Eight-Story Elevator Apartment
For Sale
$12,000,000
148-36 89th Avenue, Jamaica, NY 11435
Modern multifamily asset with on-site parking and access to multiple subway and commuter rail lines.
Property Size31,919 SF
Days on Market93
Property Features for 148-36 89th Avenue
General Information
Standard status
Active
Size
31,919 SF
Total Parking Spaces
8
Elevators
Yes
Property subtype
Commercial
Zoning
R7A
Additional Details
Public Transit
Yes
Multifamily Units
22
Taxes and HOA fees
Annual Taxes
$249,257
Amenities
media/recreational rooms
Building Details
Building Size
31,919 SF
Year Built
2020
Buildings
1
Stories
8
Units
22
Listing Agency:
Compass Greater NY LLC
(718) 813-4835
Listed By:
Sarah Kim
(718) 813-4835
Source:
Mydreamhomerealty
Added: May 29
Changed: Aug 28
Last Checked: Aug 28 at 11:29AM
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 Compass Greater NY LLC
Investment Insights
Based on property information with market context.
This 2020 apartment property is an eight-story elevator condominium building with 22 residential units, a full cellar, two media/recreational rooms, and 8 on-site parking spaces. The offering represents a bulk condominium package with majority condominium board control and zoning designated R7A.
The property is located at 148-36 89th Avenue in Jamaica, New York. Transit access includes the F train at Sutphin Boulevard/Hillside, two blocks away, and another F train station at Parsons Boulevard/Hillside, four blocks away. Jamaica Center provides access to the E, J, and Z subway lines, while Jamaica Station offers LIRR service. Nearby surface transit includes the Q20A, Q20B, Q40, and Q43 bus routes on Sutphin Boulevard.
The property is located at 148-36 89th Avenue in Jamaica, New York. Transit access includes the F train at Sutphin Boulevard/Hillside, two blocks away, and another F train station at Parsons Boulevard/Hillside, four blocks away. Jamaica Center provides access to the E, J, and Z subway lines, while Jamaica Station offers LIRR service. Nearby surface transit includes the Q20A, Q20B, Q40, and Q43 bus routes on Sutphin Boulevard.
Key Highlights
- 22 residential units in an 8‑story elevator condominium building
- 8 on‑site parking spaces plus a full cellar
- Two media/recreational rooms included in the building
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
$780,241
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
6.50%
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%
$15,604,820
$15.6M
Cap Rate 7%
$11,146,300
$11.1M
Cap Rate 9%
$8,669,344
$8.7M
Market Conditions
NOI Build-Up for 31,919 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
$1.47M $46.20/SF
− Vacancy
−$56.0K −$1.76/SF
EGI
$1.42M $44.44/SF
− OpEx
−$638.4K −$20.00/SF
NOI
$780.2K $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%
$15,604,820
Cap Rate 7%
$11,146,300
Cap Rate 9%
$8,669,344
Alternative Uses
Best Use
Apartment 5plus
$11.15M
$9.75M – $13.00M
NOI $780,241 @ 7.0% cap · market cap 6.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$23.53M
$20.59M – $27.45M
NOI $1,647,174 @ 7.0% cap · market cap 13.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22
Residential units
Location Intelligence
Trade Area within ½ mile
2,601
Businesses Nearby
Explore this area
Business Placement
Demographics for 11435, NY
58,980
Population
21,180
Households
2.8
Avg Household Size
38
Median Age
32%
College-Educated
80%
High-School Grad
1.5 sq mi
ZIP Area
39,320
Density / Sq Mi
$79,430
Median Household Income
$43,354
Median Earnings
$1,820
Median Rent
$550,300
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 - Modern multifamily asset with on-site parking and access to multiple subway and commuter rail lines.
Where is this apartment building located?
The property is located at 148-36 89th Avenue Jamaica, NY.
What is the asking price?
The asking price for this property is $12,000,000.
What are key features of this property?
This property features: 22 residential units in an 8‑story elevator condominium building; 8 on‑site parking spaces plus a full cellar; Two media/recreational rooms included in the building
