High-Floor Residential Income
For Sale
$950,000
603 W 148TH Street 10B, New York City, NY 10031
Turn-key residence with river views, two bedrooms, modern finishes, and full-service building amenities.
Property Size1,037 SF
Price / SF$916.10
Days on Market11
Property Features for 603 W 148TH Street 10B
General Information
Standard status
Active
Size
1,037 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
24-hour door attendant
live-in superintendent
fitness center
pet-friendly
roof terrace
in-unit washer/dryer
central heat and air conditioning
hardwood floors
high ceilings
stainless steel appliances
granite countertops
Building Details
Building Size
1,037 SF
Year Built
2006
Listing Agency:
The Agency Brokerage
Listed By:
Joshua B Garner
(203) 535-4554
Source:
Howardhannanyc
Added: Sep 8
Changed: Sep 14
Last Checked: Sep 16 at 11:25PM
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 The Agency Brokerage
Investment Insights
Based on property information with market context.
Residence 10B is a 1,037-square-foot, 2-bedroom, 2-bathroom home on the 10th floor of a 2006 building. Southern exposure and oversized windows bring strong natural light into the interior, while Hudson River views add an open visual outlook. The layout includes a primary bedroom with an en-suite bathroom, a second bedroom suited to guests or office use, and a modern kitchen with stainless steel appliances, granite countertops, and substantial storage. Hardwood floors, high ceilings, central heat and air conditioning, and an in-unit washer/dryer complete the home.
Building services include a 24-hour door attendant, live-in superintendent, fitness center, pet-friendly policies, and a roof terrace with city and Hudson River views. The property is located at 603 W 148TH Street in New York City, near Riverside Park and the Hudson River Greenway, with access to the A/B/C/D and 1 trains.
Building services include a 24-hour door attendant, live-in superintendent, fitness center, pet-friendly policies, and a roof terrace with city and Hudson River views. The property is located at 603 W 148TH Street in New York City, near Riverside Park and the Hudson River Greenway, with access to the A/B/C/D and 1 trains.
Key Highlights
- 1,037‑square‑foot residence with 2 bedrooms and 2 bathrooms
- 10th‑floor position with southern exposure and oversized windows
- Hudson River views with sunset outlooks
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
$32,445
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
3.42%
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%
$648,900
$648.9K
Cap Rate 7%
$463,500
$463.5K
Cap Rate 9%
$360,500
$360.5K
Market Conditions
NOI Build-Up for 1,037 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
$62.1K $59.88/SF
− Vacancy
−$3.1K −$2.99/SF
EGI
$59.0K $56.89/SF
− OpEx
−$26.5K −$25.60/SF
NOI
$32.4K $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%
$648,900
Cap Rate 7%
$463,500
Cap Rate 9%
$360,500
Alternative Uses
Best Use
Apartment 5plus
$463.5K
$405.6K – $540.8K
NOI $32,445 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.58M
$2.26M – $3.01M
NOI $180,687 @ 7.0% cap · market cap 19.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Turn-key residence with river views, two bedrooms, modern finishes, and full-service building amenities.
Where is this residential income property located?
The property is located at 603 W 148TH Street 10B New York City, NY.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 1,037‑square‑foot residence with 2 bedrooms and 2 bathrooms; 10th‑floor position with southern exposure and oversized windows; Hudson River views with sunset outlooks
