One-Bedroom Residential Income
For Sale
$550,000
710 Riverside Drive 3-F, New York City, NY 10031
Tenant-occupied condominium with prewar details, updated kitchen and bath finishes, and building amenities including an elevator and fitness room.
Property Size687 SF
Price / SF$800.58
Days on Market17
Property Features for 710 Riverside Drive 3-F
General Information
Standard status
Active
Size
687 SF
Elevators
Yes
Property subtype
Apartment
Occupancy
100%
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$8,484
Amenities
community room
fitness room
high-capacity washers and dryers
virtual doorman
Building Details
Building Size
687 SF
Year Built
1920
Stories
6
Tenancy
Single
Listing Agency:
Nest Seekers LLC
Listed By:
Matt G Bajek
(917) 972-2467
Source:
Howardhannanyc
Added: Aug 23
Changed: Sep 7
Last Checked: Sep 7 at 8:05AM
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 Nest Seekers LLC
Investment Insights
Based on property information with market context.
Residence 3F is a 687-square-foot, one-bedroom condominium in a six-story, 35-residence building constructed in 1920. The home combines a flexible living and dining area with a windowed kitchen featuring stainless-steel appliances, a dishwasher, breakfast bar seating, white cabinetry, and tiled backsplash. A king-sized-bed-capable bedroom with two large closets, windowed bathroom with marble tile and soaking tub, solid oak floors, high ceilings, crown moldings, and stacked in-unit laundry complete the residence.
The building includes an elevator, live-in superintendent, residents’ community room with Wi-Fi, fitness room, basement laundry equipment for oversized loads, and a Butterfly virtual doorman system. The condominium is located at 710 Riverside Drive in Hamilton Heights, near Riverside Park, neighborhood dining, cafes, shopping, and multiple transportation options. The 1 train at 145th Street is approximately three blocks away, with A, B, C, and D trains also nearby.
The apartment is occupied by a tenant through March 31, 2027.
The building includes an elevator, live-in superintendent, residents’ community room with Wi-Fi, fitness room, basement laundry equipment for oversized loads, and a Butterfly virtual doorman system. The condominium is located at 710 Riverside Drive in Hamilton Heights, near Riverside Park, neighborhood dining, cafes, shopping, and multiple transportation options. The 1 train at 145th Street is approximately three blocks away, with A, B, C, and D trains also nearby.
The apartment is occupied by a tenant through March 31, 2027.
Key Highlights
- 687‑square‑foot one‑bedroom condominium at 710 Riverside Drive, Residence 3F
- Tenant in place through March 31, 2027
- Six‑story, 35‑residence prewar condominium built in 1920
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
$21,494
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
3.91%
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%
$429,880
$429.9K
Cap Rate 7%
$307,057
$307.1K
Cap Rate 9%
$238,822
$238.8K
Market Conditions
NOI Build-Up for 687 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
$41.1K $59.88/SF
− Vacancy
−$2.1K −$2.99/SF
EGI
$39.1K $56.89/SF
− OpEx
−$17.6K −$25.60/SF
NOI
$21.5K $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%
$429,880
Cap Rate 7%
$307,057
Cap Rate 9%
$238,822
Alternative Uses
Best Use
Apartment 5plus
$307.1K
$268.7K – $358.2K
NOI $21,494 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.71M
$1.50M – $2.00M
NOI $119,703 @ 7.0% cap · market cap 21.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
100%
Occupancy
Single-tenant
Tenancy
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 prewar details, updated kitchen and bath finishes, and building amenities including an elevator and fitness room.
Where is this residential income property located?
The property is located at 710 Riverside Drive 3-F New York City, NY.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 687‑square‑foot one‑bedroom condominium at 710 Riverside Drive, Residence 3F; Tenant in place through March 31, 2027; Six‑story, 35‑residence prewar condominium built in 1920
