Renovated Residential Income
New
For Sale
$1,975,000
7 Gracie Square 6C, New York City, NY 10028
Classic six-room apartment with two bedrooms, two and a half baths, renovated kitchen, fireplace, and private storage.
Property Size1,900 SF
Price / SF$1,039
Days on Market5
Property Features for 7 Gracie Square 6C
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Amenities
24-hour doormen
live-in resident manager
fitness center
laundry facilities
bicycle storage
private storage
Building Details
Building Size
1,900 SF
Year Built
1929
Listing Agency:
Sothebys International Realty
Listed By:
Epo I Manning
(212) 606-7660
Source:
Carytamura
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 13 at 12:36PM
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 Sothebys International Realty
Investment Insights
Based on property information with market context.
This 1,900-square-foot, two-bedroom residence combines prewar proportions with updated interiors and a practical six-room layout. The home includes a welcoming entry gallery, living room with high ceilings and a wood-burning fireplace, separate dining room, and a windowed kitchen equipped with a Liebherr refrigerator, Miele dishwasher, custom cabinetry, and substantial storage. A flexible office or guest room sits near the kitchen, while both bedrooms feature large closets and renovated en-suite marble bathrooms. Hardwood floors, through-the-wall air conditioning, custom built-ins, and southern exposure add to the apartment’s functionality. A washer and dryer are permitted, and a private storage cage trades with the residence.
The cooperative building provides 24-hour doormen, a live-in resident manager, fitness center, laundry facilities, bicycle storage, and private storage. Pets are welcome. The property is positioned across from Carl Schurz Park and the East River promenade, with access to landscaped gardens, playgrounds, and waterfront walking and cycling paths.
The cooperative building provides 24-hour doormen, a live-in resident manager, fitness center, laundry facilities, bicycle storage, and private storage. Pets are welcome. The property is positioned across from Carl Schurz Park and the East River promenade, with access to landscaped gardens, playgrounds, and waterfront walking and cycling paths.
Key Highlights
- 1,900‑square‑foot six‑room residence with two bedrooms and two and a half baths
- Renovated windowed kitchen with Liebherr refrigerator, Miele dishwasher, and custom cabinetry
- Living room features high ceilings, hardwood floors, and a wood‑burning fireplace
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
$59,446
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
3.01%
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%
$1,188,920
$1.2M
Cap Rate 7%
$849,229
$849.2K
Cap Rate 9%
$660,511
$660.5K
Market Conditions
NOI Build-Up for 1,900 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
$113.8K $59.88/SF
− Vacancy
−$5.7K −$2.99/SF
EGI
$108.1K $56.89/SF
− OpEx
−$48.6K −$25.60/SF
NOI
$59.4K $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%
$1,188,920
Cap Rate 7%
$849,229
Cap Rate 9%
$660,511
Alternative Uses
Best Use
Apartment 5plus
$849.2K
$743.1K – $990.8K
NOI $59,446 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.73M
$4.14M – $5.52M
NOI $331,056 @ 7.0% cap · market cap 16.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
12,145
Businesses Nearby
Explore this area
Business Placement
Demographics for 10028, NY
48,116
Population
29,535
Households
1.6
Avg Household Size
39
Median Age
83%
College-Educated
98%
High-School Grad
0.3 sq mi
ZIP Area
160,387
Density / Sq Mi
$168,125
Median Household Income
$116,860
Median Earnings
$2,702
Median Rent
$1,600,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Classic six-room apartment with two bedrooms, two and a half baths, renovated kitchen, fireplace, and private storage.
Where is this residential income property located?
The property is located at 7 Gracie Square 6C New York City, NY.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: 1,900‑square‑foot six‑room residence with two bedrooms and two and a half baths; Renovated windowed kitchen with Liebherr refrigerator, Miele dishwasher, and custom cabinetry; Living room features high ceilings, hardwood floors, and a wood‑burning fireplace
