Renovated Residential Income
For Sale
$385,000
66 W 138th Street 3B, New York City, NY 10037
One-bedroom condominium with high ceilings, hardwood flooring, stainless steel appliances, and in-unit laundry.
Property Size508 SF
Price / SF$757.87
Days on Market15
Property Features for 66 W 138th Street 3B
General Information
Standard status
Active
Size
508 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,406
Amenities
in-unit laundry
Building Details
Building Size
508 SF
Year Built
1900
Listing Agency:
Compass
(917) 981-1107
Listed By:
Matthew Pucker
(917) 981-1107
Source:
Bondnyre
Added: Jul 27
Changed: Aug 8
Last Checked: Aug 10 at 9:48AM
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.
This 508-square-foot condominium at 66 W 138th Street, Unit 3B, occupies a pre-war building completed in 1900. The residence includes one bedroom, one bathroom, hardwood floors, high ceilings, open views, stainless steel appliances, and a washer and dryer within the unit. The layout also features a king-size bedroom and an updated interior suited to contemporary residential use.
The property is positioned on a quiet block in Central Harlem, with immediate access to the 2 and 3 train lines. Restaurants, bars, shops, and recreational opportunities are located throughout the surrounding area. The sale is being offered by the sponsor without an application requirement, with complete terms provided in the sponsor’s offering plan, file number CD160341.
The property is positioned on a quiet block in Central Harlem, with immediate access to the 2 and 3 train lines. Restaurants, bars, shops, and recreational opportunities are located throughout the surrounding area. The sale is being offered by the sponsor without an application requirement, with complete terms provided in the sponsor’s offering plan, file number CD160341.
Key Highlights
- 508‑square‑foot one‑bedroom, one‑bathroom condominium
- Pre‑war building completed in 1900
- Renovated interior with high ceilings and hardwood floors
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
$15,894
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
4.13%
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%
$317,880
$317.9K
Cap Rate 7%
$227,057
$227.1K
Cap Rate 9%
$176,600
$176.6K
Market Conditions
NOI Build-Up for 508 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
$30.4K $59.88/SF
− Vacancy
−$1.5K −$2.99/SF
EGI
$28.9K $56.89/SF
− OpEx
−$13.0K −$25.60/SF
NOI
$15.9K $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%
$317,880
Cap Rate 7%
$227,057
Cap Rate 9%
$176,600
Alternative Uses
Best Use
Apartment 5plus
$227.1K
$198.7K – $264.9K
NOI $15,894 @ 7.0% cap · market cap 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.26M
$1.11M – $1.48M
NOI $88,514 @ 7.0% cap · market cap 22.99%
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
6,405
Businesses Nearby
Explore this area
Business Placement
Demographics for 10037, NY
19,670
Population
11,218
Households
1.8
Avg Household Size
39
Median Age
43%
College-Educated
86%
High-School Grad
0.2 sq mi
ZIP Area
98,350
Density / Sq Mi
$51,250
Median Household Income
$54,349
Median Earnings
$1,406
Median Rent
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom condominium with high ceilings, hardwood flooring, stainless steel appliances, and in-unit laundry.
Where is this residential income property located?
The property is located at 66 W 138th Street 3B New York City, NY.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 508‑square‑foot one‑bedroom, one‑bathroom condominium; Pre‑war building completed in 1900; Renovated interior with high ceilings and hardwood floors
