Studio Apartment Near Shopping
For Sale
$198,000
Pending
9710 62 Dr 2N, Queens, NY 11374
Studio with balcony near shopping, transportation, and parks.
Property Size550 SF
Days on Market269
Property Features for 9710 62 Dr 2N
General Information
Standard status
Pending
Size
550 SF
Property subtype
Residential
Building Details
Building Size
550 SF
Year Built
1955
Listing Agency:
(646) 250-1520
Listed By:
Francia Fernandez
(646) 250-1520
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 24
Last Checked: Aug 24 at 10:59AM
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 Francia Fernandez
Investment Insights
Based on property information with market context.
This studio apartment features a spacious balcony and is situated near the Rego Center shopping mall, Queens Center Mall, and Queens Place Mall. The property provides accessibility to public transportation, local businesses, and public parks. Subletting is allowed after one year of occupancy following the purchase, subject to approval by the Board of Directors and Management. Parking garage and storage options are available upon request, subject to a waitlist. The property allows both dogs and cats, with dogs requiring proper licensing and health certification.
Key Highlights
- Conveniently located near multiple shopping malls, including Rego Center, Queens Center, and Queens Place.
- Accessible to public transportation, local businesses, and public parks.
- Subletting allowed after 1 year of occupancy (with board approval).
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
$13,444
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
6.79%
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%
$268,880
$268.9K
Cap Rate 7%
$192,057
$192.1K
Cap Rate 9%
$149,378
$149.4K
Market Conditions
NOI Build-Up for 550 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
$25.4K $46.20/SF
− Vacancy
−$966 −$1.76/SF
EGI
$24.4K $44.44/SF
− OpEx
−$11.0K −$20.00/SF
NOI
$13.4K $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%
$268,880
Cap Rate 7%
$192,057
Cap Rate 9%
$149,378
Alternative Uses
Best Use
Apartment 5plus
$192.1K
$168.1K – $224.1K
NOI $13,444 @ 7.0% cap · market cap 6.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$405.5K
$354.8K – $473.1K
NOI $28,383 @ 7.0% cap · market cap 14.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,009
Businesses Nearby
Explore this area
Business Placement
Demographics for 11374, NY
47,129
Population
21,197
Households
2.2
Avg Household Size
43
Median Age
51%
College-Educated
90%
High-School Grad
0.9 sq mi
ZIP Area
52,366
Density / Sq Mi
$86,333
Median Household Income
$58,309
Median Earnings
$1,957
Median Rent
$484,500
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 - Studio with balcony near shopping, transportation, and parks.
Where is this apartment building located?
The property is located at 9710 62 Dr 2N Queens, NY.
What is the asking price?
The asking price for this property is $198,000.
What are key features of this property?
This property features: Conveniently located near multiple shopping malls, including Rego Center, Queens Center, and Queens Place.; Accessible to public transportation, local businesses, and public parks.; Subletting allowed after 1 year of occupancy (with board approval).
