Corner Showplace with Panoramic
For Sale
$869,000
27110 Grand Central Pkwy 33D, Queens, NY 11005
Corner apartment with designer kitchen, balconies, and golf course views.
Property Size1,719 SF
Days on Market294
Property Features for 27110 Grand Central Pkwy 33D
General Information
Standard status
Active
Size
1,719 SF
Property subtype
Residential
Building Details
Building Size
1,719 SF
Year Built
1975
Listed By:
Linda D. Rappaport · License #10311209980
(718) 423-3130
Source:
Elliman
Added: Nov 27, 2025
Changed: Sep 8
Last Checked: Sep 16 at 6:24PM
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 Linda D. Rappaport
Investment Insights
Based on property information with market context.
This corner apartment features an award-winning designer eat-in kitchen and wood floors throughout. The property includes open entertaining rooms, two bedrooms, and 2.5 bathrooms with a stall shower. Two balconies and a large terrace overlook panoramic views of a golf course and lake. The property is located in Queens, NY.
Key Highlights
- Corner unit with PANORAMIC VIEWS of golf and lake.
- Award‑winning DESIGNER EAT‑IN KITCHEN.
- Enjoy TWO BALCONIES and a large terrace.
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
$42,020
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
4.84%
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%
$840,400
$840.4K
Cap Rate 7%
$600,286
$600.3K
Cap Rate 9%
$466,889
$466.9K
Market Conditions
NOI Build-Up for 1,719 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
$79.4K $46.20/SF
− Vacancy
−$3.0K −$1.76/SF
EGI
$76.4K $44.44/SF
− OpEx
−$34.4K −$20.00/SF
NOI
$42.0K $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%
$840,400
Cap Rate 7%
$600,286
Cap Rate 9%
$466,889
Alternative Uses
Best Use
Apartment 5plus
$600.3K
$525.3K – $700.3K
NOI $42,020 @ 7.0% cap · market cap 4.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,709 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
861
Businesses Nearby
Explore this area
Business Placement
Demographics for 11005, NY
1,945
Population
2,011
Households
1
Avg Household Size
81
Median Age
71%
College-Educated
98%
High-School Grad
0.2 sq mi
ZIP Area
9,725
Density / Sq Mi
$91,719
Median Household Income
$92,656
Median Earnings
$2,179
Median Rent
$620,200
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 - Corner apartment with designer kitchen, balconies, and golf course views.
Where is this apartment building located?
The property is located at 27110 Grand Central Pkwy 33D Queens, NY.
What is the asking price?
The asking price for this property is $869,000.
What are key features of this property?
This property features: Corner unit with PANORAMIC VIEWS of golf and lake.; Award‑winning DESIGNER EAT‑IN KITCHEN.; Enjoy TWO BALCONIES and a large terrace.
