Residential Income Property with
For Sale
$625,000
88 GREENWICH Street 724W, New York City, NY 10006
Flexible junior one-bedroom residence with full-service building amenities and access to downtown transportation, waterfront, and business destinations.
Property Size606 SF
Price / SF$1,031
Days on Market16
Property Features for 88 GREENWICH Street 724W
General Information
Standard status
Active
Size
606 SF
Property subtype
Apartment
Building Details
Building Size
606 SF
Year Built
1956
Listing Agency:
Brown Harris Stevens Brooklyn LLC
Listed By:
Emma Chao
(917) 547-1318
Source:
Miradorrealestate
Added: Sep 10
Changed: Sep 21
Last Checked: Sep 24 at 6:08PM
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 Brown Harris Stevens Brooklyn LLC
Investment Insights
Based on property information with market context.
This 606-square-foot junior one-bedroom residence offers a flexible layout with separate living, sleeping, dining, and work-from-home areas. The entry hall leads into a spacious living room with hardwood floors and oversized west-facing windows. An open kitchen includes a Sub-Zero refrigerator, Viking stovetop, Fisher & Paykel dishwasher, breakfast bar, and ample cabinetry. Central air, generous closets, and a dedicated storage unit add practical utility.
The Greenwich Club Condominium provides full-time doorman service, a fitness center, yoga studio, outdoor lounge, residents lounge, library, billiards room, bicycle room, cold storage, and laundry facilities and WiFi on every floor. The property is in the Financial District, within blocks of the Hudson River Greenway and waterfront, World Trade Center, Wall Street, Brookfield Place, Whole Foods, and subway lines serving the 1, 2, 3, 4, 5, J, Z, R, and W routes.
The Greenwich Club Condominium provides full-time doorman service, a fitness center, yoga studio, outdoor lounge, residents lounge, library, billiards room, bicycle room, cold storage, and laundry facilities and WiFi on every floor. The property is in the Financial District, within blocks of the Hudson River Greenway and waterfront, World Trade Center, Wall Street, Brookfield Place, Whole Foods, and subway lines serving the 1, 2, 3, 4, 5, J, Z, R, and W routes.
Key Highlights
- 606‑square‑foot junior one‑bedroom layout with distinct living, sleeping, dining, and work areas
- Dedicated storage unit included within the building
- Open kitchen with Sub‑Zero refrigerator, Viking stovetop, and Fisher & Paykel dishwasher
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
$18,960
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
3.03%
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%
$379,200
$379.2K
Cap Rate 7%
$270,857
$270.9K
Cap Rate 9%
$210,667
$210.7K
Market Conditions
NOI Build-Up for 606 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
$36.3K $59.88/SF
− Vacancy
−$1.8K −$2.99/SF
EGI
$34.5K $56.89/SF
− OpEx
−$15.5K −$25.60/SF
NOI
$19.0K $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%
$379,200
Cap Rate 7%
$270,857
Cap Rate 9%
$210,667
Alternative Uses
Best Use
Apartment 5plus
$270.9K
$237.0K – $316.0K
NOI $18,960 @ 7.0% cap · market cap 3.03%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.51M
$1.32M – $1.76M
NOI $105,589 @ 7.0% cap · market cap 16.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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 - Flexible junior one-bedroom residence with full-service building amenities and access to downtown transportation, waterfront, and business destinations.
Where is this residential income property located?
The property is located at 88 GREENWICH Street 724W New York City, NY.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 606‑square‑foot junior one‑bedroom layout with distinct living, sleeping, dining, and work areas; Dedicated storage unit included within the building; Open kitchen with Sub‑Zero refrigerator, Viking stovetop, and Fisher & Paykel dishwasher
