Investment property
Income property, examined line by line
For buyers and owners of rental condominiums, small multifamily buildings and mixed-use properties in Manhattan and Miami. The work is to separate what a property earns today from what a seller says it could earn.
Underwriting
The numbers that matter
Net operating income
Collected rent − vacancy − operating expenses
Taxes, insurance, owner-paid utilities, repairs, management and, for condominiums, common charges. Projected rents are kept separate from in-place income.
Capitalization rate
Net operating income ÷ price
A 5 percent cap rate on a $4 million building implies $200,000 of annual net income. A snapshot of today's yield, only as reliable as the expenses behind it.
Gross rent multiplier
Price ÷ annual gross rent
Quick for screening, blind to expenses. Two buildings with the same multiplier can perform very differently.
Downside case
Three months vacant · insurance +33% · one assessment
A purchase that only works in the best case is not a sound purchase. Every analysis includes a realistic bad year.
Investment transactions
Income buildings and hospitality
Upper West Side Multifamily Portfolio
4 West 90th Street and 323 West 89th Street: two fully occupied, free-market buildings with 20 apartments, sold together in August 2026 for $11.2 million.
The Broome Hotel
A five-story boutique hotel in SoHo that Raphael brought in, marketed and sold with its hospitality business, directly to the buyer, in August 2023.
New York specifics
In Manhattan, the regulatory status of each apartment shapes value. Rent-stabilized units have limited increases and specific rules, and the 2019 rent law changes reduced the ways owners can raise regulated rents. A rent roll should be checked unit by unit against registration records, and building violations and certificates of occupancy reviewed before a contract.
Miami specifics
For condominium investors, the association's rules come first: minimum lease terms, the number of leases allowed each year, waiting periods for new owners and approval of tenants. Many buildings prohibit short stays. Insurance costs, reserve funding requirements and special assessments have also become central to Florida condominium returns since the state's 2022 building safety reforms.
Experience on both sides of the table
Raphael represented the seller of two free-market Upper West Side buildings, 20 apartments sold together for $11.2 million, and sold The Broome Hotel in SoHo with its business for $14.05 million. For buyers, he sources, underwrites income and expenses, compares sales and negotiates; tax and legal structuring are reviewed with your accountant and attorney.