Pet-Friendly Condo in Prime
For Sale
$425,000
70-07 E Park Drive #A Kew Garden, Flushing, NY 11367
Queens condo with new kitchen, parking, and pet-friendly amenities.
Property Size637 SF
Price / SF$667.19
Days on Market494
Property Features for 70-07 E Park Drive #A Kew Garden
General Information
Standard status
Active
Size
637 SF
Property subtype
Condominium
Amenities
Wall/Window Unit(s)
Natural Gas
Gas Oven
Gas Range
Refrigerator
Electricity Connected, Natural Gas Connected, Sewer Connected, Trash Collection Private, Water Connected
Building Details
Building Size
637 SF
Year Built
1950
Listing Agency:
Keller Williams Realty of Greater Nassau
Listed By:
David Lau · License #10301224218
(347) 683-7563
Source:
Kw
Added: May 8, 2025
Changed: Sep 9
Last Checked: Sep 13 at 11:17AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty of Greater Nassau
Investment Insights
Based on property information with market context.
This pet-friendly garden condo is located in the heart of Queens. The unit features a brand new kitchen with quartz countertops and stainless steel appliances, as well as 2 new air conditioners. Onsite amenities include parking, an on-site maintenance crew and management staff, and garden courtyards. The monthly common charges of $529 cover heat, hot water, landscaping, and trash and snow removal. Local and express buses are located two blocks away. The property is near Flushing Meadows Park, home of the US Open Tennis tournament and the historic World's Fair, and is also located minutes from the Long Island Expressway, Van Wyck Expressway, Grand Central Parkway, and Jackie Robinson Parkway. The unit has an option to purchase a 2-car garage for an additional $45,000. The property size is 637 square feet.
Key Highlights
- Pet‑friendly condo in Queens.
- Includes on‑site parking.
- Brand new kitchen with quartz countertops and stainless steel appliances.**
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
$15,571
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
3.66%
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%
$311,420
$311.4K
Cap Rate 7%
$222,443
$222.4K
Cap Rate 9%
$173,011
$173.0K
Market Conditions
NOI Build-Up for 637 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
$29.4K $46.20/SF
− Vacancy
−$1.1K −$1.76/SF
EGI
$28.3K $44.44/SF
− OpEx
−$12.7K −$20.00/SF
NOI
$15.6K $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%
$311,420
Cap Rate 7%
$222,443
Cap Rate 9%
$173,011
Alternative Uses
Best Use
Apartment 5plus
$222.4K
$194.6K – $259.5K
NOI $15,571 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$469.6K
$410.9K – $547.9K
NOI $32,872 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,805
Businesses Nearby
Explore this area
Business Placement
Demographics for 11367, NY
43,112
Population
15,693
Households
2.7
Avg Household Size
37
Median Age
46%
College-Educated
84%
High-School Grad
1.9 sq mi
ZIP Area
22,691
Density / Sq Mi
$75,804
Median Household Income
$45,052
Median Earnings
$1,774
Median Rent
$519,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Queens condo with new kitchen, parking, and pet-friendly amenities.
Where is this apartment building located?
The property is located at 70-07 E Park Drive #A Kew Garden Flushing, NY.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Pet‑friendly condo in Queens.; Includes on‑site parking.; Brand new kitchen with quartz countertops and stainless steel appliances.**
