Luxury High Rise Corner
For Sale
$658,000
18-15 215th St 6 M, Long Island City, NY 11360
Luxury high-rise with lake views, amenities, and convenient location.
Property Size1,500 SF
Days on Market270
Property Features for 18-15 215th St 6 M
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Residential
Building Details
Building Size
1,500 SF
Year Built
1970
Listing Agency:
(917) 642-2119
Listed By:
Grace Schehr
(917) 642-2119
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 8
Last Checked: Aug 23 at 5:46AM
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 Grace Schehr
Investment Insights
Based on property information with market context.
This luxury high-rise building offers bridge and lake views, including sunset views, from a corner unit. The 1500 sq ft apartment features 3 bedrooms, an extended kitchen, 2 baths, a dining room, a living room, and 2 terraces. It includes hardwood floors and 2 walk-in closets. Residents benefit from 24-hour doorman/security, a gym, tennis/pickle ball courts, a heated swimming pool, and an indoor garage. The location is convenient to shopping and transportation, with top-rated schools nearby. A shopping arcade within the complex includes a beauty salon, dry cleaner/tailor, deli/grocery store, and card/game room. Maintenance fees of $2,600 cover gas, electricity, heat, central A/C, real estate taxes, and water. Parking is available in the garage for $180 monthly per spot. A special Spectrum package is available for cable and internet at $70 per month. The apartment is located in The Towers of Waters Edge Complex, close to the Bay Terrace Shopping Center, 2 blocks from express buses to Manhattan and local buses, and close to the Bayside LIRR Station.
Key Highlights
- Luxury high‑rise corner unit with bridge and lake views, including gorgeous sunset views.
- Comprehensive maintenance package ($2,600) covering gas, electric, heat, central A/C, real estate taxes, and water.
- Enjoy 24‑hour doorman/security, gym, tennis/pickle ball court, and heated swimming pool.
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
$36,667
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
5.57%
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%
$733,340
$733.3K
Cap Rate 7%
$523,814
$523.8K
Cap Rate 9%
$407,411
$407.4K
Market Conditions
NOI Build-Up for 1,500 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
$69.3K $46.20/SF
− Vacancy
−$2.6K −$1.76/SF
EGI
$66.7K $44.44/SF
− OpEx
−$30.0K −$20.00/SF
NOI
$36.7K $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%
$733,340
Cap Rate 7%
$523,814
Cap Rate 9%
$407,411
Alternative Uses
Best Use
Apartment 5plus
$523.8K
$458.3K – $611.1K
NOI $36,667 @ 7.0% cap · market cap 5.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.11M
$967.6K – $1.29M
NOI $77,407 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
797
Businesses Nearby
Explore this area
Business Placement
Demographics for 11360, NY
20,039
Population
9,874
Households
2
Avg Household Size
52
Median Age
49%
College-Educated
87%
High-School Grad
1.4 sq mi
ZIP Area
14,314
Density / Sq Mi
$100,250
Median Household Income
$67,810
Median Earnings
$2,329
Median Rent
$692,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Luxury high-rise with lake views, amenities, and convenient location.
Where is this apartment building located?
The property is located at 18-15 215th St 6 M Long Island City, NY.
What is the asking price?
The asking price for this property is $658,000.
What are key features of this property?
This property features: Luxury high‑rise corner unit with bridge and lake views, including gorgeous sunset views.; Comprehensive maintenance package ($2,600) covering gas, electric, heat, central A/C, real estate taxes, and water.; Enjoy 24‑hour doorman/security, gym, tennis/pickle ball court, and heated swimming pool.
