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640 CORNELL AVENUE
About This Property
The main level welcomes you with a spacious living room, an updated kitchen open to the dining area, and a bright sunroom perfect for a home office, library, or relaxing retreat. The upper level also features a primary suite with ensuite bath, an additional bedroom, a full hallway bath, and a den that can easily serve as a third bedroom, offering potential for up to six bedrooms total. An attached heated 2-car garage with laundry area provides direct interior access and everyday convenience.
The beautifully updated kitchen showcases newer appliances (2023), elegant StoneMark quartz countertops (2021), and a large stainless steel sink (2021). Interior finishes include new carpet in the living room and bedrooms (2024), tile flooring in the foyer, kitchen, and bathrooms, plus hardwood floors in the dining room and hallway.
The fully equipped lower level creates an ideal private living space with its own exterior entrance and interior access. This level includes a full kitchen with refrigerator, stove, microwave, and dishwasher, a spacious family room with cozy fireplace, dining area, a second primary suite with ensuite bath, two additional bedrooms, and another full bathroom. One bath features a luxurious soaking jetted tub/shower combination, while another offers a convenient stand-up shower, providing comfort and privacy for everyone.
Both levels include their own laundry rooms with washers and dryers, making day-to-day living effortless for extended households or guests. The lower level also benefits from its own driveway and detached single-car garage/workshop, ideal for separate living quarters, hobbies, or additional storage.
Major upgrades include a new metal roof (2020), Lennox gas furnace and central A/C (2020), HVAC split units in the lower-level family room and main-level office, and a new 75-gallon hot water heater (2024).
Offering modern updates, flexible living arrangements, and exceptional functionality, this unique property is perfectly suited for today's evolving lifestyle needs.
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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%.
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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.
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017