Tudor Multifamily
For Sale
$1,250,000
128-17 115th Avenue, South Ozone Park, NY 11420
Tudor-style multifamily property with an attached garage, fenced outdoor areas, and partially finished lower-level space.
Property Size2,448 SF
Days on Market56
Property Features for 128-17 115th Avenue
General Information
Standard status
Active
Size
2,448 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$8,938
Amenities
Wall/Window Unit(s)
Hot Water, Natural Gas, Other
Full, Partially Finished
Other
Fenced, Back Yard, Front Yard
Attached, Garage
Tudor
Building Details
Building Size
2,448 SF
Year Built
1935
Listing Agency:
MYNY Residential
Listed By:
Paul J. St Clair
(631) 645-1530
Source:
Evrealestate
Added: Jul 31
Changed: Sep 20
Last Checked: Sep 22 at 3:19PM
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 MYNY Residential
Investment Insights
Based on property information with market context.
This Tudor-style multifamily property at 128-17 115th Avenue includes wall/window unit cooling, hot water service using natural gas and other fuel sources, and a full lower level that is partially finished. The exterior includes both front and rear yards with fencing, along with an attached garage.
Built in 1935, the property is located in South Ozone Park, Queens, NY 11420.
Built in 1935, the property is located in South Ozone Park, Queens, NY 11420.
Key Highlights
- Tudor‑style multifamily property built in 1935
- Attached garage with fenced front and back yards
- Full, partially finished lower level
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
$59,840
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
4.79%
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%
$1,196,800
$1.2M
Cap Rate 7%
$854,857
$854.9K
Cap Rate 9%
$664,889
$664.9K
Market Conditions
NOI Build-Up for 2,448 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
$113.1K $46.20/SF
− Vacancy
−$4.3K −$1.76/SF
EGI
$108.8K $44.44/SF
− OpEx
−$49.0K −$20.00/SF
NOI
$59.8K $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%
$1,196,800
Cap Rate 7%
$854,857
Cap Rate 9%
$664,889
Alternative Uses
Best Use
Apartment 5plus
$854.9K
$748.0K – $997.3K
NOI $59,840 @ 7.0% cap · market cap 4.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.58M – $2.11M
NOI $126,329 @ 7.0% cap · market cap 10.11%
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
2,078
Businesses Nearby
Explore this area
Business Placement
Demographics for 11420, NY
47,383
Population
14,835
Households
3.2
Avg Household Size
40
Median Age
22%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
22,563
Density / Sq Mi
$98,584
Median Household Income
$45,571
Median Earnings
$2,032
Median Rent
$673,700
Median Home Value
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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?
Multifamily property - Tudor-style multifamily property with an attached garage, fenced outdoor areas, and partially finished lower-level space.
Where is this multifamily property located?
The property is located at 128-17 115th Avenue South Ozone Park, NY.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Tudor‑style multifamily property built in 1935; Attached garage with fenced front and back yards; Full, partially finished lower level
