Updated Multifamily
For Sale
$945,000
14-04 Dickens Street, Far Rockaway, NY 11691
Multifamily property with updated apartments, new roofing, electrical work, and boilers.
Property Size3,010 SF
Days on Market21
Property Features for 14-04 Dickens Street
General Information
Standard status
Active
Size
3,010 SF
Total Parking Spaces
4
Property subtype
Residential Income
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,100
Building Details
Building Size
3,010 SF
Year Built
1920
Units
2
Listing Agency:
Douglas Elliman Real Estate
(516) 601-3653
Listed By:
Vanessa A. Adams · License #BK3377366
(516) 601-3653
Source:
Cohenandcohenrealty
Added: Jul 27
Changed: Aug 14
Last Checked: Aug 15 at 1:37PM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This multifamily property, built in 1920, includes updated apartments along with a large shed and a long driveway. Recent property improvements include new roofing, electrical work, and boilers. The site also includes a lot with additional space identified for potential construction.
The property is located at 14-04 Dickens Street in Far Rockaway, NY 11691. Far Rockaway Beach is approximately 10 minutes away, the A train is about 5 minutes away, and the Long Island Railroad is located down the block.
The property is located at 14-04 Dickens Street in Far Rockaway, NY 11691. Far Rockaway Beach is approximately 10 minutes away, the A train is about 5 minutes away, and the Long Island Railroad is located down the block.
Key Highlights
- Updated apartments with new roofing, electrical work, and boilers
- Built in 1920
- Large shed and long driveway
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
$73,578
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
7.79%
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%
$1,471,560
$1.5M
Cap Rate 7%
$1,051,114
$1.1M
Cap Rate 9%
$817,533
$817.5K
Market Conditions
NOI Build-Up for 3,010 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
$139.1K $46.20/SF
− Vacancy
−$5.3K −$1.76/SF
EGI
$133.8K $44.44/SF
− OpEx
−$60.2K −$20.00/SF
NOI
$73.6K $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%
$1,471,560
Cap Rate 7%
$1,051,114
Cap Rate 9%
$817,533
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$919.7K – $1.23M
NOI $73,578 @ 7.0% cap · market cap 7.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.22M
$1.94M – $2.59M
NOI $155,330 @ 7.0% cap · market cap 16.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,638
Businesses Nearby
Explore this area
Business Placement
Demographics for 11691, NY
64,673
Population
23,400
Households
2.8
Avg Household Size
34
Median Age
23%
College-Educated
78%
High-School Grad
2.7 sq mi
ZIP Area
23,953
Density / Sq Mi
$57,027
Median Household Income
$40,366
Median Earnings
$1,444
Median Rent
$649,400
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?
Multifamily property - Multifamily property with updated apartments, new roofing, electrical work, and boilers.
Where is this multifamily property located?
The property is located at 14-04 Dickens Street Far Rockaway, NY.
What is the asking price?
The asking price for this property is $945,000.
What are key features of this property?
This property features: Updated apartments with new roofing, electrical work, and boilers; Built in 1920; Large shed and long driveway
