Solid-Brick Multifamily
For Sale
$3,500,000
98-15 34th Ave, Queens, NY 11368
Two solid-brick apartment buildings totaling 32 units, including 30 rent-stabilized and 2 rent-controlled homes.
Property Size13,000 SF
Lot Size0.18 Acres
Days on Market33
Property Features for 98-15 34th Ave
General Information
Standard status
Active
Size
13,000 SF
Lot size
0.18 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$64,013
Building Details
Building Size
13,000 SF
Year Built
1927
Units
32
Construction
solid-brick
Tenancy
Multi
Listing Agency:
Telemundo Realty Corp
(347) 351-5846
Listed By:
Gladys Ramirez · License #31RA0597323
(347) 351-5846
Source:
Elliman
Added: Jul 24
Changed: Aug 11
Last Checked: Aug 24 at 8:49AM
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 Telemundo Realty Corp
Investment Insights
Based on property information with market context.
This offering includes two well-maintained, solid-brick multifamily buildings with a total of 32 residential units, 16 per building. The unit mix is 21 one-bedroom apartments and 11 two-bedroom apartments. Of the 32 units, 30 are rent stabilized and 2 are rent controlled.
The buildings sit on an approximately 80 x 100 lot combined, with each building measuring approximately 40 x 90. The properties are described as being conveniently located near major roadways and everyday neighborhood amenities, with public transportation accessible by the 7 train at Roosevelt Avenue and Junction Boulevard, plus bus service along Northern Boulevard.
For buyers seeking a substantial Queens residential income package, this configuration provides two separate buildings under one offering with a majority of units maintained under rent stabilization.
The buildings sit on an approximately 80 x 100 lot combined, with each building measuring approximately 40 x 90. The properties are described as being conveniently located near major roadways and everyday neighborhood amenities, with public transportation accessible by the 7 train at Roosevelt Avenue and Junction Boulevard, plus bus service along Northern Boulevard.
For buyers seeking a substantial Queens residential income package, this configuration provides two separate buildings under one offering with a majority of units maintained under rent stabilization.
Key Highlights
- Two solid‑brick apartment buildings with 32 total residential units (16 units in each building)
- Unit mix: 21 one‑bedroom and 11 two‑bedroom apartments
- Income stabilization: 30 units rent stabilized and 2 units rent controlled
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
$317,777
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
9.08%
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%
$6,355,540
$6.4M
Cap Rate 7%
$4,539,671
$4.5M
Cap Rate 9%
$3,530,856
$3.5M
Market Conditions
NOI Build-Up for 13,000 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
$600.6K $46.20/SF
− Vacancy
−$22.8K −$1.76/SF
EGI
$577.8K $44.44/SF
− OpEx
−$260.0K −$20.00/SF
NOI
$317.8K $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%
$6,355,540
Cap Rate 7%
$4,539,671
Cap Rate 9%
$3,530,856
Alternative Uses
Best Use
Apartment 5plus
$4.54M
$3.97M – $5.30M
NOI $317,777 @ 7.0% cap · market cap 9.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.58M
$8.39M – $11.18M
NOI $670,862 @ 7.0% cap · market cap 19.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,316
Businesses Nearby
Explore this area
Business Placement
Demographics for 11368, NY
117,110
Population
31,165
Households
3.8
Avg Household Size
34
Median Age
14%
College-Educated
65%
High-School Grad
2.6 sq mi
ZIP Area
45,042
Density / Sq Mi
$71,798
Median Household Income
$33,742
Median Earnings
$1,925
Median Rent
$751,700
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 - Two solid-brick apartment buildings totaling 32 units, including 30 rent-stabilized and 2 rent-controlled homes.
Where is this apartment building located?
The property is located at 98-15 34th Ave Queens, NY.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Two solid‑brick apartment buildings with 32 total residential units (16 units in each building); Unit mix: 21 one‑bedroom and 11 two‑bedroom apartments; Income stabilization: 30 units rent stabilized and 2 units rent controlled
