Residential Income Property with Rooftop
For Sale
$699,000
88 MORNINGSIDE Avenue 8G, New York City, NY 10027
Bright one-bedroom residence with an open kitchen, custom Murphy bed, in-unit laundry, storage, and bike facilities.
Property Size780 SF
Price / SF$896.15
Days on Market81
Property Features for 88 MORNINGSIDE Avenue 8G
General Information
Standard status
Active
Size
780 SF
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
private rooftop cabana
storage cage
bike storage
live-in resident manager
part-time doorperson
in-unit washer & dryer
Building Details
Building Size
780 SF
Year Built
2011
Tenancy
Single
Listing Agency:
Brown Harris Stevens Residential Sales LLC
(917) 806-8671
Listed By:
Judith S Kleinman
(917) 806-8671
Source:
Miradorrealestate
Added: Jun 5
Changed: Aug 23
Last Checked: Aug 24 at 3:16PM
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.
This 780-square-foot one-bedroom residence features a loft-like layout, south- and east-facing exposure, oversized windows, and maple flooring. The open kitchen includes CaesarStone counters, a stainless steel sink, Miele refrigerator, DeLonghi range, Bosch microwave, and Bosch dishwasher. A custom queen Murphy bed incorporates a workstation, while the residence also offers a spa-style bathroom, stacked Bosch washer and dryer, dedicated storage cage, and bike storage. A private rooftop cabana is part of the property’s amenities, and a tenant is currently in place.
The co-op building was completed in 2011 and operates with condo by-laws. Building services include a live-in resident manager and part-time doorperson. The property is located at 88 MORNINGSIDE Avenue 8G in New York City, with A, D, C, and B train service three blocks away.
The co-op building was completed in 2011 and operates with condo by-laws. Building services include a live-in resident manager and part-time doorperson. The property is located at 88 MORNINGSIDE Avenue 8G in New York City, with A, D, C, and B train service three blocks away.
Key Highlights
- 780 square feet with one‑bedroom layout and south- and east‑facing exposure
- Private rooftop cabana plus dedicated storage cage and bike storage
- Open kitchen with Miele, DeLonghi, and Bosch appliances
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
$24,404
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
3.49%
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%
$488,080
$488.1K
Cap Rate 7%
$348,629
$348.6K
Cap Rate 9%
$271,156
$271.2K
Market Conditions
NOI Build-Up for 780 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
$46.7K $59.88/SF
− Vacancy
−$2.3K −$2.99/SF
EGI
$44.4K $56.89/SF
− OpEx
−$20.0K −$25.60/SF
NOI
$24.4K $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%
$488,080
Cap Rate 7%
$348,629
Cap Rate 9%
$271,156
Alternative Uses
Best Use
Apartment 5plus
$348.6K
$305.1K – $406.7K
NOI $24,404 @ 7.0% cap · market cap 3.49%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.94M
$1.70M – $2.27M
NOI $135,907 @ 7.0% cap · market cap 19.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Single-tenant
Tenancy
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Bright one-bedroom residence with an open kitchen, custom Murphy bed, in-unit laundry, storage, and bike facilities.
Where is this residential income property located?
The property is located at 88 MORNINGSIDE Avenue 8G New York City, NY.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 780 square feet with one‑bedroom layout and south- and east‑facing exposure; Private rooftop cabana plus dedicated storage cage and bike storage; Open kitchen with Miele, DeLonghi, and Bosch appliances
