Building Details

Building Size 31,919 SF

Year Built 2020

Buildings 1

Stories 8

Units 22

Listing Agency: Compass Greater NY LLC b***@compass.com Show Phone

Listed By: Sarah Kim · License #10301216872 Show Phone

Source: Croninreale

Added: May 29 Changed: Oct 23 Last Checked: Oct 23 at 5:30PM

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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

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Investment Insights

Based on property information with market context.

This 22-unit residential condominium offering occupies an eight-story elevator building completed in 2020. The property includes a full cellar, two media or recreation rooms, and eight on-site parking spaces. Zoning is R7A.

Transit connections include the F train at Sutphin Boulevard and Hillside Avenue, two blocks away, and the F train at Parsons Boulevard and Hillside Avenue, four blocks away. Jamaica Center provides access to the E, J, and Z subway lines, while Jamaica Station serves the Long Island Rail Road. Nearby bus routes include the Q20A, Q20B, Q40, and Q43.

Key Highlights

• 22 residential condominium units in an eight‑story elevator building
• Completed in 2020; includes a full cellar
• 8 on‑site parking spaces

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$780,241

Cap Rate

6.50%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$15,604,820 $15.6M

Cap Rate 7%

$11,146,300 $11.1M

Cap Rate 9%

$8,669,344 $8.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 31,919 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $1,647,174 @ 7.0% cap · market cap 13.73%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

1031 exchange properties

Suggested Use

Top Pick Gym & Fitness Center Real Estate Agency Acupuncture Skin Care Clinic Pet Grooming Service (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - R7A-zoned condominium inventory includes resident recreation areas and on-site parking.

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 condominium units in an eight‑story elevator building; Completed in 2020; includes a full cellar; 8 on‑site parking spaces