1-Bedroom Condop
For Sale
$599,000
88 MORNINGSIDE Avenue 3H, New York City, NY 10027
South-facing 720 SF one-bedroom in a condop building with doorman, fitness amenities, roof deck, and in-unit Bosch W/D.
Property Size720 SF
Price / SF$831.94
Days on Market77
Property Features for 88 MORNINGSIDE Avenue 3H
General Information
Standard status
Active
Size
720 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR
Multifamily Units
1
Amenities
media lounge
fitness center
roof deck
separate storage
bike storage
BuildingLink
in-unit washer/dryer
Building Details
Building Size
720 SF
Year Built
2011
Listing Agency:
Brown Harris Stevens Residential Sales LLC
(917) 806-8671
Listed By:
Judith S Kleinman
(917) 806-8671
Source:
Howardhannanyc
Added: May 26
Changed: Aug 10
Last Checked: Aug 10 at 9:34AM
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 Residential Sales LLC
Investment Insights
Based on property information with market context.
Bright south-facing 1-bedroom condop apartment in a highly desirable building directly on Morningside Park. The home is approximately 720 SF and features high ceilings, solid charcoal-stained maple floors, recessed lighting, and many closets. The apartment includes its own Bosch washer/dryer. The kitchen is equipped with a Liebherr refrigerator, Bosch dishwasher and microwave, and a 5-burner Delonghi range. The bathroom includes a 63" Duravit soaking tub, rain showerhead, and Senza stone floors.
The co-op operates with condo by-laws and allows pied-a-terres, investors, and parents purchasing for children. Building amenities include a media lounge, fitness center, part-time front desk security, a live-in Resident Manager, and a roof deck with a full kitchen and panoramic views. Separate storage and bike storage are also included, along with BuildingLink.
Built in 2011, this residence offers condo-by-law structure and modern on-site amenities for everyday living.
The co-op operates with condo by-laws and allows pied-a-terres, investors, and parents purchasing for children. Building amenities include a media lounge, fitness center, part-time front desk security, a live-in Resident Manager, and a roof deck with a full kitchen and panoramic views. Separate storage and bike storage are also included, along with BuildingLink.
Built in 2011, this residence offers condo-by-law structure and modern on-site amenities for everyday living.
Key Highlights
- South‑facing 1‑bedroom condop apartment directly on Morningside Park
- Approximately 720 SF with high ceilings and recessed lighting
- In‑unit Bosch washer/dryer plus multiple closets
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
$22,527
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
3.76%
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%
$450,540
$450.5K
Cap Rate 7%
$321,814
$321.8K
Cap Rate 9%
$250,300
$250.3K
Market Conditions
NOI Build-Up for 720 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
$43.1K $59.88/SF
− Vacancy
−$2.2K −$2.99/SF
EGI
$41.0K $56.89/SF
− OpEx
−$18.4K −$25.60/SF
NOI
$22.5K $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%
$450,540
Cap Rate 7%
$321,814
Cap Rate 9%
$250,300
Alternative Uses
Best Use
Apartment 5plus
$321.8K
$281.6K – $375.5K
NOI $22,527 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.79M
$1.57M – $2.09M
NOI $125,453 @ 7.0% cap · market cap 20.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
9,585
Businesses Nearby
Explore this area
Business Placement
Demographics for 10027, NY
64,037
Population
28,038
Households
2.3
Avg Household Size
32
Median Age
52%
College-Educated
87%
High-School Grad
0.9 sq mi
ZIP Area
71,152
Density / Sq Mi
$64,220
Median Household Income
$44,231
Median Earnings
$1,609
Median Rent
$915,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - South-facing 720 SF one-bedroom in a condop building with doorman, fitness amenities, roof deck, and in-unit Bosch W/D.
Where is this multifamily property located?
The property is located at 88 MORNINGSIDE Avenue 3H New York City, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: South‑facing 1‑bedroom condop apartment directly on Morningside Park; Approximately 720 SF with high ceilings and recessed lighting; In‑unit Bosch washer/dryer plus multiple closets
