Hypothetical sale

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https://streeteasy.com/building/56-west-11-street-new_york

Some thing like this? Assume condo.
https://streeteasy.com/building/56-west-11-street-new_york/3re?utm_campaign=rental_listing&utm_medium=share&utm_source=web&lstt=Z7yy5XkX4R8LcXphMNEf-YwG3LSW_k3jFrxl-fn5V68PPPSdFhZlHRFKjWV0vFnZsFPSaEHZ-xvPNYuB

appx 600 sq ft at best.
$800k in livable basic clean condition. $1-1.1mm renovated. Non doorman building. So expected carrying charges would be low if a condo.

Gold Coast

The units in that building are usually pretty small

@300 - Thank you - that makes sense and more or less what I would have guessed. So at current market rates that's about 13 yrs rent, 15 renovated Although that's an expensive renovation. Maybe depending on finishes...

@Rinette - location at intersection of Gold Coast and the West Village can't be beat

@30 - You're right they're pokey by today's standards but nicely proportioned.

Not expensive reno. Any one renovating should want $100k for their brain damage, risk, and stress. And NYC insured contractors don't like to do small jobs in condo building with regulations.

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So at current market rates that's about 13 yrs rent, 15 renovated Although that's an expensive renovation. Maybe depending on finishes...

The link I posted is renovated with central ac. Bathroom is kind of basic.
Take out $2k in month in CC/Taxes ($1500), Insurance / Upkeep ($500). You get $3450 per month. Call it $40k per year. At $1mm, it is 4% cap rate. So $1.1mm is probably more realistic.