Renovated Residential Income
For Sale
$300,000
66 W 138th Street 2D, New York City, NY 10037
Fully renovated condominium with one bedroom, one bathroom, hardwood flooring, and in-unit laundry.
Property Size417 SF
Price / SF$719.42
Days on Market165
Property Features for 66 W 138th Street 2D
General Information
Standard status
Active
Size
417 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
$4,612
Amenities
in-unit laundry
stainless steel appliances
Building Details
Building Size
417 SF
Year Built
1900
Listing Agency:
Compass
(917) 981-1107
Listed By:
Matthew Pucker
(917) 981-1107
Source:
Howardhannanyc
Added: Mar 11
Changed: Aug 20
Last Checked: Aug 21 at 11:49AM
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 417-square-foot, one-bedroom, one-bathroom pre-war condominium is being offered after a full renovation. Interior features include high ceilings, hardwood flooring, open views, a king-size bedroom, stainless steel appliances, and laundry within the unit. The residence is intended for end use or investment, and the sponsor sale does not require an application.
The condominium conversion at 66 W 138th Street combines pre-war architectural character with updated residential finishes. The property is located on a quiet block in Central Harlem, with immediate access to the 2/3 train lines and nearby restaurants, bars, shops, and recreation. The building was constructed in 1900.
The condominium conversion at 66 W 138th Street combines pre-war architectural character with updated residential finishes. The property is located on a quiet block in Central Harlem, with immediate access to the 2/3 train lines and nearby restaurants, bars, shops, and recreation. The building was constructed in 1900.
Key Highlights
- 417‑square‑foot one‑bedroom, one‑bathroom condominium
- Fully renovated interior with hardwood floors and high ceilings
- Stainless steel appliances and in‑unit laundry
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
$13,047
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
4.35%
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%
$260,940
$260.9K
Cap Rate 7%
$186,386
$186.4K
Cap Rate 9%
$144,967
$145.0K
Market Conditions
NOI Build-Up for 417 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
$25.0K $59.88/SF
− Vacancy
−$1.2K −$2.99/SF
EGI
$23.7K $56.89/SF
− OpEx
−$10.7K −$25.60/SF
NOI
$13.0K $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%
$260,940
Cap Rate 7%
$186,386
Cap Rate 9%
$144,967
Alternative Uses
Best Use
Apartment 5plus
$186.4K
$163.1K – $217.5K
NOI $13,047 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.04M
$908.2K – $1.21M
NOI $72,658 @ 7.0% cap · market cap 24.22%
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 - Fully renovated condominium with one bedroom, one bathroom, hardwood flooring, and in-unit laundry.
Where is this residential income property located?
The property is located at 66 W 138th Street 2D New York City, NY.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 417‑square‑foot one‑bedroom, one‑bathroom condominium; Fully renovated interior with hardwood floors and high ceilings; Stainless steel appliances and in‑unit laundry
