Renovated Residential Income
For Sale
$625,000
Pending
69 Bennett Avenue 306, New York City, NY 10033
Renovated condominium residence with three bedrooms, hardwood floors, and updated kitchen and bath finishes.
Property Size939 SF
Days on Market36
Property Features for 69 Bennett Avenue 306
General Information
Standard status
Pending
Size
939 SF
Property subtype
Apartment
Units
Unit Mix
1 x 3 bedroom
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,058
Amenities
live-in superintendent
central laundry
on-site parking
Building Details
Building Size
939 SF
Year Built
1954
Listing Agency:
Compass
Listed By:
Brett Walsdorf
(917) 742-3335
Source:
Miradorrealestate
Added: Aug 4
Changed: Sep 5
Last Checked: Sep 7 at 6:28AM
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 306 is a renovated condominium home spanning approximately 939 square feet with a three-bedroom configuration. The layout includes a living area, updated bathroom, and kitchen finished with quartz countertops, stainless steel appliances, extensive cabinetry, and recessed lighting. Oak hardwood flooring extends throughout the residence, while upgraded electrical systems complete the improvements.
The building at 69 Bennett Avenue was constructed in 1954 and includes a live-in superintendent and central laundry. On-site parking is available through a waitlist for an additional fee. The property is in Hudson Heights, near Fort Tryon Park, the Cloisters, local cafes and restaurants, and the A and 1 train lines.
The building at 69 Bennett Avenue was constructed in 1954 and includes a live-in superintendent and central laundry. On-site parking is available through a waitlist for an additional fee. The property is in Hudson Heights, near Fort Tryon Park, the Cloisters, local cafes and restaurants, and the A and 1 train lines.
Key Highlights
- Approximately 939 square feet with a three‑bedroom configuration
- Renovated kitchen with quartz countertops, stainless steel appliances, cabinetry, and recessed lighting
- Oak hardwood floors throughout the residence
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
$29,379
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
4.70%
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%
$587,580
$587.6K
Cap Rate 7%
$419,700
$419.7K
Cap Rate 9%
$326,433
$326.4K
Market Conditions
NOI Build-Up for 939 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
$56.2K $59.88/SF
− Vacancy
−$2.8K −$2.99/SF
EGI
$53.4K $56.89/SF
− OpEx
−$24.0K −$25.60/SF
NOI
$29.4K $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%
$587,580
Cap Rate 7%
$419,700
Cap Rate 9%
$326,433
Alternative Uses
Best Use
Apartment 5plus
$419.7K
$367.2K – $489.7K
NOI $29,379 @ 7.0% cap · market cap 4.70%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.34M
$2.05M – $2.73M
NOI $163,611 @ 7.0% cap · market cap 26.18%
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
4,934
Businesses Nearby
Explore this area
Business Placement
Demographics for 10033, NY
50,085
Population
21,338
Households
2.3
Avg Household Size
39
Median Age
41%
College-Educated
77%
High-School Grad
0.6 sq mi
ZIP Area
83,475
Density / Sq Mi
$75,585
Median Household Income
$41,655
Median Earnings
$1,742
Median Rent
$709,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated condominium residence with three bedrooms, hardwood floors, and updated kitchen and bath finishes.
Where is this residential income property located?
The property is located at 69 Bennett Avenue 306 New York City, NY.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Approximately 939 square feet with a three‑bedroom configuration; Renovated kitchen with quartz countertops, stainless steel appliances, cabinetry, and recessed lighting; Oak hardwood floors throughout the residence
