Renovated Residential Income
For Sale
$999,000
807 Riverside Drive 2G, New York City, NY 10032
Gut-renovated home with flexible bedroom, office, and entertaining space in a full-service condominium setting.
Property Size1,447 SF
Days on Market13
Property Features for 807 Riverside Drive 2G
General Information
Standard status
Active
Size
1,447 SF
Property subtype
Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$6,582
Amenities
washer-dryer
central laundry
bicycle storage
private storage
locked package room
resident superintendent
Building Details
Building Size
1,447 SF
Year Built
1900
Listing Agency:
Compass
(917) 575-8375
Listed By:
Kelly Cole
(917) 575-8375
Source:
Serhant
Added: Aug 10
Changed: Aug 21
Last Checked: Aug 21 at 10:42AM
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 four-bedroom, three-bath residential income property at 807 Riverside Drive has been renovated from the studs outward while retaining a generous prewar scale. The home features 9-foot ceilings, 7-inch oak flooring, three exposures, and an open arrangement centered on a redesigned kitchen with Silestone counters, shaker cabinetry, porcelain tile backsplash, under-cabinet lighting, and a breakfast bar. The primary suite includes two exposures and a private bath with a large stall shower, while the fourth bedroom includes its own full bath and can serve as an office or guest room. A washer-dryer, updated electrical and plumbing systems, new moldings, radiator covers, and substantial closet space complete the interior.
The condominium is pet-friendly and provides a resident superintendent, central laundry, bicycle storage, a locked package room, and private storage available for rent. The home is located in the landmarked Audubon Park Historic District, one short block from the #1 train, with access to the Henry Hudson, the GWB, and major metropolitan roadways. Hudson River Greenway, Fort Washington Park, and Denny Farrell Riverbank State Park are also nearby. No board approval is required.
The condominium is pet-friendly and provides a resident superintendent, central laundry, bicycle storage, a locked package room, and private storage available for rent. The home is located in the landmarked Audubon Park Historic District, one short block from the #1 train, with access to the Henry Hudson, the GWB, and major metropolitan roadways. Hudson River Greenway, Fort Washington Park, and Denny Farrell Riverbank State Park are also nearby. No board approval is required.
Key Highlights
- Four‑bedroom, three‑bath home with a fourth bedroom that includes an en suite full bath
- Gut‑renovated from the studs outward with new electrical and plumbing systems
- 9‑foot ceilings, 7‑inch oak flooring, and natural light from 3 exposures
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
Yes
Highway access
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 - Gut-renovated home with flexible bedroom, office, and entertaining space in a full-service condominium setting.
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: Four‑bedroom, three‑bath home with a fourth bedroom that includes an en suite full bath; Gut‑renovated from the studs outward with new electrical and plumbing systems; 9‑foot ceilings, 7‑inch oak flooring, and natural light from 3 exposures
