use
Apartment 5plus
$510.0K
$446.2K – $595.0K
NOI $35,699 @ 7.0% cap · market cap 4.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.84M
$2.49M – $3.31M
NOI $198,808 @ 7.0% cap · market cap 22.46%
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
4,553
Businesses Nearby
Explore this area
Business Placement
Demographics for 10031, NY
56,363
Population
24,110
Households
2.3
Avg Household Size
36
Median Age
41%
College-Educated
79%
High-School Grad
0.7 sq mi
ZIP Area
80,519
Density / Sq Mi
$65,067
Median Household Income
$41,149
Median Earnings
$1,787
Median Rent
$678,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium residence with Hudson River views, full-service amenities, and convenient access to multiple subway lines.
Where is this residential income property located?
The property is located at 603 W 148th Street 4A New York City, NY.
What is the asking price?
The asking price for this property is $885,000.
What are key features of this property?
This property features: 2‑bedroom, 2‑bathroom condominium residence; 1,141 SF residence completed in 2006; Roof deck with Hudson River views
