R7-1 Zoned Apartment Building
For Sale
$2,800,000
148-04 35th Avenue, Queens, NY 11354
Land, Queens, NY
Property Size5,368 SF
Price / SF$521.61
Days on Market431
Property Features for 148-04 35th Avenue
General Information
Property type
Land
Property subtype
Other
Subdivision
Flushing
High school district
000000
Standard status
Active
Size
5,368 SF
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Steve Zhu · License #40ZH1146333
Added: Jun 17, 2025
Changed: Aug 20
Last Checked: Aug 21 at 6:06AM
MLS# 11519410
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering includes a package of three adjacent mixed-use buildings at 148-04 35th Avenue in Queens (11354). The property is located in an R7-1 zoning district with an FAR of 4.8. The current setup includes six free-market residential units that are leased at more than 20% below market rent.
As a multi-building assemblage, the site provides an opportunity to evaluate redevelopment and repositioning approaches under the existing zoning envelope. The provided property size is 5,368 square feet.
For buyers evaluating an apartment-building acquisition with an R7-1 zoning basis and an existing occupied residential component, this three-building configuration offers a straightforward starting point for planning future improvements or operating strategy within the stated zoning and FAR.
As a multi-building assemblage, the site provides an opportunity to evaluate redevelopment and repositioning approaches under the existing zoning envelope. The provided property size is 5,368 square feet.
For buyers evaluating an apartment-building acquisition with an R7-1 zoning basis and an existing occupied residential component, this three-building configuration offers a straightforward starting point for planning future improvements or operating strategy within the stated zoning and FAR.
Key Highlights
- Package of three adjacent mixed‑use buildings
- Zoned R7‑1 zoning district with FAR of 4.8
- Six free‑market residential units leased at more than 20% below market rent
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
$131,218
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
4.69%
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%
$2,624,360
$2.6M
Cap Rate 7%
$1,874,543
$1.9M
Cap Rate 9%
$1,457,978
$1.5M
Market Conditions
NOI Build-Up for 5,368 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
$248.0K $46.20/SF
− Vacancy
−$9.4K −$1.76/SF
EGI
$238.6K $44.44/SF
− OpEx
−$107.4K −$20.00/SF
NOI
$131.2K $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%
$2,624,360
Cap Rate 7%
$1,874,543
Cap Rate 9%
$1,457,978
Alternative Uses
Best Use
Apartment 5plus
$1.87M
$1.64M – $2.19M
NOI $131,218 @ 7.0% cap · market cap 4.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.96M
$3.46M – $4.62M
NOI $277,015 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,612
Businesses Nearby
Explore this area
Business Placement
Demographics for 11354, NY
61,276
Population
22,979
Households
2.7
Avg Household Size
45
Median Age
33%
College-Educated
79%
High-School Grad
2.2 sq mi
ZIP Area
27,853
Density / Sq Mi
$62,833
Median Household Income
$40,404
Median Earnings
$1,766
Median Rent
$521,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Apartment building package zoned R7-1 with FAR 4.8 and six leased free-market residential units.
Where is this apartment building located?
The property is located at 148-04 35th Avenue Queens, NY.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: Package of three adjacent mixed‑use buildings; Zoned R7‑1 zoning district with FAR of 4.8; Six free‑market residential units leased at more than 20% below market rent
