38 READ STREET
About This Property
Inside, the main-level primary suite offers a spacious retreat with a large walk-in closet that conveniently includes a new washer and dryer. The flowing floor plan features multiple living areas, including a formal living room, a cozy family room with radiant heat and a separate thermostat, and an office. The kitchen is a chef's delight, boasting all new appliances, a walk-in pantry, a breakfast nook, and a dining area. For convenience, a half bath is located on each level. Upstairs, three generously sized bedrooms, a full bath, and a sitting area provide plenty of space for family and guests.
The exterior is just as inviting, featuring a fenced backyard with patios and lush landscaping maintained by a lawn irrigation system. A one-car side-entry garage, a detached one-car garage, and abundant off-street and on-street parking make this home as functional as it is attractive.
While the home was originally built in 1947, a major addition and renovation in 2004 nearly doubled the square footage and extensively modernized the property. This comprehensive update included new double-pane windows, security doors, new electrical wiring, and new plumbing. Recent system upgrades provide ultimate peace of mind, including two new central A/C units installed in 2024, efficient natural gas heat, and an on-demand tankless water heater. The property is serviced by City Water and City Sewer and includes a whole-house backup Generac generator.
With its blend of classic charm, modern updates, and a prime location, this gem is ready to welcome its next chapter.
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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.
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017