Residential Income Property with Finished Lower
For Sale
$1,699,000
Pending
15007 85th Drive, Briarwood, NY 11432
Briarwood property with natural gas, granite counters, and a fenced backyard with driveway access.
Property Size2,300 SF
Days on Market270
Property Features for 15007 85th Drive
General Information
Standard status
Pending
Size
2,300 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$10,680
Amenities
Ductless
Natural Gas
Finished, Walk-Out Access
Granite Counters
City
Fenced, Back Yard
Driveway
Building Details
Building Size
2,300 SF
Year Built
1955
Listing Agency:
eXp Realty
Listed By:
Raymond Trinkle III
(631) 942-4319
Source:
Evrealestate
Added: Dec 7, 2025
Changed: Aug 31
Last Checked: Sep 2 at 3:26PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This residential income property, built in 1955, includes a finished walk-out area, granite counters, ductless systems, and natural gas service. Exterior features include a fenced backyard and driveway access.
The property is located in Briarwood, Queens, at 15007 85th Drive, with city surroundings. Its existing interior and exterior features provide a defined starting point for evaluating the asset’s residential configuration.
The property is located in Briarwood, Queens, at 15007 85th Drive, with city surroundings. Its existing interior and exterior features provide a defined starting point for evaluating the asset’s residential configuration.
Key Highlights
- Finished walk‑out area
- Granite counters
- Ductless systems
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
$56,222
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
3.31%
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%
$1,124,440
$1.1M
Cap Rate 7%
$803,171
$803.2K
Cap Rate 9%
$624,689
$624.7K
Market Conditions
NOI Build-Up for 2,300 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
$106.3K $46.20/SF
− Vacancy
−$4.0K −$1.76/SF
EGI
$102.2K $44.44/SF
− OpEx
−$46.0K −$20.00/SF
NOI
$56.2K $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%
$1,124,440
Cap Rate 7%
$803,171
Cap Rate 9%
$624,689
Alternative Uses
Best Use
Apartment 5plus
$803.2K
$702.8K – $937.0K
NOI $56,222 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.70M
$1.48M – $1.98M
NOI $118,691 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,132
Businesses Nearby
Explore this area
Business Placement
Demographics for 11432, NY
65,743
Population
21,618
Households
3
Avg Household Size
39
Median Age
36%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
32,872
Density / Sq Mi
$75,395
Median Household Income
$37,385
Median Earnings
$1,841
Median Rent
$826,100
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?
Residential income property - Briarwood property with natural gas, granite counters, and a fenced backyard with driveway access.
Where is this residential income property located?
The property is located at 15007 85th Drive Briarwood, NY.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Finished walk‑out area; Granite counters; Ductless systems
