Spacious Corner Unit in
For Sale
$389,000
140-15 Holly Ave 4E, Queens, NY 11355
Two-bedroom, two-bathroom corner unit with bonus office area.
Property Size1,200 SF
Days on Market258
Property Features for 140-15 Holly Ave 4E
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Residential
Building Details
Building Size
1,200 SF
Year Built
1960
Listing Agency:
Century Homes Realty Group LLC
(718) 886-6800
Listed By:
Eran Hershco
(718) 886-6800
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 7
Last Checked: Aug 12 at 8:52AM
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 Century Homes Realty Group LLC
Investment Insights
Based on property information with market context.
This spacious corner unit at Holly House, located in the heart of Flushing, features two bedrooms and two full bathrooms. The layout includes a bonus office area and ample closet space. The expansive living and dining area complements the king-sized bedroom, with great natural light throughout the unit. Situated off Kissena Blvd, the location provides convenient access to supermarkets, restaurants, Kissena Park, and top-rated schools such as P.S. 24 & Rachel Carson MS. Transportation options include buses Q17, Q25, Q27, Q34, and Q65, offering easy access to Main St. and the 7 Train. Subletting is permitted after 2 years. No pets are allowed.
Key Highlights
- Spacious 2‑bedroom corner unit with 2 full bathrooms and bonus office area.
- Prime location near supermarkets, restaurants, Kissena Park, and top‑rated schools (P.S. 24 & Rachel Carson MS).
- Easy access to Main St. and the 7 Train via multiple bus lines (Q17, Q25, Q27, Q34, and Q65).
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
$29,333
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
7.54%
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%
$586,660
$586.7K
Cap Rate 7%
$419,043
$419.0K
Cap Rate 9%
$325,922
$325.9K
Market Conditions
NOI Build-Up for 1,200 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
$55.4K $46.20/SF
− Vacancy
−$2.1K −$1.76/SF
EGI
$53.3K $44.44/SF
− OpEx
−$24.0K −$20.00/SF
NOI
$29.3K $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%
$586,660
Cap Rate 7%
$419,043
Cap Rate 9%
$325,922
Alternative Uses
Best Use
Apartment 5plus
$419.0K
$366.7K – $488.9K
NOI $29,333 @ 7.0% cap · market cap 7.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$884.7K
$774.1K – $1.03M
NOI $61,926 @ 7.0% cap · market cap 15.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,813
Businesses Nearby
Explore this area
Business Placement
Demographics for 11355, NY
89,465
Population
32,049
Households
2.8
Avg Household Size
44
Median Age
24%
College-Educated
70%
High-School Grad
1.7 sq mi
ZIP Area
52,626
Density / Sq Mi
$53,700
Median Household Income
$31,166
Median Earnings
$1,664
Median Rent
$711,500
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 - Two-bedroom, two-bathroom corner unit with bonus office area.
Where is this apartment building located?
The property is located at 140-15 Holly Ave 4E Queens, NY.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Spacious 2‑bedroom corner unit with 2 full bathrooms and bonus office area.; Prime location near supermarkets, restaurants, Kissena Park, and top‑rated schools (P.S. 24 & Rachel Carson MS).; Easy access to Main St. and the 7 Train via multiple bus lines (Q17, Q25, Q27, Q34, and Q65).
