Two-Bedroom Residential Income
For Sale
$750,000
148-09 NORTHERN Boulevard 2J, Queens, NY 11354
Renovated condominium residence with a fireplace, windowed kitchen, resident amenities, and access to private storage.
Property Size1,054 SF
Price / SF$711.57
Days on Market19
Property Features for 148-09 NORTHERN Boulevard 2J
General Information
Standard status
Active
Size
1,054 SF
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
wood burning fireplace
gated entrance
landscaped garden
resident's lounge
children's play area
fitness center
laundry facility
onsite storage
live-in super
Building Details
Building Size
1,054 SF
Year Built
1924
Listing Agency:
Corcoran Group
(787) 637-8314
Listed By:
Nido Manuel Del
(787) 637-8314
Source:
Bondnyre
Added: Jul 28
Changed: Aug 14
Last Checked: Aug 14 at 12:28PM
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 Corcoran Group
Investment Insights
Based on property information with market context.
Unit 2J is a 1,054-square-foot, 2-bedroom, 1-bathroom condominium residence within a renovated pre-war building converted to condominium use. The layout includes a large living room with a wood-burning fireplace and dining area, plus a windowed kitchen fitted with stainless steel appliances and substantial counter space. Both bedrooms are described as oversized, with ample storage. The building was constructed in 1924 and includes an elevator.
Resident amenities include a gated entrance, landscaped garden, lounge, children's play area, fitness center, laundry facility, and live-in superintendent. Private additional storage is available onsite, and heat is included. The property is located at 148-09 Northern Boulevard in Queens, NY 11354, near Downtown Flushing, with access to the 7 Train, local and express buses, and the LIRR.
Resident amenities include a gated entrance, landscaped garden, lounge, children's play area, fitness center, laundry facility, and live-in superintendent. Private additional storage is available onsite, and heat is included. The property is located at 148-09 Northern Boulevard in Queens, NY 11354, near Downtown Flushing, with access to the 7 Train, local and express buses, and the LIRR.
Key Highlights
- 1,054‑square‑foot 2‑bedroom, 1‑bathroom condominium residence
- Renovated pre‑war condominium building constructed in 1924
- Wood‑burning fireplace, dining area, and windowed stainless‑steel kitchen
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
$25,764
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
3.44%
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%
$515,280
$515.3K
Cap Rate 7%
$368,057
$368.1K
Cap Rate 9%
$286,267
$286.3K
Market Conditions
NOI Build-Up for 1,054 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
$48.7K $46.20/SF
− Vacancy
−$1.9K −$1.76/SF
EGI
$46.8K $44.44/SF
− OpEx
−$21.1K −$20.00/SF
NOI
$25.8K $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%
$515,280
Cap Rate 7%
$368,057
Cap Rate 9%
$286,267
Alternative Uses
Best Use
Apartment 5plus
$368.1K
$322.1K – $429.4K
NOI $25,764 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$777.0K
$679.9K – $906.5K
NOI $54,391 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
6,666
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated condominium residence with a fireplace, windowed kitchen, resident amenities, and access to private storage.
Where is this residential income property located?
The property is located at 148-09 NORTHERN Boulevard 2J Queens, NY.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 1,054‑square‑foot 2‑bedroom, 1‑bathroom condominium residence; Renovated pre‑war condominium building constructed in 1924; Wood‑burning fireplace, dining area, and windowed stainless‑steel kitchen
