224 S 16th Street
About This Property
One of the property's standout features is the amazing two-car garage, perfect for parking, storage, or hobby space-an amenity that adds tremendous value.
Please note: the home does require significant foundational repair, making this an excellent opportunity for an investor, contractor, or buyer looking to add equity with renovations. Due to the scope of the work, only strong 20% conventional financing or cash offers can be considered.
With appealing finishes, flexible living space, and a great garage, this home has incredible upside for the right buyer. Bring your vision and make it your next project!
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Cap Rate Calculator
What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Apr 2, 2026 | Sold | ||
| Sold | |||
| Mar 6, 2026 | In contract | - | |
| In contract | |||
| Dec 5, 2025 | Price Decreased |
$69,900
↓ $20K
(22.3%) | |
| Price Decreased | |||
| Nov 20, 2025 | Listed by Howard Hanna Professionals - Olean | $89,900 | |
| Listed by Howard Hanna Professionals - Olean | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017