Building Details

Year built 1988

Floors in Building 3

Number of units 4

Flooring type Laminate, Tile

Building materials Brick

Roof type Flat

Listing Agency: Zanetis Properties LLC

Listed By: George Zanetis Show Phone

Added: Jan 23 Changed: Sep 26 Last Checked: Sep 30 at 12:06PM

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MLS# 498589

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Investment Insights

Based on property information with market context.

This 2,931-square-foot mixed-use property, built in 1988, combines a renovated front office with three apartments: two 2-bedroom, 1-bath units and a studio. The studio has a private backyard, where a large barn provides storage. The building has three boilers and three water heaters; tenants pay for their own heat, hot water, and electricity. The brick property sits on a 0.0448-acre lot and is zoned R5D.

The second- and third-floor terraces have ocean views. The property is one block from the beach and boardwalk, with access to A and S trains, express buses, and the Rockaway Ferry to Sunset Park, Brooklyn, and Manhattan.

Key Highlights

• Three residential units: two 2‑bedroom, 1‑bath apartments and a studio
• 2,931 square feet on a 0.0448‑acre lot; zoned R5D
• Renovated vacant front office

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$71,647

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

6.35%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$1,432,940 $1.4M

Cap Rate 7%

$1,023,529 $1.0M

Cap Rate 9%

$796,078 $796.1K

Market Conditions

NOI Build-Up for 2,931 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$135.4K $46.20/SF

− Vacancy

−$5.1K −$1.76/SF

EGI

$130.3K $44.44/SF

− OpEx

−$58.6K −$20.00/SF

NOI

$71.6K $24.44/SF

Area

Queens County, NY

Vacancy

3.80%

Lease Rate

$46.20 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$1,432,940

Cap Rate 7%

$1,023,529

Cap Rate 9%

$796,078

Alternative Uses

Best Use

Apartment 5plus

$1.02M

$895.6K – $1.19M (±1% cap)

NOI $71,647 @ 7.0% cap · market cap 6.35%

Second Best

Mixed Use

$538.9K

$471.5K – $628.7K (±1% cap)

NOI $37,722 @ 7.0% cap · market cap 3.34%

Theoretical Best

Office A

$2.16M

$1.89M – $2.52M (±1% cap)

NOI $151,254 @ 7.0% cap · market cap 13.40%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Mixed-use properties

Suggested Use

Top Pick Law Firm HVAC Service Big Box & Wholesale Store Building Supply Real Estate Agency Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

Location Intelligence

Trade Area within ½ mile

747

Businesses Nearby

Explore this area Business Placement

Demographics for 11694, NY

19,780

Population

9,103

Households

2.2

Avg Household Size

46

Median Age

43%

College-Educated

90%

High-School Grad

1.7 sq mi

ZIP Area

11,635

Density / Sq Mi

$103,792

Median Household Income

$65,602

Median Earnings

$1,787

Median Rent

$839,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Mixed-use property - A renovated, vacant office occupies the front of a building with three residential units.

Where is this mixed-use property located?

The property is located at 204 Beach 102nd Street Rockaway Park, NY.

What is the asking price?

The asking price for this property is $1,129,000.

What are key features of this property?

This property features: Three residential units: two 2‑bedroom, 1‑bath apartments and a studio; 2,931 square feet on a 0.0448‑acre lot; zoned R5D; Renovated vacant front office