One-Bedroom Residential Income
For Sale
$569,000
690 Riverside Drive 3F, New York City, NY 10031
Tenant-occupied condominium with an active lease through June 30, 2026.
Property Size650 SF
Price / SF$875.38
Days on Market191
Property Features for 690 Riverside Drive 3F
General Information
Standard status
Active
Size
650 SF
Property subtype
Apartment
Taxes and HOA fees
Annual Taxes
$3,204
Building Details
Building Size
650 SF
Year Built
1920
Listing Agency:
Compass
(917) 621-7900
Listed By:
Zahra Joudi
(917) 621-7900
Source:
Howardhannanyc
Added: Feb 10
Changed: Aug 16
Last Checked: Aug 19 at 4:02PM
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 650 SF one-bedroom condominium is located in a well-maintained elevator building at 690 Riverside Drive. The residence includes a spacious living room with hardwood floors, a corner bedroom with northern and eastern exposures, and a kitchen with ample counter space and a north-facing window. The home is currently leased through June 30, 2026, and investors are welcome. Pets are permitted, and the building has a live-in superintendent.
The property is positioned across from Riverbank State Park, with access to softball fields, tennis courts, bike and running trails, and football and soccer fields. NY Presbyterian and City College are nearby. Subway access includes the 1 train at 145th Street, along with A, B, C, and D express stops.
The property is positioned across from Riverbank State Park, with access to softball fields, tennis courts, bike and running trails, and football and soccer fields. NY Presbyterian and City College are nearby. Subway access includes the 1 train at 145th Street, along with A, B, C, and D express stops.
Key Highlights
- 650 SF one‑bedroom condominium at 690 Riverside Drive
- Elevator building with live‑in superintendent
- Current lease runs through June 30, 2026
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
$20,337
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
3.57%
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%
$406,740
$406.7K
Cap Rate 7%
$290,529
$290.5K
Cap Rate 9%
$225,967
$226.0K
Market Conditions
NOI Build-Up for 650 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
$38.9K $59.88/SF
− Vacancy
−$1.9K −$2.99/SF
EGI
$37.0K $56.89/SF
− OpEx
−$16.6K −$25.60/SF
NOI
$20.3K $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%
$406,740
Cap Rate 7%
$290,529
Cap Rate 9%
$225,967
Alternative Uses
Best Use
Apartment 5plus
$290.5K
$254.2K – $339.0K
NOI $20,337 @ 7.0% cap · market cap 3.57%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.62M
$1.42M – $1.89M
NOI $113,256 @ 7.0% cap · market cap 19.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Tenant-occupied condominium with an active lease through June 30, 2026.
Where is this residential income property located?
The property is located at 690 Riverside Drive 3F New York City, NY.
What is the asking price?
The asking price for this property is $569,000.
What are key features of this property?
This property features: 650 SF one‑bedroom condominium at 690 Riverside Drive; Elevator building with live‑in superintendent; Current lease runs through June 30, 2026
