Updated Residential Income
For Sale
$528,000
88 Greenwich Street 412, New York City, NY 10006
Loftlike studio with a renovated kitchen, high ceilings, generous closets, and extensive resident amenities.
Property Size518 SF
Price / SF$1,019
Days on Market98
Property Features for 88 Greenwich Street 412
General Information
Standard status
Active
Size
518 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$7,440
Amenities
gym
library
billiards
media room
doorman
valet
lounge
business center
cold storage
laundry
Wi-Fi
Building Details
Building Size
518 SF
Year Built
1929
Listing Agency:
Compass
(917) 816-1121
Listed By:
Terry B Lautin
(917) 816-1121
Source:
Carytamura
Added: May 19
Changed: Aug 23
Last Checked: Aug 24 at 1:34PM
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 518 SF studio residence in a 1929 condominium building has a flexible loftlike layout, two large windows facing Rector Street, 10' ceilings, generous closet storage, and a separate renovated kitchen with a pass-through opening. The living area can accommodate distinct sleeping and sitting zones, while the unit includes a flat-screen TV setup for both areas.
Residents have access to a fitness center, library, billiards room, media room, business center, floor-by-floor laundry, cold storage, and 24-hour doorman and valet services. The 24th-floor Harbor Room includes a full kitchen and views toward the Hudson River, New York Harbor, and the Downtown skyline. The property is two blocks from subway express and PATH trains and near Hudson River Park, Seaport attractions, Oculus Mall, Fulton Center, Eataly, Printemps, and Whole Foods.
Residents have access to a fitness center, library, billiards room, media room, business center, floor-by-floor laundry, cold storage, and 24-hour doorman and valet services. The 24th-floor Harbor Room includes a full kitchen and views toward the Hudson River, New York Harbor, and the Downtown skyline. The property is two blocks from subway express and PATH trains and near Hudson River Park, Seaport attractions, Oculus Mall, Fulton Center, Eataly, Printemps, and Whole Foods.
Key Highlights
- 518 SF studio residence in a 1929 condominium building
- 10' ceilings, two large Rector Street‑facing windows, and generous closet storage
- Separate renovated kitchen with pass‑through opening
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
$16,207
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
3.07%
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%
$324,140
$324.1K
Cap Rate 7%
$231,529
$231.5K
Cap Rate 9%
$180,078
$180.1K
Market Conditions
NOI Build-Up for 518 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
$31.0K $59.88/SF
− Vacancy
−$1.6K −$2.99/SF
EGI
$29.5K $56.89/SF
− OpEx
−$13.3K −$25.60/SF
NOI
$16.2K $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%
$324,140
Cap Rate 7%
$231,529
Cap Rate 9%
$180,078
Alternative Uses
Best Use
Apartment 5plus
$231.5K
$202.6K – $270.1K
NOI $16,207 @ 7.0% cap · market cap 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.29M
$1.13M – $1.50M
NOI $90,256 @ 7.0% cap · market cap 17.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
30,992
Businesses Nearby
Explore this area
Business Placement
Demographics for 10006, NY
4,282
Population
2,605
Households
1.6
Avg Household Size
31
Median Age
85%
College-Educated
100%
High-School Grad
0.1 sq mi
ZIP Area
42,820
Density / Sq Mi
$209,972
Median Household Income
$113,612
Median Earnings
$3,501
Median Rent
$1,125,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Loftlike studio with a renovated kitchen, high ceilings, generous closets, and extensive resident amenities.
Where is this residential income property located?
The property is located at 88 Greenwich Street 412 New York City, NY.
What is the asking price?
The asking price for this property is $528,000.
What are key features of this property?
This property features: 518 SF studio residence in a 1929 condominium building; 10' ceilings, two large Rector Street‑facing windows, and generous closet storage; Separate renovated kitchen with pass‑through opening
