9-Unit Multifamily
For Sale
$1,699,000
Pending
7101 35th Ave, Queens, NY 11372
Mix of studio and one-bedroom apartments with 7 free-market units and 2 rent-stabilized units.
Property Size2,320 SF
Days on Market69
Property Features for 7101 35th Ave
General Information
Standard status
Pending
Size
2,320 SF
Property subtype
Commercial
Additional Details
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$17,445
Building Details
Building Size
2,320 SF
Year Built
1928
Units
9
Tenancy
Multi
Listing Agency:
Keller Williams Landmark II
(347) 755-0111
Listed By:
Pantelis N. Klappas · License #30KI1075100
(347) 755-0111
Source:
Elliman
Added: Jun 3
Changed: Aug 8
Last Checked: Aug 9 at 10:06AM
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 Landmark II
Investment Insights
Based on property information with market context.
This property is a legal 9-family apartment building in Jackson Heights, Queens, offering 6 studio units and 3 one-bedroom units. The current mix includes 7 free-market rent units and 2 rent-stabilized units. The building is described as having low expenses and being straightforward to maintain.
Access and area context are also favorable, with the building located on 35th Ave near 71st Street in Jackson Heights. The property’s reported walkability and transit accessibility are strong, with a Walk Score of 95 and a Transit Score of 100, supporting day-to-day convenience for residents.
For buyers seeking a multifamily asset with a defined in-place rental mix, the current configuration provides both free-market and rent-stabilized units within the same legal building. The unit count and apartment mix may appeal to investors and owner-operators looking to manage a portfolio of studios and one-bedroom homes under one roof.
Access and area context are also favorable, with the building located on 35th Ave near 71st Street in Jackson Heights. The property’s reported walkability and transit accessibility are strong, with a Walk Score of 95 and a Transit Score of 100, supporting day-to-day convenience for residents.
For buyers seeking a multifamily asset with a defined in-place rental mix, the current configuration provides both free-market and rent-stabilized units within the same legal building. The unit count and apartment mix may appeal to investors and owner-operators looking to manage a portfolio of studios and one-bedroom homes under one roof.
Key Highlights
- Legal 9‑family building built in 1928 in Jackson Heights, NY
- Unit mix includes 6 studio units and 3 one‑bedroom units
- Income mix: 7 free‑market units plus 2 rent‑stabilized units
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
$56,711
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
3.34%
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%
$1,134,220
$1.1M
Cap Rate 7%
$810,157
$810.2K
Cap Rate 9%
$630,122
$630.1K
Market Conditions
NOI Build-Up for 2,320 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
$107.2K $46.20/SF
− Vacancy
−$4.1K −$1.76/SF
EGI
$103.1K $44.44/SF
− OpEx
−$46.4K −$20.00/SF
NOI
$56.7K $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%
$1,134,220
Cap Rate 7%
$810,157
Cap Rate 9%
$630,122
Alternative Uses
Best Use
Apartment 5plus
$810.2K
$708.9K – $945.2K
NOI $56,711 @ 7.0% cap · market cap 3.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $119,723 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
8,145
Businesses Nearby
Explore this area
Business Placement
Demographics for 11372, NY
68,000
Population
26,613
Households
2.6
Avg Household Size
41
Median Age
35%
College-Educated
81%
High-School Grad
0.7 sq mi
ZIP Area
97,143
Density / Sq Mi
$77,133
Median Household Income
$44,415
Median Earnings
$1,795
Median Rent
$454,400
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 - Mix of studio and one-bedroom apartments with 7 free-market units and 2 rent-stabilized units.
Where is this apartment building located?
The property is located at 7101 35th Ave Queens, NY.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Legal 9‑family building built in 1928 in Jackson Heights, NY; Unit mix includes 6 studio units and 3 one‑bedroom units; Income mix: 7 free‑market units plus 2 rent‑stabilized units
