Renovated Residential Income
For Sale
$999,000
807 Riverside Drive 2G, New York City, NY 10032
One-bedroom condominium with flexible leasing, renovated interiors, and current rental occupancy.
Property Size1,447 SF
Days on Market32
Property Features for 807 Riverside Drive 2G
General Information
Standard status
Active
Size
1,447 SF
Elevators
Yes
Property subtype
Apartment
Occupancy
100%
Financials
Gross Income
$37,535
Average Monthly Rent
$3,127
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,582
Amenities
on-site superintendent
laundry room
bicycle storage
Building Details
Building Size
1,447 SF
Year Built
1900
Tenancy
Single
Listing Agency:
Compass
Listed By:
Kelly Cole
(917) 575-8375
Source:
Serhant
Added: Aug 8
Changed: Sep 8
Last Checked: Sep 8 at 10:05AM
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 Compass
Investment Insights
Based on property information with market context.
This renovated one-bedroom condominium is elevated above street level and arranged with distinct living, dining, and home office areas. The open kitchen includes granite counters, white shaker cabinetry, stainless steel appliances, and a dishwasher. French doors connect the bedroom to the main living area, while the residence also offers a renovated windowed bathroom, recessed lighting, blonde oak plank flooring, and three oversized custom closets. Condominium approval may allow installation of an in-unit washer and dryer.
The building dates to 1900 and provides an elevator, laundry room, bicycle storage, on-site superintendent, and pet-friendly policies. Unlimited rentals are permitted, with no leasing restrictions; co-purchasing, parental purchases, and gifting toward a down payment are also allowed. The apartment is leased through August 31, 2027. The property is near multiple subway lines, bus service, shopping, restaurants, and the Hudson River Greenway. It is located within Audubon Terrace, a tree-lined residential setting in Manhattan.
The building dates to 1900 and provides an elevator, laundry room, bicycle storage, on-site superintendent, and pet-friendly policies. Unlimited rentals are permitted, with no leasing restrictions; co-purchasing, parental purchases, and gifting toward a down payment are also allowed. The apartment is leased through August 31, 2027. The property is near multiple subway lines, bus service, shopping, restaurants, and the Hudson River Greenway. It is located within Audubon Terrace, a tree-lined residential setting in Manhattan.
Key Highlights
- Renovated one‑bedroom condominium with separate living, dining, and home office areas
- Current lease runs through August 31, 2027
- Unlimited rentals permitted with no leasing restrictions
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
$45,273
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
4.53%
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%
$905,460
$905.5K
Cap Rate 7%
$646,757
$646.8K
Cap Rate 9%
$503,033
$503.0K
Market Conditions
NOI Build-Up for 1,447 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
$86.6K $59.88/SF
− Vacancy
−$4.3K −$2.99/SF
EGI
$82.3K $56.89/SF
− OpEx
−$37.0K −$25.60/SF
NOI
$45.3K $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%
$905,460
Cap Rate 7%
$646,757
Cap Rate 9%
$503,033
Alternative Uses
Best Use
Apartment 5plus
$646.8K
$565.9K – $754.6K
NOI $45,273 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.60M
$3.15M – $4.20M
NOI $252,125 @ 7.0% cap · market cap 25.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
8,722
Businesses Nearby
Explore this area
Business Placement
Demographics for 10032, NY
55,170
Population
23,178
Households
2.4
Avg Household Size
38
Median Age
40%
College-Educated
76%
High-School Grad
0.7 sq mi
ZIP Area
78,814
Density / Sq Mi
$56,588
Median Household Income
$40,755
Median Earnings
$1,546
Median Rent
$545,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom condominium with flexible leasing, renovated interiors, and current rental occupancy.
Where is this residential income property located?
The property is located at 807 Riverside Drive 2G New York City, NY.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Renovated one‑bedroom condominium with separate living, dining, and home office areas; Current lease runs through August 31, 2027; Unlimited rentals permitted with no leasing restrictions
